PYMNTS

JANUARY 30, 2019

So the idea that the money laundering directive in Europe would mandate beneficial ownership as a part of enhanced customer due diligence “is, in some ways, the logical next step,” Gaddy said. Forex companies, in particular, move money as they change it from different currency types.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

The Fintech Times

FEBRUARY 12, 2024

The actions taken by the FSRA address failures (to the extent applicable in each case) to: follow due diligence procedures as required by the Regulations; keep records of the performance of due diligence; report required information in a complete and accurate manner; and/or submit the required annual information return.

Distributed Ledger Technology (DLT) 59

Distributed Ledger Technology (DLT) Due Diligence Innovation Procedures 59

The Payments Association

OCTOBER 11, 2024

Improved fund segregation : Firms will be required to hold safeguarded funds in designated accounts with authorised institutions from the point of receipt, preventing delays and potential mismanagement. He says: “I think the onus will be on doing appropriate due diligence at the start.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Neopay

APRIL 8, 2024

Extended Due Diligence : More time for conducting due diligence checks on suspected fraudulent transactions leads to a stronger evidence base for rejection. Additionally, the Financial Conduct Authority (FCA) plans to impose reporting requirements on affected firms, enhancing monitoring effectiveness.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

Fintech News

JULY 17, 2024

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. This behaviour, known as ‘smurfing’ in traditional finance, appears to have been adapted to the crypto world.

Money Laundering 107

Money Laundering Law Enforcement AML Non-Bank 107

The Fintech Times

JULY 31, 2024

Julie Cunningham, founder and CEO of Portend As Julie Cunningham , founder and CEO of due diligence platform Portend , explains: “Fintech impact platforms often grapple with complex regulatory landscapes. “Not to mention, that fraud thrives on these P2P payment apps, creating a compliance headache for impact platforms.

Compliance 64

Compliance AML Regulations Due Diligence 64

Finovate

SEPTEMBER 18, 2024

Banks have long been subject to strict regulations and reporting requirements. But should banks that have conducted the proper due diligence be held responsible for the actions (or inaction) of their third party partners? It is time for fintechs to step up and share the responsibility.

Rules 52

Rules FDIC Non-Bank Money Laundering 52