Remove Crime Remove Cross-Border Remove Law Enforcement
article thumbnail

Banks, Payment Providers at High Risk for Environmental Crimes Money Laundering

Fintech News

Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting the primary threats and vulnerabilities associated with it. Environmental crimes, such as illegal wildlife trafficking and illegal logging, generate an estimated US$110 billion to US$281 billion in criminal gains annually.

article thumbnail

4 Trends Shaping How We Combat Money Laundering In Asia Pacific

Fintech News

The Asia-Pacific (APAC) region faces significant challenges in combating money laundering due to its diverse economies, large volume of cross-border trade, and varying levels of regulatory enforcement across different countries — the trends of money laundering in Asia Pacific are constantly evolving.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Singapore’s Money Laundering Report Flags Elevated Risks in Digital Assets, Banking

Fintech News

The updated assessment also identifies other high-risk sectors within the financial industry, including payment institutions that provide cross-border money transfer services, such as remittance agents, and external asset managers. Consequently, Singapore is closely monitoring the sector.

article thumbnail

Key learnings from 2024’s biggest financial crime fines

The Payments Association

2024 brought significant regulatory action, highlighting persistent weaknesses in financial crime controls across the industry. As we enter 2025, we look back at five significant cases from 2024 and the lessons they provide for organisations aiming to strengthen their financial crime frameworks. billion settlement with the U.S.

article thumbnail

Binance Plays Vital Role In Cracking Crypto-Assisted Money Laundering Case in Taiwan

The Fintech Times

The crypto exchange’s Financial Crimes Compliance (FCC) department collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office in the case. Binance was able to share its blockchain expertise and intelligence to help law enforcement bring the suspects to justice.

article thumbnail

FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

Fincen 139
article thumbnail

Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.