Finextra

APRIL 30, 2024

The Knoble, an alliance of financial service professionals, law enforcement, regulators, and NGOs dedicated to fighting Human Crime, is proud to welcome as its newest corporate member Featurespace, the world leader in enterprise Artificial Intelligence native technology that prevents fraud and financial crime.

Crime 59

Crime Law Enforcement Financial Crimes Laws 59

The Fintech Times

AUGUST 20, 2024

Under a new anti-fraud safety mechanism, when Macau users withdraw their assets from Binance, the system will pop up the anti-scam warning notification tailored by Judiciary Police, providing users with practical tips and contact information of local law enforcement agencies. The latest campaign will start as a month-long trial.

Scams 59

Scams Risk Law Enforcement Transactions 59

Finovate

JULY 3, 2024

The USMS will use Coinbase Prime to centrally manage these Class 1 digital assets to facilitate various law enforcement activities. The USMS, a federal law enforcement agency within the Department of Justice, holds multiple roles within the U.S. judicial system.

Law Enforcement 52

Law Enforcement Caps Laws Money Laundering 52

Fintech News

APRIL 11, 2024

Khoo, with an extensive background in public service, law enforcement, and national security, joins the company to enhance its efforts in combating fraud and financial crime within digital asset spaces. Boon Hui Khoo “I am pleased to contribute to TRM’s mission of building a safer financial system in this digital age.

Advisors 82

Advisors Law Enforcement Laws Financial Crimes 82

Fintech News

JUNE 3, 2024

A 2023 research by Moody’s Analytics revealed a wealth of corporate structures enabling sanctions evasion, money laundering, fraud, and other financial crimes. Financial crime poses a significant challenge globally, with the UNODC estimating that a staggering US$800 billion to US$2 trillion is laundered annually worldwide.

Money Laundering 98

Money Laundering Financial Crimes Crime APACS 98

Fintech Finance

JUNE 20, 2024

Flutterwave , Africa’s leading payments technology company, has committed to partnering with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish and lead a state-of-the-art Cybercrime Research Center.

Financial Crimes 69

Financial Crimes Crime FBI Law Enforcement 69

FICO

DECEMBER 23, 2020

In the wake of such radical changes, as we look to the year ahead, the challenge for global banks and financial institutions at large has never been greater. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. A number of proposed bills are also with law makers on Capitol Hill.”.

Financial Crimes 52

Financial Crimes Crime Ransomware AI 52

The Fintech Times

JUNE 21, 2024

Both firms and governments across the globe have a duty to do all they can to intensify the fight against internet crime and looking to do so in Nigeria, Flutterwave , the African paytech, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC).

Crime 64

Crime Research Financial Crimes FBI 64

Fintech News

APRIL 22, 2024

This move aims to enhance law enforcement efficiency and prevent the laundering of money obtained through illegal activities. During a recent meeting on 19 April 2024, the Technology Crime Prevention and Suppression Committee mandated the SEC to identify and report unauthorised digital asset service providers to the ministry.

Blocks 84

Blocks Law Enforcement Money Laundering Crime 84

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

Money Laundering 89

Money Laundering Law Enforcement AML Non-Bank 89

PYMNTS

AUGUST 14, 2019

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. and around the world. The Team Oriented Nature Of Compliance .

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

The Fintech Times

JUNE 6, 2024

Woody Malouf , head of financial crime at Revolut, said: “We take fraud and the financial loss incredibly seriously. More customers than ever before are using Revolut’s savings accounts and features. On average, customers hold 2.6-times times more money in their savings vs current account.

Financial Crimes 64

Financial Crimes Law Enforcement Compromise Crime 64

The Fintech Times

JUNE 30, 2024

Lynx , a provider of artificial intelligence (AI) software that detects and prevents fraud and financial crimes, has introduced a real-time mule detection solution for banks and financial institutions. per cent of accounts held by financial institutions, and an estimated $3billion in fraudulent financial transfers.

Financial Crimes 75

Financial Crimes SWIFT Law Enforcement Blocks 75

FICO

NOVEMBER 2, 2017

A new report from LexisNexis on Future Financial Crime Risks (September 2017) highlights the stress felt by UK banks around financial crime compliance. Given the rapid change in financial compliance regulations, it’s easy to see why the 170 financial crime professionals surveyed felt overwhelmed.

Financial Crimes 53

Financial Crimes Crime Suspicious Activity Report (SAR) SARS 53

CB Insights

DECEMBER 9, 2021

California-based TRM Labs offers blockchain analytics and assists cryptocurrency firms, law enforcement agencies, and financial institutions in addressing fraud and financial crime stemming from crypto transactions. How’s the company performing?

Law Enforcement 63

Law Enforcement Compliance IRS FBI 63

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. FinCEN, a division of the U.S.

Fincen 111

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

The Fintech Times

APRIL 29, 2024

Relevant laws have existed for about 50 years and the Financial Action Task Force (FATF) was established in 1989 by the G7 nations as a global money laundering and terrorist financing watchdog. If the problem is immense, on the face of it, AML regulatory requirements and laws seem sensible enough. million SARs to the U.S.

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

PYMNTS

AUGUST 12, 2020

Federal law enforcement officers alleged thousands of buyers in every U.S. payment processor to execute the scheme and keep it hidden from law enforcement, the release stated. state paid for these items from the defendants’ websites, but the victims never received the purchased products, according to the release.

