BioCatch

FEBRUARY 3, 2025

The UKs Financial Conduct Authority (FCA) recently completed its review of the UKs National Fraud Database (NFD) a cross-sector fraud prevention tool in the UK, maintained by the non-profit Cifas.

Money Laundering 40

Money Laundering Fraud Prevention Database Participant 40

PYMNTS

DECEMBER 10, 2020

Thousands of other cryptocurrencies began circulating on crypto exchanges in recent years, such as Ethereum, Monero and Ripple, many of which leverage blockchain technology to serve as a transaction database. How Money Launderers Exploit Cryptocurrency. Cryptocurrency-related crimes totaled $4.3 or the U.S.,

AML 88

AML Cryptocurrency Money Laundering Compliance 88

Fintech Finance

SEPTEMBER 17, 2024

ID-Pal’s platform comprises a comprehensive set of tools for frictionless, secure identity verification and Anti Money Laundering (AML) screening. Its unique blend of biometric, document, and database checks, is delivered within a GDPR-compliant framework.

Process 95

Process Verification Money Laundering AML 95

PYMNTS

OCTOBER 13, 2016

This past summer, the European Commission said it would like to create a central database of digital currency users to prevent terrorist financing and money laundering — for the obvious reasons. While bitcoin makes paying an anonymous thing, Europe might like to make it less so.

Bitcoin 84

Bitcoin Database Money Laundering Credit Cards 84

Segpay

NOVEMBER 26, 2024

typing speed, location data), with authoritative databases or records. This process, known as Customer Due Diligence/Know Your Customer (CDD/KYC) is a regulatory requirement aimed at the detection and prevention of money laundering (AML), fraud and other illegal activities.

Verification 111

Verification Identity Theft Money Laundering Due Diligence 111

PYMNTS

JULY 29, 2016

T he European Commission would like to create a central database of digital currency users to prevent terrorist financing and money laundering – for the obvious reasons. But Europe might like to make it less so. Scotland Considering Cryptocurrency and Independence … Again.

Database 45

Database Bitcoin Money Laundering Cryptocurrency 45

Fintech News

MARCH 20, 2024

Fraud networks, engaging in activities like multi-accounting, money laundering, and personal data breaches, target digital platforms such as cryptocurrency exchanges, fintech applications, dating services, and online casinos.

APACS 105

APACS Fraud Prevention Deepfake Account Takeovers 105

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S., trillion a year.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

SEPTEMBER 22, 2016

Money Data Limited, a subsidiary of Tencent, announced on Wednesday (Sept. Thomson Reuters World-Check Risk Intelligence is a structured database on politically exposed persons (PEPs) and heightened-risk individuals and organizations globally.

Risk 59

Risk Money Laundering Compliance AML 59

PYMNTS

JUNE 19, 2017

Troia also sometimes bought data from malicious hackers to verify database breaches. Of course, from Coinbase’s perspective, allowing those transactions could violate regulations designed to prevent money laundering and criminal activity. Department of Justice authorization to carry them out.

Bitcoin 75

Bitcoin Regulations Money Laundering FBI 75

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Financial sector players must guard against all forms of money laundering and other criminal activities.

Suspicious Activity Report (SAR) 75

Suspicious Activity Report (SAR) FinTech Money Laundering AML 75

Fintech News

OCTOBER 23, 2024

Banks are facing mounting pressure to offer seamless and convenient digital experiences while also adapting to changing regulatory frameworks surrounding know-your-customer (KYC) and anti-money laundering (AML), he said. Legacy technologies are hindering this adaptation, prompting increased investments in digital solutions.

Finance 114

Finance APACS Multi-Currency Origination 114

FICO

DECEMBER 6, 2019

The 2018 FATF mutual evaluation report of UK anti money laundering (AML) practices highlights a problem that to many is still surprising – when you set up a business in the UK, very little is done to establish the identity of the owners of that business, whether those are individuals or other businesses. by Frank Holzenthal.

