The Payments Association

NOVEMBER 12, 2024

Whether financial institutions should build or buy financial crime management systems. As Financial crime grows increasingly complex, payment leaders face a critical choice: build an in-house financial crime management (FCM) solution or buy an established third-party system. Why is it important?

Financial Crimes 88

Financial Crimes Crime Fraud Prevention Compliance 88

FICO

MARCH 24, 2021

In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. To learn more about how FICO helps organizations fight financial crime visit our website and connect with me on LinkedIn.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

Fintech News

MARCH 31, 2024

The Monetary Authority of Singapore (MAS) has officially rolled out the COSMIC platform , a digital initiative aimed at bolstering the defense against money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

Financial Crimes 84

Financial Crimes Crime Money Laundering Law Enforcement 84

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?

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

PYMNTS

MARCH 26, 2019

Money laundering is big business and the recovered funds are scant, which begs a solution (a roadmap was offered up for FIs in a recent PYMNTS interview with Zac Cohen , Trulioo general manager). Data: 1 percent: The share of proceeds intercepted from financial crimes. $2 20: The number (at least) of U.S.

Money Laundering 70

Money Laundering Contactless Payments Financial Crimes Crime 70

The Paypers

OCTOBER 25, 2024

Nigeria’s Economic and Financial Crimes Commission ( EFCC ) has dismissed a money-laundering case against Tigran Gambaryan, a senior executive at Binance.

Money Laundering 66

Money Laundering Financial Crimes Crime 66

FICO

MARCH 6, 2020

In September 2019, Fico and Visma announced their partnership to Offer SaaS Anti Financial Crime Solutions in Western Europe. I also manage the partner channels and programs for our financial crime compliance solutions. For more than two decades I have now been working in the financial services industry.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. Headquartered in Kentucky, CSI works with financial institutions (FIs) across the country to provide FinTech solutions. Computer Services, Inc.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

Stax

DECEMBER 4, 2023

According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. trillion took place in 2020, accounting for about 2.7% of global GDP.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Neopay

DECEMBER 2, 2024

Those of you who were in the payments space pre-COVID, might remember my industry talks about ‘Why the World Needs Money Laundering’. A history of money laundering The concept of money laundering goes back to long before money itself existed. Even the 3 stages (placement (i.e. But it seems unlikely.

Money Laundering 52

Money Laundering Financial Crimes Crime Compliance 52

Finovate

DECEMBER 11, 2024

ThetaRay launched GenAI Financial Crime Detection Suite. The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators. Vice President Yina Arenas.

Financial Crimes 59

Financial Crimes Crime Money Laundering Risk Assessment 59

The Fintech Times

MAY 12, 2024

Now, Sumsub is gearing up for a second iteration of its Advanced Transaction Monitoring Masterclass 2024 , which will help over 2,500 anti-money laundering (AML), anti-fraud, and compliance professionals in the fintech sector to boost their knowledge in combating financial crime issues facing their respective companies.

Financial Crimes 69

Financial Crimes Crime Money Laundering Deepfake 69

FICO

FEBRUARY 19, 2020

For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. How RealTime Payments Impact Financial Crime. Money Laundering and the Rise of the Money Mule.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

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. .

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

The Fintech Times

MAY 18, 2024

Crypto exchange, Binance has played a massive part in solving a major crypto-assisted money laundering case in Taiwan involving nearly NT$200million (approximately US$6million). ” Combatting crime This case highlights the importance of public-private collaboration in combating new types of financial crime.

Money Laundering 69

Money Laundering Law Enforcement Financial Crimes Crime 69

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.

Financial Crimes 70

Financial Crimes Crime APACS Risk Assessment 70

The Fintech Times

APRIL 3, 2024

The Monetary Authority of Singapore (MAS) has introduced COSMIC, a digital platform aimed at bolstering the global financial system’s defences against money laundering (ML), terrorism financing (TF), and proliferation financing (PF).

Financial Crimes 59

Financial Crimes Crime Money Laundering Law Enforcement 59

Finextra

JANUARY 8, 2024

The G20's plan to make cross-border payments faster, cheaper, more transparent and inclusive could increase fraud and money laundering, warns a new report.

Financial Crimes 80

Financial Crimes Cross-Border Payments Faster Payments Money Laundering 80

Fraud.net

AUGUST 16, 2024

Transform financial crime management, by shifting from transactions to entities to combat money laundering and enhance compliance.

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

Neopay

DECEMBER 5, 2024

The Financial Conduct Authority (FCA) has issued important updates to its Financial Crime Guide, following a public consultation on proposed changes. It also offers clarifications on the roles of the Money Laundering Reporting Officer (MLRO) and Senior Manager.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

PYMNTS

NOVEMBER 1, 2020

Surecomp , which works in global trade finance solutions for banks, has announced financial crime solution ThetaRay as the newest partner for its Marketplace platform, according to a press release. Banks and corporates can use it to help reduce the risk of ATM security breaches, money laundering and fraud.

