Remove Due Diligence Remove Non-Bank Remove Posting
article thumbnail

Singapore Ramps Up Anti-Money Laundering Measures After S$3 Billion Bust

Fintech News

One major focus is on proactive prevention, where the IMC advocates for tighter regulations on corporate service providers and enhanced due diligence for non-financial sectors vulnerable to exploitation by money launderers.

article thumbnail

Mastercard Joins Buna, the Arab Regional Payment System

Fintech Finance

Buna’s compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

article thumbnail

Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

The far-reaching study encompasses both crypto-native and non-crypto native methods, as well as strategies for prevention. The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers.

article thumbnail

What businesses can learn from Starling Bank’s £29M FCA fine

Neopay

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. For more details, you can read the FCA’s Final Notice on Starling Bank’s failings here.

article thumbnail

How is AI Impacting Fintech Businesses?

The Fintech Times

.” ‘AI has been a game-changer’ Tomas Navickas , CTO and co-founder of digital banking platform myTU , also added: “AI has been a game-changer for our fintech business, going beyond what traditional machine learning offers. As for now, it’s the transformation of our customer due diligence process.

AI 128
article thumbnail

Mastercard Joins Forces With Buna to Tackle Cross Border Payments Challenges in MENA

The Fintech Times

Buna’s compliance program integrates rigorous anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

article thumbnail

Fintech Drives Financial Institutions to Rethink Outsourcing Strategies

Fintech News

Banks are starting to realise that because they’re not as agile as fintech providers, they need to tap into the providers’ expertise for innovation,” says Dr Patrick Thng, Principal Lecturer of Information Systems at Singapore Management University (SMU). explains Dr Thng, former CIO/MD of DBS Bank, World Bank and BNP Paribas.

FinTech 107