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.

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Money Laundering Consulting Treasury Regulations 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. and the philosophies that foster it. .

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Money Laundering AML Non-Bank Regulations 65

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.

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Financial Crimes Crime APACS Risk Assessment 68

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.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

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.

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Due Diligence Money Laundering AML Financial Crimes 88

Neopay

DECEMBER 20, 2023

Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. The explanatory note further specifies that the extent of enhanced customer due diligence measures applied to domestic PEPs should generally be less stringent than those for non-domestic PEPs.

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Risk Assessment Money Laundering Assessments Regulations 52

Finovate

DECEMBER 2, 2024

The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF). Belgian regtech Harmoney has acquired compliance specialist APPC, a subsidiary of the Forsides Group.

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Compliance Acquirers Money Laundering AML 105

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.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

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.

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Financial Crimes Crime Compliance Due Diligence 64

PYMNTS

SEPTEMBER 21, 2020

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. Gross negligence – or evidence of a battle waged by banks that requires new, high-tech weaponry?

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

AUGUST 14, 2019

Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

DECEMBER 9, 2020

GIACT works in identity verification, and Refinitiv plans to offer its EPIC platform alongside the company's own World-Check to give customers comprehensive services to address money laundering risks, prevent monetary loss and look out for payments fraud, the two companies said in a news release.

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Fraud Prevention Money Laundering Due Diligence Monetary Loss 80

FICO

SEPTEMBER 16, 2020

FICO’s Integrated AML Compliance Survey has revealed that while the vast majority of banks in more than 11 countries around the Asia Pacific region believe that AI will strengthen anti-money laundering efforts, many remain unsure how to operationalize the advanced technology. Key drivers of financial crime strategy.

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Money Laundering Financial Crimes AI APACS 52

FICO

FEBRUARY 11, 2019

APC Intelidat, the credit bureau in Panama, will soon provide regulatory compliance capabilities to its customers and fight financial crime in Panama with a FICO solution. This is the beginning of our relationship with FICO, which is known worldwide for its risk management and financial crime compliance solutions.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

PYMNTS

SEPTEMBER 23, 2019

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.

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FICO

MAY 20, 2021

In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses.

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AML Financial Crimes Crime Risk Assessment 52

The Fintech Times

JANUARY 13, 2024

Penalties for financial firms which failed to adequately comply with regulations surged by 57 per cent in 2023; according to Fenergo , the digital solution provider for Know Your Customer (KYC) and Client Lifecycle Management (CLM).

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Financial Crimes Due Diligence Compliance AML 59

FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. In case you missed it, FICO World 2022 was a very welcome return to in-person learning and networking for the global fraud detection and financial crime-fighting community. Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top. Thu, 06/23/2022 - 12:40.

Financial Crimes 52

Financial Crimes Crime AML Fraud Detection 52

The Fintech Times

AUGUST 9, 2024

AU10TIX , the identity verification and management firm, has unveiled a new anti-money laundering (AML) solution, in a move to help businesses ensure a safer approach to risk mitigation.

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AML Risk Payment APIs and Integration Money Laundering 64

Neopay

OCTOBER 3, 2024

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in the e-money and payments industry. Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures.

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Financial Crimes Crime Due Diligence Compliance 59

FICO

JANUARY 18, 2019

Despite advances in customer due diligence, including the addition of advanced analytics to compliance officers’ toolkits, the scandals of 2018 confirmed that many banks are struggling to bring their operations up to regulators’ standards, to say nothing of best practices. Watch this space for more on financial crime compliance!

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Financial Crimes Crime Compliance Due Diligence 40

PYMNTS

JUNE 10, 2019

Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting. It’s not clear how many checks got through the weak anti-money laundering processes and how many years it goes back.

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AML Money Laundering Process Due Diligence 55

The Fintech Times

JANUARY 25, 2024

Given this backdrop, things are about to become a lot more complex for banks and financial service providers as they seek to onboard new customers and maintain due diligence on existing ones. A distinct lack of clarity To make things even more complicated, there’s no globally agreed definition of a PEP.

