Neopay

JULY 18, 2024

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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BioCatch

NOVEMBER 13, 2023

The global rise in authorized payment scams has put renewed attention on money laundering and the role of mule accounts as part of the fraud ecosystem. Regulators and lawmakers in other countries, including Brazil and Australia, are also expected to issue guidance to a similar tune.

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PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

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Money Laundering Regulations Financial Crimes Authorization 59

PYMNTS

DECEMBER 2, 2019

Department of Justice (DoJ) has accelerated its probe into Deutsche Bank’s participation in a $220 billion Danske Bank money laundering scheme, Reuters reported on Monday (Dec. The DoJ is inquiring if Germany’s largest bank Deutsche assisted with moving dirty money to the U.S. 2), citing four sources.

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The Paypers

JULY 21, 2023

The Federal Financial Supervisory Authority (BaFin) has issued an updated order for digital bank N26 on the prevention of money laundering.

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PYMNTS

MAY 13, 2019

Henrik Ramlau-Hansen, the former chair of Denmark’s financial regulator and former Danske Bank finance director, has been charged by Danish economic prosecutors. According to a report in The Financial Times , Ramlau-Hansen’s home was raided in connection with a money laundering scandal valued at €200 billion.

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Money Laundering Regulations Finance Authorization 55

Fintech News

APRIL 10, 2024

Authored by Juan Carlos Crisanto , Johannes Ehrentraud , and Denise Garcia Ocampo , this report underscores the increasing prominence of stablecoins in the financial landscape, pointing out their potential to mirror the value of fiat currencies.

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Stablecoins Regulations Risk Mitigation Digital Currency 118

PYMNTS

SEPTEMBER 16, 2020

Chinese authorities have made a series of arrests alleging more than $2 billion was laundered at offshore gambling sites through faux eCommerce purchases. The Financial Times (FT) reported police acknowledged that in a scheme to avoid China’s tough financial regulations, thieves have targeted sites including Pinduoduo Inc.,

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Money Laundering Cross-Border Central Bank Cross-Border Payments 124

Neopay

NOVEMBER 27, 2023

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024.

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Money Laundering Consulting Finance AML 52

PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

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PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We We are doing preliminary breach of union law inquiries on … the Danske Bank case in Denmark,” said European Banking Authority (EBA) Chair Andrea Enria told the European Parliament, according to Reuters. Last month, it was revealed that U.S.

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Money Laundering Regulations Law Enforcement Non-Bank 57

PYMNTS

APRIL 15, 2019

Danish operations of Ernst & Young (EY) and KPMG are now under investigation by Danish police related to money laundering cases. According to Bloomberg , EY is accused of failing to notify authorities when it discovered red flags related to the Danske Bank money laundering case.

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PYMNTS

SEPTEMBER 13, 2020

Europe's biggest banks have called on the European Commission to implement tough regulations for cryptocurrencies, such as stablecoins, that would protect consumers and preserve state sovereignty in monetary policy, Reuters reported. In a joint statement Friday (Sept. The association declined to comment, Reuters reported.

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Central Bank Cryptocurrency Regulations Stablecoins 145

Finextra

SEPTEMBER 30, 2024

ComplyCrypto Depository Limited is pleased to announce that the Financial Conduct Authority (FCA) approved its registration as a cryptoasset exchange provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).

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Money Laundering Payer Authorization Regulations 64

PYMNTS

DECEMBER 5, 2019

5) agreed on strategy for anti-money laundering (AML) reforms and countering the financing of terrorism, Reuters reported. The EU also backed plans for “greater powers” to fight money laundering following disclosures that there were several incidences of dirty money passing through European banks.

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Money Laundering AML Rules Authorization 52

The Paypers

AUGUST 16, 2022

The European Union (EU) has announced plans to create a sixth Anti-Money Laundering Authority that will be specifically tasked with regulating the cryptocurrency industry.

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Regulations Money Laundering Cryptocurrency Authorization 69

The Paypers

JUNE 19, 2020

The UK’s financial regulator has fined Commerzbank EUR 42 million for money-laundering failures, including an ‘out-of-control’ system for checking clients.

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PYMNTS

NOVEMBER 20, 2018

The European Central Bank is gearing up to launch a network of watchdogs that share information on money laundering in an effort to increase scrutiny of banks. Reuters noted that Nouy said the new initiative was “in full respect of the allocation of anti-money laundering responsibilities within the current legal framework.”

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PYMNTS

DECEMBER 28, 2018

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times. You see those money laundering scandals across the EU,” Dombrovskis said. “It

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PYMNTS

APRIL 28, 2019

The European Banking Authority is facing calls from the financial regulation head in Europe to improve its money laundering safeguards after opting not to pursue an investigation into the Danske Bank money laundering scandal. He called for legislation that would change how that agency makes decisions.

