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Crime Financial Crimes Money Laundering 
Fintech News
JUNE 3, 2024
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.
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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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The Payments Association
FEBRUARY 22, 2024
There is an increasing need for enhanced data sharing in the payments industry to combat the rising threat of financial crime, specifically money laundering and online-enabled fraud. Read more
The Paypers
FEBRUARY 26, 2024
The Financial Action Task Force (FATF) has announced that it has dropped the UAE from its grey list regarding concerns about financial crime and money laundering.
Fintech News
OCTOBER 6, 2024
Singapore is enhancing its anti-money laundering (AML) framework with new recommendations from the Inter-Ministerial Committee (IMC). This comes after a review sparked by the high-profile money laundering case in August 2023, in which more than S$3 billion worth of assets were seized.
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The Payments Association
NOVEMBER 12, 2024
Whether financial institutions should build or buy financial crime management systems. As Financial crime grows increasingly complex, payment leaders face a critical choice: build an in-house financial crime management (FCM) solution or buy an established third-party system. Why is it important?
The Payments Association
OCTOBER 20, 2023
Richard Dunlop of fscom summarises the major points of the 2023 Financial Crime Compliance Report and highlights key issues in anti-money laundering strategies that have been identified. Read more
Fintech News
MAY 22, 2024
Over the past years, financial crime tech has risen to prominence, driven by increasing complexity and frequency of financial crimes, stricter regulations and compliance requirements, and technological advancements. Today, we delve into these firms’ offerings, recent strides and contributions to the field.
FICO
MARCH 17, 2021
Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. However to set a context, we must first answer the question – what is trade-based money laundering? This study, together with the U.S.
Fintech News
JULY 17, 2024
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. A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. billion of value received in April alone.
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FICO
MARCH 6, 2020
In September 2019, Fico and Visma announced their partnership to Offer SaaS Anti Financial Crime Solutions in Western Europe. I also manage the partner channels and programs for our financial crime compliance solutions. For more than two decades I have now been working in the financial services industry.
FICO
FEBRUARY 19, 2020
For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. How RealTime Payments Impact Financial Crime. Money Laundering and the Rise of the Money Mule.
Finovate
DECEMBER 11, 2024
ThetaRay launched GenAI Financial Crime Detection Suite. The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators. Vice President Yina Arenas.
FICO
MARCH 24, 2021
In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. To learn more about how FICO helps organizations fight financial crime visit our website and connect with me on LinkedIn.
The Fintech Times
MAY 12, 2024
Now, Sumsub is gearing up for a second iteration of its Advanced Transaction Monitoring Masterclass 2024 , which will help over 2,500 anti-money laundering (AML), anti-fraud, and compliance professionals in the fintech sector to boost their knowledge in combating financial crime issues facing their respective companies.
The Fintech Times
APRIL 3, 2024
The Monetary Authority of Singapore (MAS) has introduced COSMIC, a digital platform aimed at bolstering the global financial system’s defences against money laundering (ML), terrorism financing (TF), and proliferation financing (PF).
The Fintech Times
MARCH 27, 2024
Five people, including convicted fraudster Neale Rothera , were sentenced for their involvement in a fraud and money laundering scheme which cost banks over £500,000 earlier this week. But with the money unrecoverable, how can this type of situation be avoided in the future?
PYMNTS
MARCH 26, 2019
Money laundering is big business and the recovered funds are scant, which begs a solution (a roadmap was offered up for FIs in a recent PYMNTS interview with Zac Cohen , Trulioo general manager). Data: 1 percent: The share of proceeds intercepted from financial crimes. $2 20: The number (at least) of U.S.
The Fintech Times
APRIL 29, 2024
In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?
Neopay
DECEMBER 5, 2024
The Financial Conduct Authority (FCA) has issued important updates to its Financial Crime Guide, following a public consultation on proposed changes. It also offers clarifications on the roles of the Money Laundering Reporting Officer (MLRO) and Senior Manager.
Fraud.net
AUGUST 16, 2024
Transform financial crime management, by shifting from transactions to entities to combat money laundering and enhance compliance.
The Paypers
OCTOBER 25, 2024
Nigeria’s Economic and Financial Crimes Commission ( EFCC ) has dismissed a money-laundering case against Tigran Gambaryan, a senior executive at Binance.
Fintech News
FEBRUARY 14, 2024
Hawk AI, a Germany-based provider of artificial intelligence technology for fraud detection and anti-money laundering efforts, has announced Robin Lee as the new General Manager for its Asia-Pacific (APAC) operations. They’re an exceptional group of people, combining world-class technologists and seasoned financial crime-fighters.
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Finextra
AUGUST 5, 2024
FinextraTV, Julia Thorn, Senior Marketing Manager, Financial Crime Compliance, LexisNexis® Risk Solutions and Robert Campbell, Programme Director of United for Wildlife, The Royal Foundation of The Prince and Princess of Wales, dive deep into their recently released report on how wildlife trafficking can be combatted with the power of collaboration.