Law Enforcement 52

Law Enforcement Federal Trade Commission Financial Crimes Scams 52

Neopay

MARCH 15, 2024

The consultation actively encourages input from a diverse array of stakeholders, including regulated businesses, supervisory bodies, law enforcement agencies, civil society organisations, and members of the public. Contact us today to learn how Neopay can support your compliance journey.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

PYMNTS

MARCH 9, 2020

To that end, PayPal said last month that it would team with law enforcement agencies, academics and experts to track how payments are used to traffic firearms illegally through the United States. We have an expertise in financial crime.”. He noted, too, that PayPal’s risk profile is different than might be seen at a bank.

PayPal 70

PayPal Financial Crimes Crime Law Enforcement 70

The Fintech Times

MARCH 27, 2024

Ted Datta , senior director, financial crime industry practice at Moody’s “In this case, the perpetrators manipulated the invoice system by setting up shell companies and falsifying invoices. “Beyond verifying corporations are legitimate, better detecting and acting on suspicious financial activity patterns is paramount.

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

Neopay

JULY 18, 2024

Sub-Saharan Africa: This region suffers from high money laundering risk due to corruption, poor transparency, and weak rule of law. Digital Identity Verification: Digital identity verification in financial services surged to 77% in 2021, reflecting a growing awareness of the importance of combating financial crime.

Money Laundering 52

Money Laundering AML Crime Cryptocurrency 52

PYMNTS

MARCH 4, 2020

The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. The automated transaction monitoring software U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

JULY 16, 2019

government has developed a plan that aims to fight financial crimes, including “action on crypto-assets.”. The Economic Crime Plan from H.M. Treasury and the Home Office wants to change the way economic crime is handled by boosting cooperation between government, law enforcement and the private sector. “To

Credit Cards 40

Credit Cards Crime Law Enforcement Blockchain 40

FICO

DECEMBER 12, 2018

Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN). In the U.S., A solution to this problem lies in the adoption of advanced analytics.

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

Innovative Payments Association

OCTOBER 3, 2023

Since then, we have also held sessions in New York and Minneapolis with the goal of forging connections between the payments community and law enforcement. First, agents in multiple field offices reported that nearly every case has a cyber component, especially in financial crimes.

FBI 40

FBI Crime Law Enforcement Request for Information 40

The Fintech Times

MAY 30, 2024

Nataly Medici , chief financial officer of neobank Keytom explores what firms can do. As regulatory and law enforcement agencies across the globe are doggedly seeking to assert jurisdiction over the crypto industry, many companies have come under intense scrutiny in recent years due to many cases of compliance violations.

Compliance 64

Compliance Security Legal Blockchain 64

PYMNTS

MARCH 3, 2020

“The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system,” said U.S. but did not register with the Financial Crimes Enforcement Network (FinCEN). Attorney Timothy J.

Law Enforcement 56

Law Enforcement Money Laundering IRS OFAC 56

FICO

FEBRUARY 24, 2022

How COVID-19 became a catalyst for financial crime. Real-time payments allow money to be moved across multiple accounts nearly instantaneously, into the control of the criminals and out of the reach of law enforcement, making the funds more difficult to trace. . How FICO Can Help You Prevent Financial Crime.

Money Laundering 52

Money Laundering Financial Crimes Crime AML 52

The Fintech Times

FEBRUARY 23, 2024

The extraordinary leaps in AI technology mean it’s now almost too easy for a fraudster to carry out financial crimes. But worryingly, this research suggests that the UK public is not as concerned, or aware as they should be, of the risks associated with such digitally generated images or videos.

Deepfake 69

Deepfake Continuity Risk Smishing 69

Stax

DECEMBER 4, 2023

TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. The Bank Secrecy Act (BSA) establishes AML program requirements for financial institutions in the US while the USA Patriot Act lays down which entities are required to comply.

Money Laundering 88

Money Laundering Compliance AML BSA 88

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing). By Parag Patel , Eric S.

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

FICO

APRIL 8, 2021

By using an intermediary, “when law enforcement gets involved, there’s an innocent third party in the middle who didn’t realize they were taking part in a criminal enterprise” headed by a ringleader who’s impossible to track down. A Local Twist on a Global “Secret Shopper” Scam.

Law Enforcement 72

Law Enforcement Scams Crime Credit Cards 72

PYMNTS

DECEMBER 26, 2018

As a result, law enforcement agencies around the world have increased their efforts against money mule fraud. When we approach them and talk to them, and explain to them what they’ve been doing, a lot of times, the horror is there,” said Steven D’Antuono, an FBI section chief who specializes in financial crimes.

FBI 64

FBI Money Laundering Law Enforcement Cross-Border 64

PYMNTS

OCTOBER 7, 2018

Danske Bank’s interim chief financial officer Morten Mosegaard noted that the U.S. DOJ financial crime inquiry differs from that of ABLV in Latvia. law enforcement agencies were examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states.

Money Laundering 59

Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59

PYMNTS

OCTOBER 7, 2020

As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. The Financial Crimes Enforcement Network recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams — all with a COVID-19 twist.

Bitcoin 93

Bitcoin Consumer Scams Cryptocurrency 93

PYMNTS

JULY 16, 2019

The company is working with the appropriate law enforcement authorities in connection with this matter,” KeyCorp said in the filing. The bank is currently working with law enforcement on the issue. Shares in KeyCorp fell 1.8 percent and the company lost about $178 million from its market cap, dragging it to $17.56

Payroll 57

Payroll Law Enforcement Wire Transfer Laws 57