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

Financial Crimes 88

Financial Crimes Crime Money Laundering Payments 88

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?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

Neopay

MARCH 15, 2024

HM Treasury has initiated an open consultation aimed at refining the Money Laundering Regulations (MLRs) to bolster their effectiveness while reducing burdens on legitimate customers. System coordination: Strengthening coordination among various systems involved in combating money laundering and terrorist financing.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

PYMNTS

AUGUST 3, 2020

Scandal-plagued German FinTech pioneer Wirecard counted among its payments processing clients an online casino that laundered money for an arm of “one of Europe’s most dangerous mafia organizations,” the Financial Times reported on Monday (August 3). ” Wirecard declined to comment for the FT article. .”

Money Laundering 144

Money Laundering Crime Legal Authorization 144

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.”

Money Laundering 69

Money Laundering Law Enforcement Financial Crimes Crime 69

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

Financial Crimes 88

Financial Crimes Crime Compliance Money Laundering 88

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.

Money Laundering 98

Money Laundering Crime Financial Crimes Industry Trends 98

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?

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

PYMNTS

JANUARY 3, 2021

The Financial Action Task Force ( FATF ) is warning of new ways of money laundering via exports like onions, potatoes, soft fruits or expensive cars, a report from the Financial Times says. the new demand for some goods and services for the fighting of COVID-19 also posed increased risk of money laundering in this way.

Money Laundering 97

Money Laundering White Collar Crime Crime Risk Assessment 97

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.

Financial Crimes 90

Financial Crimes Crime Money Laundering 90

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.

Financial Crimes 59

Financial Crimes Crime Money Laundering Mitigation 59

Neopay

DECEMBER 20, 2023

Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. Our team is ready to assist your firm in reviewing and enhancing your financial crime prevention framework, systems, and controls. For a comprehensive evaluation of your financial crime prevention measures, contact us today.

Risk Assessment 52

Risk Assessment Money Laundering Assessments Regulations 52

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.

Financial Crimes 89

Financial Crimes Crime Money Laundering Law Enforcement 89

The Paypers

FEBRUARY 5, 2024

Singapore-based anti-financial crime and AML company Tookitaki has announced the launch of its flagship Anti Money Laundering Suite to FinCense.

Money Laundering 41

Money Laundering Financial Crimes AML Crime 41

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).

Financial Crimes 59

Financial Crimes Crime Money Laundering Law Enforcement 59

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.

Financial Crimes 69

Financial Crimes Crime Money Laundering Deepfake 69

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. Firms like CBPL that enable crypto trading need to have strong financial crime controls.

Financial Crimes 52

Financial Crimes Crime Breach Money Laundering 52

PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. Based in Spain, Featurespace offers “enterprise financial crime prevention for fraud and anti-money laundering,” per the announcement. . Computer Services, Inc.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

Money Laundering 52

Money Laundering Authorization AML Agreements 52

The Paypers

DECEMBER 4, 2023

Lithuania-based Viena Saskaita has partnered with AMLYZE , a regtech company specialising in anti-financial crime, to provide money-laundering prevention and compliance solutions to its clients.

Money Laundering 36

Money Laundering Financial Crimes Crime Compliance 36

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.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

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.

Financial Crimes 52

Financial Crimes Crime Consulting Money Laundering 52

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.

Money Laundering 70

Money Laundering Contactless Payments Financial Crimes Crime 70

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.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

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.

Financial Crimes 73

Financial Crimes Crime APACS Risk Assessment 73

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.

Financial Crimes 59

Financial Crimes Crime Legal Money Laundering 59

Finextra

SEPTEMBER 13, 2024

Shares in Wells Fargo fell on Thursday after the bank inked a formal agreement with the Office of the Comptroller pledging to fix deficiencies in its financial crimes risk management practices and anti-money laundering internal controls.

Money Laundering 59

Money Laundering AML Financial Crimes Regulations 59

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.

Financial Crimes 59

Financial Crimes Crime Suspicious Activity Report (SAR) AI 59

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

PYMNTS

MAY 10, 2019

Home prices increased about 5 percent in Canadian province British Columbia last year thanks to money laundering. According to a report in The Wall Street Journal citing government reports, the increase in money laundering is raising the prices in one of the most in-demand areas of the real estate market.

Money Laundering 60

Money Laundering Crime Financial Crimes Governance 60

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. In fact, levels of tech investment have grown at twice the rate of employee-related costs.

Financial Crimes 64

Financial Crimes Crime Compliance AI 64

FICO

FEBRUARY 15, 2021

Eurobank , one of the four Greek systemic banks, now performs real-time AML (anti-money laundering) and KYC (Know Your Customer) checks, with automation across digital and remote channels resulting in substantial efficiency improvements. . This is an excellent example of how banks can do more to fight financial crime.

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 52

Finovate

APRIL 24, 2024

Impact asset manager Finance in Motion has teamed up with financial crime compliance specialist Napier AI. Finance in Motion will deploy Napier AI Continuum as its anti-money laundering and counter terrorist financing (AML/CTF) platform. London-based Napier AI made its Finovate debut at FinovateEurope in 2018.

Financial Crimes 59

Financial Crimes Crime AI Finance 59

Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. As a result, the cumulative financial crime compliance costs have now exceeded an impressive $206 billion.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

PYMNTS

MARCH 15, 2019

Money laundering is a major threat in the United Kingdom , one some watchdogs say is not being taken seriously enough. While the Financial Action Task Force (FATF), an intergovernmental body that develops policies to combat financial crime, recognizes the U.K. banks and their subsidiaries every year. “The A Slap on the Wrist.

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

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.

Money Laundering 52

Money Laundering AML SARS AI 52

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.

Financial Crimes 80

Financial Crimes Cross-Border Payments Faster Payments Money Laundering 80