PYMNTS
NOVEMBER 1, 2020
Surecomp , which works in global trade finance solutions for banks, has announced financial crime solution ThetaRay as the newest partner for its Marketplace platform, according to a press release. Banks and corporates can use it to help reduce the risk of ATM security breaches, money laundering and fraud.
The Fintech Times
FEBRUARY 18, 2024
NICE Actimize introduces three advanced generative AI-based solutions aimed at combating financial crime and streamlining investigations and reporting processes. “Generative AI is a powerful tool in fighting financial crime,” said Craig Costigan , CEO, NICE Actimize.
PYMNTS
NOVEMBER 30, 2020
CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. Headquartered in Kentucky, CSI works with financial institutions (FIs) across the country to provide FinTech solutions. Computer Services, Inc.
Finextra
JANUARY 8, 2024
The G20's plan to make cross-border payments faster, cheaper, more transparent and inclusive could increase fraud and money laundering, warns a new report.
The Fintech Times
FEBRUARY 26, 2024
Two fifths of regulated firms are reporting a rise in financial crime attempts, while more than a quarter admit to being victims, according to a recent survey by SmartSearch, a UK provider of anti-money-laundering software.
Neopay
DECEMBER 2, 2024
Those of you who were in the payments space pre-COVID, might remember my industry talks about ‘Why the World Needs Money Laundering’. A history of money laundering The concept of money laundering goes back to long before money itself existed. Even the 3 stages (placement (i.e.
Finovate
JULY 30, 2024
Financial crime detection technology company, ThetaRay, has acquired screening specialist, Screena. AI-powered financial crime detection technology company, ThetaRay , has acquired European screening company, Screena. ThetaRay made its Finovate debut at FinovateFall 2015. Reynolds was named CEO of the company last summer.
Finextra
OCTOBER 8, 2024
Trade-based financial crime (TBFC) is a global menace, with trade-based money laundering (TBML) bein.
Neopay
APRIL 25, 2024
The FCA are consulting on proposed changes to its Financial Crime Guide. Why the FCA are consulting The FCA are proposing updates to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring. Next steps Send us your comments on the CP questions by 27 June 2024.
BioCatch
OCTOBER 30, 2024
According to the United Nations Office on Drugs and Crime, the estimated amount of money laundered globally each year is between $800 billion and $2 trillion. Funds from illicit activities – from financial fraud and terrorist financing to drug and human trafficking, flow across multiple institutions and jurisdictions every day.
Stax
DECEMBER 4, 2023
According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. trillion took place in 2020, accounting for about 2.7% of global GDP.
Neopay
MAY 7, 2024
The Financial Conduct Authority (FCA) is proposing significant updates to its Financial Crime Guide. The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. However, the proposed changes don’t stop there.
The Fintech Times
MAY 18, 2024
Crypto exchange, Binance has played a massive part in solving a major crypto-assisted money laundering case in Taiwan involving nearly NT$200million (approximately US$6million). It allowed our investigation team to further unravel the threads and piece together the full picture of the crime, ultimately bringing the suspects to justice.”
The Fintech Times
JULY 21, 2024
UK financial services firms currently spend over £21,000 per hour fighting financial crime and fraud through onboarding and compliance screening processes, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions.
Neopay
NOVEMBER 13, 2024
The Financial Conduct Authority (FCA) recently levied a substantial £16,675,200 fine against Metro Bank PLC (Metro) for significant shortcomings in its financial crime prevention systems and controls. This lapse created a potential risk for undetected money laundering activities.
Fintech News
JUNE 26, 2024
Lawrence Wong Prime Minister and Finance Minister Lawrence Wong announced the strategy at the Financial Action Task Force Plenary Meeting, underscoring Singapore’s commitment to bolstering its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) efforts.
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Neopay
JULY 26, 2024
This enforcement action marks the first use of the FCA’s new powers under the Electronic Money Regulations 2011, emphasising the regulator’s commitment to maintaining stringent financial crime controls within the cryptoasset industry. CBPL, however, repeatedly breached those requirements.
PYMNTS
SEPTEMBER 29, 2020
Jumio , known for its suite of artificial intelligence (AI)-powered identity verification and online know your customer (KYC) products, is beefing up its anti-money laundering (AML) powers. The financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed. The Palo Alto-based firm on Tuesday (Sept.
FICO
NOVEMBER 15, 2022
Siron Financial Crime Solutions Are Moving from FICO to IMTF. The team behind Siron are moving from FICO to IMTF, which will run the entire Siron Anti Financial Crime business worldwide. This is great news for Siron’s 1,200+ customers worldwide, and for efforts to stop financial crime in general. FICO Admin.
FICO
DECEMBER 23, 2020
The global pandemic has driven a dramatic change in consumer behavior, not least an exponential rise in the use of digital and mobile channels for banking and financial services, increased competition from fintechs, and the rise of open banking. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1.
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