AML 52

AML Checks Due Diligence Money Laundering 52

The Fintech Times

SEPTEMBER 19, 2024

ID-Pal’s platform comprises a comprehensive set of tools for frictionless, secure identity verification and anti-money laundering (AML) screening. Furthermore, its blend of biometric, document, and database checks is delivered within a GDPR-compliant framework.

Verification 64

Verification Process AML Fraud Detection 64

PYMNTS

JUNE 11, 2020

Social distancing restrictions implemented to curb the virus’s spread are preventing compliance professionals from obtaining physical identification documents and holding in-person meetings that typically enforced anti-money laundering/know your customer (AML/KYC) compliance.

AML 74

AML Legal Compliance Verification 74

Stax

JANUARY 8, 2024

This means that PayFacs need to conduct a thorough risk analysis of their sub-merchants before onboarding them so they are screened against terror financing or money laundering. These include negative databases, device fingerprinting, third-party validation, and geolocation checks. Q: Why implement risk management?

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

PYMNTS

JANUARY 29, 2019

Four South Korean cryptocurrency exchanges are teaming up to boost anti-money laundering (AML) efforts to create a “healthier trading environment.” Two groups of cybercriminals appear to have stolen around $1 billion in cryptocurrency hacks, which is most of the money lost in these scams.

Digital Currency 67

Digital Currency Bitcoin AML Cryptocurrency 67

Fintech News

MAY 22, 2024

In May, Fintech Global released its inaugural FinCrimeTech50 list, recognizing the world’s leading technology companies fighting money laundering, fraud and financial crime. The list features the 50 most innovative tech companies offering solutions in financial crime and fraud prevention in the world.

Financial Crimes 87

Financial Crimes Crime APACS Risk Assessment 87

PYMNTS

FEBRUARY 14, 2020

The creation of digital IDs also has the beneficial effect of helping governments and companies combat financial fraud and money laundering activities. Back in 2018, India’s Supreme Court voted to uphold the legality of the country’s Aadhaar program, saying the database does not violate the right to privacy. The Core Principles.

Money Laundering 82

Money Laundering Privacy Financial Inclusion Use Case 82

PYMNTS

APRIL 23, 2019

Money laundering, account takeovers and other illicit activities threaten to turn away legitimate consumers, as well as the government agencies that provide gaming licenses. . This means fantasy sports platforms must enact robust anti-money laundering (AML), KYC checks and other fraud monitoring services.

Money Laundering 43

Money Laundering SWIFT Security Account Takeovers 43

CB Insights

SEPTEMBER 7, 2021

For example, US-based Digital Asset offers Daml — an application platform for organizations to build full-stack, distributed applications for distributed ledger technology (DLT), blockchain, or internal databases. The startup raised a $120M Series D in April 2021 backed by 7RIDGE and Eldridge.

Blockchain 101

Blockchain NFTs Distributed Ledger Technology (DLT) Multi-Currency 101

FICO

JANUARY 19, 2022

Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud. TBML: What Is Trade-Based Money Laundering? movement of money) using trade transactions to legitimize their illicit origins. Here are excerpts.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

Seon

SEPTEMBER 23, 2024

The Financial Action Task Force (FATF) estimates that two to five percent of global GDP, approximately $2 trillion, is laundered annually. Compliance with anti-money laundering (AML) regulations is now a legal obligation. This process is essential for maintaining compliance in an increasingly regulated financial landscape.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

FICO

MARCH 13, 2017

Under the KYC requirements that are part of current regulations, such as the 4th EU Money Laundering Directive and the fifth pillar of the BSA, the bank needs to know the business of their customers. No one wants to read that their bank is supporting tax avoidance or money laundering by the use of a shell company in an offshore.

Money Laundering 45

Money Laundering Database Due Diligence BSA 45

PYMNTS

SEPTEMBER 18, 2017

More recently, their complaints have been made more transparent, thanks to the CFPB’s consumer complaint database. As a consequence, we have three credit reporting agencies operating today, who are largely free to do whatever they want with the data they have — consumer complaint database be damned. They are not.

