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?

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Money Laundering Financial Crimes Crime Due Diligence 92

Fintech News

AUGUST 1, 2024

This service aims to streamline business due diligence and compliance for financial institutions and SMEs, addressing counter-party risk, credit exposure, and compliance with anti-money laundering (AML) regulations. JewelPaymentech, acquired by ADVANCE.AI

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PYMNTS

MARCH 14, 2019

However, despite the friction points that can get introduced into the process due to anti-money laundering (AML) and Know Your Customer (KYC) processes, FIs have no choice but to comply, or they risk fines and loss of customer trust. Other financial service providers must rethink their due diligence approaches.

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Money Laundering Due Diligence AML Compliance 73

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.

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Due Diligence Money Laundering AML Financial Crimes 88

Fintech News

OCTOBER 8, 2024

The framework is designed to ensure compliance with international standards, particularly in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT). The consultation paper outlines MAS’ proposed approach to licensing and regulating DTSPs.

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Service Provider Due Diligence AML Money Laundering 79

PYMNTS

DECEMBER 28, 2018

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times. You see those money laundering scandals across the EU,” Dombrovskis said. “It

Money Laundering 74

Money Laundering Rules Due Diligence Central Bank 74

PYMNTS

MARCH 15, 2019

Money laundering is a major threat in the United Kingdom , one some watchdogs say is not being taken seriously enough. The National Crime Agency (NCA) estimates that hundreds of billions of pounds are laundered through U.K. under current rules, for big banks to be prosecuted for money laundering.” .

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Money Laundering AML Non-Bank Regulations 65

PYMNTS

APRIL 28, 2019

The European Banking Authority is facing calls from the financial regulation head in Europe to improve its money laundering safeguards after opting not to pursue an investigation into the Danske Bank money laundering scandal. He called for legislation that would change how that agency makes decisions.

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Money Laundering Due Diligence Authorization Laws 43

PYMNTS

FEBRUARY 13, 2019

.” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. International Monetary Fund (IMF) estimations pointed to a total money laundering volume of $2.1 ” .” ”

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Money Laundering AML Economy SWIFT 64

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. How Does the Payment Screening Process Work? Why is Payment Screening Important?

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

Fintech News

NOVEMBER 21, 2024

Global financial penalties for non-compliance with anti-money laundering (AML) regulations cost financial institutions US$6.6 To add to the complexity, regulations around AML, KYC, and client due diligence (CDD) are constantly evolving, putting added pressure on banks to improve their KYC operations.

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Procedures Due Diligence AML Non-Bank 56

The Fintech Times

FEBRUARY 4, 2024

In May 2023, a group of paytech representatives called on legislators to ensure a fair playing field for all fintech providers and their obligations to performing customer due diligence (CDD) as the EU anti-money laundering regulation was discussed.

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AML Regulations Payer Payee 58

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. To find out more about how we can support you business, click here. To read a copy of the FCA’s letter to Annex 1 firms, click here.

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AML Financial Crimes Crime Risk Assessment 52

Neopay

OCTOBER 3, 2024

Financial crime controls, such as anti-money laundering (AML) systems and sanctions screening, were not updated or strengthened to handle the complexities of a larger, more diverse customer base. 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

Global Fintech & Digital Assets

FEBRUARY 13, 2024

In June 2023, Hong Kong introduced a comprehensive regime to regulate VA service providers operating a virtual asset trading platform (VATP) (see this Latham blog post ) through an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Certain regulated entities exempted.

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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 58

PYMNTS

JANUARY 16, 2020

s Financial Conduct Authority (FCA) took the reins on oversight of cryptocurrency asset oversight — specifically, oversight of anti-money laundering (AML) and counter terrorist financing (CTF) activities. 10, to be exact, the European Union’s 5th Anti-Money Laundering Directive came into effect.

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Regulations Money Laundering Due Diligence Cryptocurrency 52

Seon

JUNE 29, 2023

That means money laundering can account for anywhere between $800 billion and $2 trillion annually. Thankfully, much of the answer to this corrupt financial activity boils down to organizations ensuring that they carry out an anti-money laundering process called Know Your Transaction (KYT).