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Risk Due Diligence Financial Crimes Crime 59

The Paypers

JANUARY 26, 2018

(The Paypers) Bank of Communications New York has selected NICE Actimize to implement a unified financial crime platform initially focused on boosting anti-money laundering and customer due diligence solutions.

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Money Laundering Due Diligence Financial Crimes Crime 28

FICO

JULY 25, 2016

Anti-money laundering (AML) is a good example. My FICO colleague TJ Horan recently blogged about the skyrocketing compliance costs that banks face in their fight against money laundering and other financial crimes. As TJ says, we are infusing FICO TONBELLER’s solution portfolio with analytic innovation.

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AML Money Laundering Financial Crimes Crime 64

PYMNTS

JUNE 17, 2020

According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Australian bank Westpac Banking Corp. may stand as Exhibit A here.

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AML Money Laundering Compliance Financial Crimes 75

PYMNTS

AUGUST 5, 2019

In a new PYMNTS discussion, Karen Webster and Zac Cohen, general manager at Trulioo , used that lawsuit as a stepping off point to talk about how criminals get past anti-money laundering and other laws designed to keep payments honest, and what above-the-board firms and operations can do to stop it.

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Due Diligence Money Laundering Best Practices Payments 65

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). CASPs can be abused for financial crime purposes, including ML and TF.

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Service Provider Risk Due Diligence Money Laundering 52

The Fintech Times

JUNE 20, 2024

As part of the partnership, Finastra will offer Sumsub’s Know-Your-Customer (KYC), Know-Your-Business (KYB), fraud prevention, and ongoing transaction monitoring capabilities to its client base of 8,500 financial institutions around the globe. “We are pleased to partner with Sumsub, following a rigorous due diligence process.

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Compliance Process APACS Money Laundering 59

Seon

SEPTEMBER 23, 2024

With the rise of online transactions and real-time payments, the risk of fraudulent activity has surged, putting financial institutions and businesses in a constant battle to protect their customers and themselves. Compliance with anti-money laundering (AML) regulations is now a legal obligation.

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

Seon

APRIL 11, 2024

Financial institutions worldwide are continuously evolving their strategies to combat fraud and money laundering, two threats that undermine the potential of our global financial systems. The adjacent threats of fraud and money laundering are disadvantageously positioned when siloed. What is FRAML?

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Neopay

JUNE 27, 2024

Many in financial services have been concerned that some elements of the FCA’s more stringent approach may not always be justified by reductions in financial crime and money laundering or consumer protection. Regularly review and update your risk assessment processes to ensure they remain effective.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

FICO

DECEMBER 17, 2020

Anti-financial crimes regulations require banks to enact robust risk management frameworks, including extensive KYC due diligence, integrated safeguards for AML transaction monitoring, and sanctions screening. To hear more about my thoughts on cryptocurrency and financial crime, connect with me on LinkedIn.

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Cryptocurrency Risk Financial Crimes Crime 52

PYMNTS

SEPTEMBER 24, 2020

million in Australian dollars) in a bid to put a money-laundering scandal behind it. AUSTRAC, the country’s financial regulator, announced the deal on Thursday (Sept. 24), noting that Westpac had violated anti-money laundering (AML) and terrorism financing regulations more than 23 million times.

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Regulations Money Laundering Due Diligence Law Enforcement 46

PYMNTS

SEPTEMBER 7, 2018

Following scandals at European lenders, the European Central Bank (ECB) wants the European Union (EU) to step up enforcement of anti-money laundering (AML) rules. To that end, the bank recommends that the bloc make a “single agency” for the task as the ideal solution, the Financial Times reported.

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AML Money Laundering Due Diligence Financial Crimes 43

FICO

MARCH 16, 2021

Use a service provider to facilitate money laundering. Money mule networks gain faster traction in countries offering instant payments, as these help move and layer-in funds far faster than law enforcement can track. Tactics to evade detection often include sending money through previously used payees.

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Money Laundering Fraud Prevention Financial Crimes Crime 52