Regulations 81

Regulations CFPB Database Consumer Financial Protection Bureau (CFPB) 81

PYMNTS

OCTOBER 13, 2016

Madhu used anti-money laundering (AML) as an example of compliance that is very process-driven and manually intensive. In some cases, it can take several months of ongoing procedures to determine if a transaction represents a money laundering event or not. “I

Compliance 76

Compliance Due Diligence Money Laundering Procedures 76

PYMNTS

SEPTEMBER 4, 2019

The move comes as the European Union has passed tougher anti-money laundering (AML) laws. TruTrace’s StrainSecure system gathers plant-testing data to perform genomic verification in plant batches, and then registers the information in a blockchain-enabled database. 10, 2020.

Central Bank 49

Central Bank Blockchain Money Laundering Bitcoin 49

Finovate

MAY 16, 2024

” While there is widespread understanding about threats like money laundering that cost businesses $18 billion every year, the challenge from document fraud is significantly greater. A 2021 report from FINCEN revealed that false records and forgery are responsible for more than $45 billion in fraud activity annually.

Authorization 59

Authorization Verification OFAC Deepfake 59

PYMNTS

NOVEMBER 21, 2018

In addition to risks of money laundering, misinvoicing causes government entities to lose out on customs duties, VAT and other taxes, while also often moving money out of national economies.

Governance 48

Governance Government Cross-Border SARS 48

FICO

NOVEMBER 20, 2017

This renewed leak tremendously increases the pressure on regulatory side to finally tackle offshore secrecy and anonymous trusts as they are not only effective vehicles for tax evasion, but also for money laundering, corruption and terrorism financing.

Due Diligence 49

Due Diligence Database Money Laundering Financial Crimes 49

FICO

MARCH 6, 2020

Concerning AFC, we are reputed for being a world leader in the fight against fraud and money laundering, developing and implementing standardized and individual solutions against financial and white-collar crime and for risk management and monitoring, analysis, and reporting. Fraud and money-laundering are closely connected.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

FICO

FEBRUARY 20, 2018

Recently, this has included applying advanced unsupervised learning to money laundering, one of the many domains in which FICO technology fights financial crime. Some new data may be an outlier compared to the training database by being exaggerations or mutations of normal data. The State of the Art in Unsupervised Analytics.

AML 53

AML Money Laundering Crime Financial Crimes 53

Seon

SEPTEMBER 14, 2023

Taking a bird’s eye view across the many relevant data points gives you the means to stop things like money laundering and ID theft before they happen. The user’s source of funds cannot be verified: Source of funds checks are key in ensuring that financial services do not help criminals launder money.

Risk 52

Risk Money Laundering Suspicious Activity Report (SAR) AML 52

PYMNTS

APRIL 18, 2017

Despite a compliance market packed with providers and the investment from companies to ensure they stay on the right side of regulations, instances of money laundering and fraud are still prevalent and not going anywhere any time soon. The system isn’t working,” he told PYMNTS.

Compliance 44

Compliance Money Laundering Payment APIs and Integration Risk 44

PYMNTS

NOVEMBER 21, 2018

The research found that nearly 71 percent of banks reported using data mining, defined as a statistical method to extract trends and other relationships from large databases. According to the PYMNTS research, data mining stands as one of the most popular algorithmic technologies among U.S.

AI 76

AI Money Laundering AML Rules 76

Clearly Payments

MARCH 4, 2024

Once inside the system, they accessed and extracted sensitive credit card data, including card numbers, expiration dates, and cardholder names, from the company’s databases. The operation also involved money laundering tactics to obscure the origins of stolen funds.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

AUGUST 13, 2019

The platform connects banks to the company’s Smart Onboarding Engine to streamline KYC , anti-money laundering (AML) and other compliance checks when onboarding new clients. A press release issued on Monday (Aug. The solution also includes a range of APIs that connect to third-party data sources.

Automation 43

Automation Due Diligence Money Laundering Small Business 43