PYMNTS

DECEMBER 23, 2019

” As a regulatory initiative aimed at combatting financial crime, KYC requirements are growing ever-more complex, leading corporates and their banks to demand new technologies and services that can address their compliance challenges. Canada, Mexico, Sweden, Australia and South Africa.

Law Enforcement 52

Law Enforcement Laws FTC SWIFT 52

Innovative Payments Association

OCTOBER 3, 2023

​Mentions of Chicago and the FBI might conjure images of men in fedoras with Tommy Guns, but modern crime is much more electronic than it used to be. With that in mind, the IPA recently held a session with the Chicago Field Office of the FBI where agents spoke about the trends in crime and payments.

FBI 40

FBI Crime Law Enforcement Request for Information 40

FICO

DECEMBER 23, 2020

Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. We expect these advanced analytics will play an even greater role this year in the prevention and detection of money laundering, terrorist financing, and other illicit financial crimes. Regulators Will Zero in on Closing the Gaps.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

PYMNTS

JULY 16, 2019

government has developed a plan that aims to fight financial crimes, including “action on crypto-assets.”. The Economic Crime Plan from H.M. Treasury and the Home Office wants to change the way economic crime is handled by boosting cooperation between government, law enforcement and the private sector. “To

Credit Cards 40

Credit Cards Crime Law Enforcement Blockchain 40

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. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

Money Laundering 106

Money Laundering Law Enforcement AML Non-Bank 106

PYMNTS

SEPTEMBER 21, 2020

A shocking new report reveals an underworld of corruption in the world’s banks and how governments allow it to thrive, BuzzFeed News reported. Department of Treasury that analyzes financial transactions to combat money laundering, terrorist financing and other financial crimes across the globe, found the U.S. told the news outlet.

Fincen 111

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

Neopay

APRIL 22, 2024

The UK’s company law landscape underwent significant changes with the enactment of the Economic Crime and Corporate Transparency Act, effective from 4th March 2024. These amendments mark a pivotal shift, aiming to enhance transparency, combat economic crime, and foster sustainable economic growth.

Laws 52

Laws Crime Due Diligence Law Enforcement 52

VISTA InfoSec

SEPTEMBER 15, 2023

Cross-Border Data Transfers: Processing of Personal Data Outside India Processing of Personal Data Outside India: (Clause 16, DPDP Act) India’s Data Protection Bill shifts from white-list to negative-list for data transfers, excluding regions restricted by government notification. Clause 8(1), DPDP Act. Clause 8(6), DPDP Act.)

Data Breach 130

Data Breach Breach Governance Government 130

PYMNTS

JULY 12, 2020

German law enforcement authorities said they have added money laundering, balance falsification and market manipulation to the charges facing the collapsed firm. .; The company reported it owed creditors nearly $4 billion after it revealed $2.1

Governance 62

Governance Government Law Enforcement Money Laundering 62

PYMNTS

JULY 27, 2020

Although there are countless ways a cybercriminal can swindle funds from a company — either from the outside or within — it’s often the invoice at the center of the crime. 66,800 was swindled from a government entity in New Zealand following a cyberattack at one of its vendors , according to the New Zealand Herald.

Law Enforcement 101

Law Enforcement Scams Phishing B2B 101

PYMNTS

JUNE 12, 2018

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. Law enforcement also seized close to $2.4 billion in losses reported to the Internet Crime Complaint Center. Of the 74 arrested, 42 were people in the U.S.,

Email Compromise 60

Email Compromise FBI Compromise Scams 60

PYMNTS

DECEMBER 18, 2020

18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S. Treasury Department proposed sweeping new rules late Friday (Dec.

Treasury 141

Treasury Rules Bitcoin Ransomware 141

PYMNTS

NOVEMBER 26, 2018

Deputy Attorney General Rod Rosenstein, is seeking to gain international support in dealing with crimes tied to digital currencies. “We Recovery efforts by law enforcement have been able to retrieve a bit less than $2 million of funds. The United States, through U.S. Brexit Deal Awaits Vote.

Crime 58

Crime Money Laundering Law Enforcement Correspondent Bank 58

PYMNTS

JULY 15, 2019

A lot of criminal actors start to get it into their heads that because they’d be using the nontraditional medium of cryptocurrency, there’s no course for law enforcement, so trading platforms like ourselves along with regulators need to catch these actors,” he said. But that’s not the case [for businesses that are staying vigilant].”.

Crime 77

Crime Cryptocurrency Verification Law Enforcement 77

PYMNTS

DECEMBER 18, 2020

Criminals seeking to exploit unmet demand for the COVID-19 vaccine are selling doses – many presumably fake – on the "dark web," the portion of the internet dominated by merchants who operate beyond easy reach of law enforcement agencies, the Financial Times reported on Friday (Dec.

Law Enforcement 109

Law Enforcement FBI Scams Crime 109

Neopay

JULY 18, 2024

The Scale of Money Laundering Global Scale: The United Nations Office on Drugs and Crime estimates that annual laundering volumes range from 2% to 5% of global GDP. Anti-Money Laundering Risk: According to the Basel Institute of Governance, the global anti-money laundering risk averaged 5.25 For 2024, this translates to between $2.22

Money Laundering 52

Money Laundering AML Crime Cryptocurrency 52

PYMNTS

FEBRUARY 3, 2017

A virus that infected the computer system of the Licking County government offices in Ohio has shut down the entire network, including that of the local police force, and a financial demand was made to restore everything back to normal, according to TechCrunch. It’s a crime against the people of Licking County and its government.”.

Governance 40

Governance Government Law Enforcement Ransomware 40

The Fintech Times

MARCH 27, 2024

Ted Datta , senior director, financial crime industry practice at Moody’s “In this case, the perpetrators manipulated the invoice system by setting up shell companies and falsifying invoices. “Combatting these persistent challenges requires financial institutions and governments to use cutting-edge automated solutions.