Financial Crimes 64

Financial Crimes Crime Money Laundering API 64

Finextra

AUGUST 5, 2024

FinextraTV, Julia Thorn, Senior Marketing Manager, Financial Crime Compliance, LexisNexis® Risk Solutions and Robert Campbell, Programme Director of United for Wildlife, The Royal Foundation of The Prince and Princess of Wales, dive deep into their recently released report on how wildlife trafficking can be combatted with the power of collaboration.

Financial Crimes 59

Financial Crimes Crime Money Laundering Mitigation 59

Finextra

OCTOBER 8, 2024

Trade-based financial crime (TBFC) is a global menace, with trade-based money laundering (TBML) bein.

Financial Crimes 52

Financial Crimes Crime Money Laundering 52

The Fintech Times

FEBRUARY 26, 2024

Two fifths of regulated firms are reporting a rise in financial crime attempts, while more than a quarter admit to being victims, according to a recent survey by SmartSearch, a UK provider of anti-money-laundering software.

Financial Crimes 59

Financial Crimes Crime Legal Money Laundering 59

The Fintech Times

FEBRUARY 18, 2024

NICE Actimize introduces three advanced generative AI-based solutions aimed at combating financial crime and streamlining investigations and reporting processes. “Generative AI is a powerful tool in fighting financial crime,” said Craig Costigan , CEO, NICE Actimize.

Financial Crimes 59

Financial Crimes Crime Suspicious Activity Report (SAR) AI 59

BioCatch

OCTOBER 30, 2024

According to the United Nations Office on Drugs and Crime, the estimated amount of money laundered globally each year is between $800 billion and $2 trillion. Funds from illicit activities – from financial fraud and terrorist financing to drug and human trafficking, flow across multiple institutions and jurisdictions every day.

Financial Crimes 52

Financial Crimes Crime Law Enforcement Money Laundering 52

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.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

PYMNTS

DECEMBER 10, 2018

Prosecutors in Frankfurt, Germany have targeted a former anti-money laundering official at Deutsche Bank in a probe regarding the suspicion of money laundering, Reuters reported on Monday (Dec. The official was not named in the news, which was reported by Hessischer Rundfunk, a German public broadcaster.

Money Laundering 66

Money Laundering Legal Authorization Transactions 66

Neopay

APRIL 25, 2024

The FCA are consulting on proposed changes to its Financial Crime Guide. Why the FCA are consulting The FCA are proposing updates to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring. Next steps Send us your comments on the CP questions by 27 June 2024.

Financial Crimes 52

Financial Crimes Crime Consulting Money Laundering 52

Finovate

JULY 30, 2024

Financial crime detection technology company, ThetaRay, has acquired screening specialist, Screena. AI-powered financial crime detection technology company, ThetaRay , has acquired European screening company, Screena. ThetaRay made its Finovate debut at FinovateFall 2015. Reynolds was named CEO of the company last summer.

Financial Crimes 59

Financial Crimes Crime Acquirers Payment APIs and Integration 59

Fintech News

FEBRUARY 14, 2024

Hawk AI, a Germany-based provider of artificial intelligence technology for fraud detection and anti-money laundering efforts, has announced Robin Lee as the new General Manager for its Asia-Pacific (APAC) operations. They’re an exceptional group of people, combining world-class technologists and seasoned financial crime-fighters.

APACS 95

APACS AI Financial Crimes Money Laundering 95

Neopay

MAY 7, 2024

The Financial Conduct Authority (FCA) is proposing significant updates to its Financial Crime Guide. The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. However, the proposed changes don’t stop there.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

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

Neopay

JULY 18, 2024

Money laundering is a pervasive issue, affecting economies and societies worldwide. This clandestine nature makes it challenging to quantify the exact amount laundered annually. The anonymity offered by cryptocurrencies makes them attractive for laundering illicit funds.

Money Laundering 52

Money Laundering AML Crime Cryptocurrency 52

FICO

AUGUST 4, 2021

Now, I’m going to cover what it means for the wider financial crime space. It is well known that dealing in art can be a vehicle for money laundering and terrorist finance. And yet they are exchanging hands for huge sums, making them a great vehicle for money launderers. A single grey pixel sold for ~$1.4

NFTs 66

NFTs Money Laundering AML Fincen 66

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions (FIs) move trillions of dollars in suspicious transactions, padding their bottom lines, while terrorists, drug dealers and corrupt politicians are allowed to run free. . On Monday (Sept.

Fincen 118

Fincen Financial Crimes Crime Accounts 118