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Money Laundering Due Diligence Authorization Laws 43

PYMNTS

FEBRUARY 8, 2019

That holds true for money launderers as well. Their particular business benefits from such shifts, as the best money launderers seek out new holes in anti-money laundering (AML) defenses, and new ways to escape the notice of law enforcement and regulators. One factor is lack of awareness.

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PYMNTS

MARCH 14, 2019

Denmark’s financial watchdog has instructed a Danish branch of Swedish bank SEB to obtain additional information on customers deemed to be a high money-laundering risk. In addition, the FSA has instructed the branch to confirm that it is in compliance with anti-money laundering legislation.

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Money Laundering Regs Crime Risk 53

PYMNTS

OCTOBER 12, 2018

Amid the headlines detailing the billions of dollars in money laundering done through conduits like Danske Bank and Deutsche Bank, among others, a report shows that the problem is a global one — and that it is getting worse. Going down the ranks of “top spots,” Tajikistan topped the list for countries at risk for money laundering.

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Money Laundering Risk AML Finance 75

Neopay

NOVEMBER 27, 2023

The Financial Conduct Authority (FCA) and the Bank of England (the Bank) are requesting feedback on their proposed approach to regulating stablecoins. The proposals to regulate stablecoins aim to protect consumers, prevent money laundering with a robust set of rules and to safeguard financial stability.

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Stablecoins Regulations Money Laundering Issuers 52

Fintech News

FEBRUARY 27, 2024

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.

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APACS Regulations Stablecoins Cryptocurrency 110

FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24. by Scott Zoldi.

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The Payments Association

OCTOBER 24, 2024

Cross-border payments are transforming rapidly with evolving regulations and technological advancements. Addressing regulatory compliance Businesses, including EMD Agents, face a challenge in cross-border transactions: complying with anti-money laundering (AML) and know-your-customer (KYC) regulations.

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Cross-Border Payments Cross-Border Regulatory Compliance Fraud Detection 88

PYMNTS

SEPTEMBER 14, 2018

In the latest salvo of cross-border probes over money laundering, The Wall Street Journal reported Friday (Sept. law enforcement agencies are examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. 14) that U.S.

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PYMNTS

APRIL 30, 2019

Danske Bank ignored warnings from Russia’s Central Bank about money laundering and suspicious transactions worth billions through Danske’s Estonian branch, Reuters reported. The warnings were sent in 2007 and 2013, and the information stems from the outcome of an investigation by the European Banking Authority (EBA).

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Money Laundering Central Bank Breach Rules 51

PYMNTS

NOVEMBER 13, 2018

European Union governments have reached a preliminary deal to bolster bank supervision in the hopes of preventing money laundering. According to Reuters , the deal, which could be finalized before December, confirms previous proposals made by the European Commission to give more powers to the European Banking Authority (EBA).

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Money Laundering Non-Bank Gateways Treasury 51

The Fintech Times

SEPTEMBER 12, 2024

However, it is key not to forget the role of the regulator. In July, the Competition and Markets Authority (CMA) revealed four UK high-street banks had failed to comply with banking rules designed to keep customers safe. Should regulators impose tougher penalties on firms that fail to comply?

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Compliance Regulations Financial Crimes Non-Bank 63

PYMNTS

DECEMBER 10, 2018

Prosecutors in Frankfurt, Germany have targeted a former anti-money laundering official at Deutsche Bank in a probe regarding the suspicion of money laundering, Reuters reported on Monday (Dec. The official was not named in the news, which was reported by Hessischer Rundfunk, a German public broadcaster.

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Money Laundering Legal Authorization Transactions 66

PYMNTS

SEPTEMBER 10, 2019

The Geneva-based, Facebook-led Libra cryptocurrency will have to adhere to stringent regulations, Reuters reported on Tuesday (Sept. will be required to comply with regulatory standards to prevent money laundering and terrorism financing.

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Fintech News

MARCH 31, 2024

The Monetary Authority of Singapore (MAS) has officially rolled out the COSMIC platform , a digital initiative aimed at bolstering the defense against money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

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PYMNTS

MARCH 9, 2018

While the European Banking Authority has created a “roadmap” on how to regulate emerging FinTech services, the body is not keen on creating a unified approach to cryptocurrency regulation — at least not yet, Reuters reported.

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Authorization Regulations FinTech Cryptocurrency 53

PYMNTS

JANUARY 18, 2018

Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering, according to a report in Reuters. must comply with the anti-money laundering rules on the books, including the requirement to file reports about suspicious activity.

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PYMNTS

DECEMBER 29, 2020

According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP reported. Also this month, the U.S.

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Authorization Financial Crimes Money Laundering Email Compromise 67