PYMNTS

SEPTEMBER 14, 2016

Regulators have taken money laundering to task with revamped Anti-Money Laundering legislation. But the problem is a global one, and money launderers are getting creative. Reports by InSight Crime on Tuesday (Sept. Credit card-related fraud is nothing new for consumers or businesses.

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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.

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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?

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Money Laundering AML SARS Financial Crimes 78

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.

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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.,

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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.

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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.

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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.

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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

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The Fintech Times

SEPTEMBER 23, 2024

Throughout this month, we have explored a plethora of regtech-related topics, including the challenges facing compliance teams , how AI can automate compliance processes and what more (or less) the regulators should be doing. This is why support from regulators is crucial. ” Should firms be sharing insight?

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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).

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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.

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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).

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Risk Assessment Money Laundering Assessments Regulations 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.

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PYMNTS

OCTOBER 21, 2018

According to Reuters , the Paris-based global AML watchdog revealed that jurisdictions around the world will be required to license or regulate cryptocurrency exchanges, as well as select firms providing encrypted wallets and firms providing financial services for ICOs. Last year, the U.K.

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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.

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Financial Crimes Crime Money Laundering Risk Assessment 52

PYMNTS

JULY 5, 2020

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S.

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Treasury Office of the Comptroller of the Currency Fincen Financial Crimes 140

PYMNTS

OCTOBER 9, 2018

The European Union’s (EU’s) banking supervisor wants to know more about how Denmark’s financial watchdog supervised Danske Bank , which is being investigated by the U.S. Department of Justice (DOJ) over alleged money laundering. “We Last month, it was revealed that U.S.

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Money Laundering Regulations Law Enforcement Non-Bank 57

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.

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FICO

SEPTEMBER 26, 2016

Singapore Tonight, the evening news program of Channel NewsAsia, recently aired a story on money laundering in online gaming. It highlights how criminals, attempting to avoid detection by the authorities, may turn to less-regulated channels such as online games to launder money. or view it here.

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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.

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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.

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PYMNTS

DECEMBER 4, 2018

European Union finance ministers worked out a plan for combating money laundering and also made a deal on major bank reform on Tuesday (Dec. The money laundering plan is a response to highly visible cases of alleged criminal activity at EU banks in countries such as Malta, the Netherlands, Britain, Estonia and others.

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Money Laundering Financial Crimes Non-Bank Rules 57

FICO

FEBRUARY 9, 2017

Bank regulators in Latvia have increased scrutiny on banks suspected of allowing money laundering, resulting in record fines and more bank audits. One of FICO’s customers, Norvik Banka , is taking an early lead in this fight, using the FICO® TONBELLER® Compliance Solutions to fight money laundering and financial crime. “We

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Money Laundering AML Audit Financial Crimes 58

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.

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Financial Crimes Crime Acquirers Payment APIs and Integration 59

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.

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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.

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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.

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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.

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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.

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Financial Crimes Ransomware Crime AI 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

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Payments Source

NOVEMBER 4, 2019

Regulators globally are using "tech sprints" to test new anti-money-laundering solutions. More can be done, but it's a good start.

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Financial Crimes Money Laundering Crime Regulations 61

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.

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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.

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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.

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Financial Crimes Crime Compliance Due Diligence 64

FICO

APRIL 18, 2018

FICO today unveiled several solution upgrades that will help banks, lenders, fintechs and other institutions fight fraud and financial crime. We’re giving our customers new tools across the spectrum of our fraud and financial crime portfolio,” said TJ Horan, vice president of fraud solutions at FICO.

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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.

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