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Transactions Due Diligence Money Laundering AML 52

The Fintech Times

JUNE 20, 2024

This integration will enable banks to onboard new users swiftly, perform anti-money laundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform.

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Compliance Process APACS Money Laundering 58

PYMNTS

APRIL 27, 2017

million fine by the Central Bank of Ireland due to compliance failures with anti-money laundering and terrorist financing rules. The identification of serious breaches by the regulator of vital regulations sends the wrong message to potential investors in the bank at this crucial time.”.

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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).

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Service Provider Risk Due Diligence Money Laundering 52

Fintech News

NOVEMBER 20, 2024

Increasing anti-money laundering (AML) regulations further add complexity. Regulators only require ‘due diligence,’ but the definition of what constitutes adequate due diligence can vary.” “Regulators only require ‘due diligence,’ but the definition of what constitutes adequate due diligence can vary.”

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Cross-Border Payments Cross-Border B2B Due Diligence 67

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.

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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

JANUARY 30, 2019

With the fifth European Union (EU) Anti-Money Laundering Directive (AMLD 5) coming into force and raising a concern over the fourth AMLD, beneficial ownership is becoming front-and-center for financial firms. Forex companies, in particular, move money as they change it from different currency types.

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Due Diligence Verification Money Laundering FinTech 74

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. This requires sound underwriting policies and procedures.

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Risk Management Risk Money Laundering Mitigation 88

Fraud.net

NOVEMBER 24, 2023

In this digital age, anti-money laundering is challenging. Find out what regulations apply to AML in banks and how you can remain compliant.

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Regulatory Compliance AML Money Laundering Compliance 52

Neopay

NOVEMBER 13, 2024

This lapse created a potential risk for undetected money laundering activities. Proactive risk management: We help assess your business’s risk exposure, implementing frameworks that keep up with growth, high-risk customers, and evolving regulations to keep your compliance efforts ahead.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Payments Source

JUNE 5, 2016

To account for the heightened questioning and investigations around the Panama Papers hack, people need to “legal-up” and issuers, financial institutions and processors need to “gear-up” for expected spikes in work related to due diligence, more precise monitoring of transactions, payments and sanctions filtering, possible ad-hoc (..)

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Money Laundering Due Diligence Compliance Processors 69

Segpay

OCTOBER 18, 2023

Money Laundering: The payments processed through the legitimate merchant’s system are used to launder money generated from illegal activities. Criminals try to launder their criminal money through the merchant’s accounts.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

PYMNTS

JANUARY 30, 2019

The Software-as-a-Service (SaaS) tool also looks to streamline client onboarding and improve the accuracy of customer due diligence. Clarity KYC integrates business identification, screening processes and due diligence, reporting, and customer monitoring into a unified solution, the company explained.

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Due Diligence Automation Money Laundering Fincen 46

Finovate

SEPTEMBER 18, 2024

Maintaining records of custodial accounts will help regulators ensure that deposit insurance can be quickly and accurately provided in the event of a bank failure. Banks will send the records, which must be accurate and compliant with the FDIC’s standards, to the FDIC and to the bank’s primary federal regulator.

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Rules FDIC Non-Bank Money Laundering 52

PYMNTS

JUNE 17, 2020

million — “for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017,” Britain’s main bank regulator said in a news release on Wednesday (June 17). Germany’s Commerzbank London has agreed to pay a fine of £37,805,400 — about $47.45

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AML Due Diligence Money Laundering Authorization 52

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. Given the high public profile of PEPs, there are also significant reputational risks if a customer feels mistreated.

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Risk Due Diligence Financial Crimes Crime 58

Neopay

DECEMBER 20, 2023

In a recent development, the National Crime Agency (NCA) has issued a warning to financial institutions and other members of the UK regulated sector regarding Russia’s intricate attempts to circumvent sanctions and procure restricted goods and services. The full alert document is available on the NCA website here.

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Due Diligence End User Crime Financial Crimes 52

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. It also ensures the organization has at least a rudimentary understanding of its customers’ propensity (if any) for money laundering, the financing of terrorism, and other fincrime.

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Process Due Diligence AML Verification 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. To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models.

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Financial Crimes Money Laundering Compliance Crime 52