Neopay

DECEMBER 20, 2023

Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. The regulations primarily focus on the treatment of domestic PEPs, along with their family members and known close associates. According to the accompanying explanatory note, the amended regulations reaffirm the existing PEP Guidance (FG17/6).

Risk Assessment 52

Risk Assessment Money Laundering Assessments Regulations 52

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 92

Financial Crimes Crime Money Laundering Law Enforcement 92

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 57

Financial Crimes Crime Money Laundering Law Enforcement 57

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 76

Money Laundering AML SARS Financial Crimes 76

Neopay

JULY 26, 2024

CB Payments Limited (CBPL), a subsidiary of the globally recognised cryptoasset trading platform Coinbase, has been fined £3,503,546 by the Financial Conduct Authority (FCA) for significant breaches of a voluntary requirement (VREQ) imposed on the company. CBPL’s agreement to resolve the matter resulted in a 30% discount on its fine.

Financial Crimes 52

Financial Crimes Crime Breach Money Laundering 52

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

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

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 91

Money Laundering Financial Crimes Crime Due Diligence 91

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

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 75

Financial Crimes Crime APACS Risk Assessment 75

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 57

Financial Crimes Crime Legal Money Laundering 57

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

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

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 67

Money Laundering Law Enforcement Financial Crimes Crime 67

Finextra

SEPTEMBER 13, 2024

Shares in Wells Fargo fell on Thursday after the bank inked a formal agreement with the Office of the Comptroller pledging to fix deficiencies in its financial crimes risk management practices and anti-money laundering internal controls.

Money Laundering 59

Money Laundering AML Financial Crimes Regulations 59

The Fintech Times

JULY 21, 2024

UK financial services firms currently spend over £21,000 per hour fighting financial crime and fraud through onboarding and compliance screening processes, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions.

Financial Crimes 62

Financial Crimes Crime Compliance Due Diligence 62

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

Neopay

DECEMBER 18, 2023

AMLA will have direct and indirect supervisory powers over high-risk obliged entities in the financial sector. Once the selection process has been agreed, the selection process for the seat will be concluded and the location will be introduced in the regulation.

Money Laundering 52

Money Laundering Authorization AML Agreements 52

Finovate

APRIL 24, 2024

Impact asset manager Finance in Motion has teamed up with financial crime compliance specialist Napier AI. Finance in Motion will deploy Napier AI Continuum as its anti-money laundering and counter terrorist financing (AML/CTF) platform. London-based Napier AI made its Finovate debut at FinovateEurope in 2018.

Financial Crimes 59

Financial Crimes Crime AI Finance 59

FICO

NOVEMBER 15, 2022

Siron Financial Crime Solutions Are Moving from FICO to IMTF. The team behind Siron are moving from FICO to IMTF, which will run the entire Siron Anti Financial Crime business worldwide. This is great news for Siron’s 1,200+ customers worldwide, and for efforts to stop financial crime in general. FICO Admin.

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

Neopay

FEBRUARY 26, 2024

Mark Francis Director, Wholesale and Unauthorised Business Investigations, and co-sponsor of the FCA’s Financial Crime Public Commitment We’ve made good progress to reduce and prevent financial crime, now more collaborative action across 4 areas of focus can help shift the dial further.

Financial Crimes 52

Financial Crimes Crime Scams Money Laundering 52

PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

Money Laundering 59

Money Laundering Regulations Financial Crimes Authorization 59

FICO

JUNE 12, 2020

Stopping financial crime in Australia is an age-old problem, but today’s criminals have become so sophisticated that long-standing anti-money laundering (AML) systems and processes are no longer keeping up. Like other advanced financial sectors, Australia has a complex and evolving regulatory environment.

Financial Crimes 52

Financial Crimes Crime Money Laundering AML 52

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

FICO

DECEMBER 23, 2020

The global pandemic has driven a dramatic change in consumer behavior, not least an exponential rise in the use of digital and mobile channels for banking and financial services, increased competition from fintechs, and the rise of open banking. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1.

Financial Crimes 52

Financial Crimes Crime Ransomware AI 52

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. . Among the U.K.’s

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

FICO

FEBRUARY 15, 2021

Eurobank , one of the four Greek systemic banks, now performs real-time AML (anti-money laundering) and KYC (Know Your Customer) checks, with automation across digital and remote channels resulting in substantial efficiency improvements. . This is an excellent example of how banks can do more to fight financial crime.

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 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. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

Fintech Finance

OCTOBER 11, 2024

TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced that, following several years of active cooperation and engagement with authorities and regulators, it has reached a resolution of previously disclosed investigations related to its U.S. who rely on us for their financial goals.”

AML 92

AML BSA Money Laundering Financial Crimes 92

FICO

MAY 28, 2020

It feels like we have been discussing the convergence of fraud and financial crime for at least a decade. I’ve certainly shared my views and predictions, including one of my recent blog posts Fraud and Financial Crime Product Strategy: C is for Convergence , but just in time for summer, the strategy is finally making a splash.

Financial Crimes 52

Financial Crimes Crime Money Laundering AML 52

Neopay

NOVEMBER 27, 2023

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024.

Money Laundering 52

Money Laundering Consulting Finance AML 52

The Fintech Times

APRIL 26, 2024

PwC , the assurance, tax and advisory services provider, has published a new report revealing what factors impact effective anti-money laundering (AML) practices the most. In fact, many do not think they are addressing the practicalities of modern AML operations as a result of current and upcoming AML regulations.

AML 57

AML Regulations Financial Crimes Money Laundering 57

The Fintech Times

SEPTEMBER 12, 2024

Throughout this month, we’ll be looking into how regtech can help firms ensure compliance and what the space can do to better support financial institutions and fintechs. However, it is key not to forget the role of the regulator. Should regulators impose tougher penalties on firms that fail to comply?

Compliance 62

Compliance Regulations Financial Crimes Non-Bank 62

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

The Fintech Times

MARCH 20, 2024

The same survey also found that as part of checks, only 37 per cent of regulated firms actually identify the ultimate beneficial owners (UBOs) – a drop from more than half (53 per cent) in the previous year’s survey. This is considerably higher than China, in second place, and the United States in third.

Verification 57

Verification Checks Regulations Money Laundering 57

Fintech News

JULY 31, 2024

Hawk, a provider of AI-driven fraud prevention and anti-money laundering (AML) technology, has secured additional Series B funding with Macquarie Capital. This new funding aims to enhance Hawk’s international growth as demand for its AI-powered anti-financial crime technology continues to rise.

AI 83

AI Financial Crimes Fraud Prevention AML 83

FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24. by Scott Zoldi.

Money Laundering 52

Money Laundering AML SARS AI 52