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

The Fintech Times

FEBRUARY 23, 2024

The extraordinary leaps in AI technology mean it’s now almost too easy for a fraudster to carry out financial crimes. In terms of the likelihood of being a victim of crime, a fifth (21 per cent) of Brits believe they are most at risk of someone hacking their social media profile.

Deepfake 69

Deepfake Continuity Risk Smishing 69

The Fintech Times

APRIL 29, 2024

Frankly, not enough has changed since then, at a time when payment systems have never been so interconnected, money flows have never been at such a high volume, the speed of cross-border payments has never been so fast, and the risks to society from organised crime and terrorism have never been so high. What’s the problem?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

PYMNTS

FEBRUARY 21, 2020

Those are now reportedly becoming seen more as roadblocks to curtailing extremism, hate speech and online crime. . Federal law enforcement agencies, for their part, have reportedly said those encryptions hamper their probes. News of the upcoming proposed legislation comes as the a source from the U.S.

Encryption 83

Encryption Laws Best Practices Law Enforcement 83

PYMNTS

JULY 29, 2017

Crime doesn’t pay. And it’s a concept that an entire comic book series was built around in the 1940s and ’50s – called, appropriately enough – Crime Does Not Pay. Its narrator, Mr. Crime, always reminded the reader of that in each and every issue. As Mr. Crime says, crime doesn’t pay for the perpetrators.

Crime 40

Crime Cross-Border Law Enforcement CHIPS 40

The Fintech Times

MAY 22, 2024

Ben Donaldson, managing director of economic crime at UK Finance Commenting on the report, Ben Donaldson , managing director of economic crime at UK Finance, said: “ Nearly £1.2billion was stolen from customers in 2023 and the criminals who commit these crimes destroy lives and damage our society. Rocio Concha , Which?

Scams 59

Scams Finance Push-to-Card Romance Scams 59

PYMNTS

MARCH 22, 2016

law enforcement and government agencies,” said Paladin executive and retired Lieutenant General Kenneth Minihan, who was also a former director at the National Security Agency, according to reports. via our contacts and knowledge of U.S.

Blockchain 40

Blockchain Law Enforcement Crime Fraud Detection 40

Neopay

MAY 28, 2024

The financial services sector is at the forefront of efforts to protect customers from fraud, including partnering with other sectors, government and law enforcement to prevent and disrupt this criminal activity and bring perpetrators to justice. million this year, down three per cent compared to 2022.

Scams 52

Scams Push-to-Card Romance Scams Crime 52

PYMNTS

APRIL 22, 2020

Since Tuesday (April 21), the DOJ said the FBI’s Internet Crime Complaint Center (IC3) has reviewed more than 3,600 complaints related to COVID-19 scams. Others pretend to be government agencies or public health organizations designed to trick viewers into entering banking and credit card information. Department of Justice (DOJ).

Scams 69

Scams Federal Trade Commission Law Enforcement Phishing 69

Stax

DECEMBER 4, 2023

Learn More Understanding AML Basics With money laundering, perpetrators try to hide criminal activities ranging from small-time bribery or tax evasion to drug trafficking or organized crime. It mandates ongoing monitoring of suspicious activity, recordkeeping, and submitting suspicious activity reports (SARs) to the government.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

FICO

FEBRUARY 24, 2022

How COVID-19 became a catalyst for financial crime. Real-time payments allow money to be moved across multiple accounts nearly instantaneously, into the control of the criminals and out of the reach of law enforcement, making the funds more difficult to trace. . How FICO Can Help You Prevent Financial Crime.

Money Laundering 52

Money Laundering Financial Crimes Crime AML 52

The Fintech Times

SEPTEMBER 4, 2024

” ‘Excellent first steps’ Riccardo Tordera , director of policy and government relations at The Payments Association , viewed the reduction as a welcome move, but suggested an even lower threshold of £30,000 to better balance the financial sector’s needs.

Regulations 59

Regulations Scams Payments Caps 59

FICO

DECEMBER 12, 2018

Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN). Ideally, this wealth of data should be providing more actionable insights to law enforcement.

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing). By Parag Patel , Eric S.

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

OCTOBER 7, 2020

As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. The Financial Crimes Enforcement Network recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams — all with a COVID-19 twist.

Bitcoin 93

Bitcoin Consumer Scams Cryptocurrency 93

Fintech News

FEBRUARY 21, 2024

The report by Chainalysis provides a deep dive into these changes, highlighting the decline in certain types of crypto crimes and the persistence, if not growth, of others, such as ransomware and darknet markets. These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations.

Crime 106

Crime Ransomware Scams Stablecoins 106

PYMNTS

APRIL 28, 2019

The police have been investigating bitcoin machines at Tampines One Mall in Singapore that featured posters claiming to be an alert from law enforcement about the crypto, but were actually put up by scammers attempting to trick people to call a phone number.

Scams 59

Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

JULY 28, 2017

Those hacking efforts include attempts to spike ATMS with malware to scrape card data — FSI notes that the behaviors are more typical of organized crime than state-sponsored cyberterror. who has advised South Korean law enforcement on cyber issues. The data was largely sold to consumers in China and Taiwan.

Law Enforcement 46

Law Enforcement Accounts Ransomware Laws 46

PYMNTS

JUNE 4, 2019

The Government Accountability Office (GAO) and members of congress say the FBI’s use of facial recognition technology isn’t private or accurate enough, according to a report by VentureBeat. Audits to oversee the use of the technology by state and local law enforcement were completed last week.

FBI 43

FBI Law Enforcement Database Audit 43

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.

Money Laundering 68

Money Laundering Law Enforcement AML Payments 68