PYMNTS

MARCH 15, 2019

Money laundering is a major threat in the United Kingdom , one some watchdogs say is not being taken seriously enough. The National Crime Agency (NCA) estimates that hundreds of billions of pounds are laundered through U.K. under current rules, for big banks to be prosecuted for money laundering.” .

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

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.

Money Laundering 52

Money Laundering Financial Crimes Crime Compliance 52

PYMNTS

DECEMBER 28, 2018

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times. You see those money laundering scandals across the EU,” Dombrovskis said. “You

Money Laundering 74

Money Laundering Rules Due Diligence Central Bank 74

PYMNTS

MARCH 18, 2019

The term “money laundering” is believed to have originated as a result of infamous Chicago gangster Al Capone’s habit of channeling criminally obtained funds through laundromats, as their cash-heavy nature made it more difficult for the right side of the law to detect such money mixed in among legitimate payments.

Money Laundering 72

Money Laundering Automation AML Compliance 72

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

The Fintech Times

NOVEMBER 27, 2024

While the FCA still warns that consumers who invest in cryptoassets ‘should be prepared’ to lose all of their money, due to the continuing volatility and lack of regulation surrounding the industry, consumers appear undeterred. We hope that the FCA will continue to collaborate with enterprises in the digital asset space.

Regulations 112

Regulations Stablecoins Risk Consulting 112

Fintech News

FEBRUARY 27, 2024

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.

APACS 115

APACS Regulations Stablecoins Cryptocurrency 115

PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

Money Laundering 68

Money Laundering Law Enforcement AML Payments 68

PYMNTS

DECEMBER 9, 2020

Cryptocurrency exchanges like BitGo have often come under fire from traditional financial institutions (FIs) as well as government agencies for suspicions of harboring money launderers that leverage cryptocurrencies to trade in their ill-gotten gains for clean, spendable funds. regulations.”.

Money Laundering 66

Money Laundering Cryptocurrency AML Bitcoin 66

PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. Based in Spain, Featurespace offers “enterprise financial crime prevention for fraud and anti-money laundering,” per the announcement. . Computer Services, Inc.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

Bank Automation

OCTOBER 31, 2024

said US regulators may take action against the firm over its efforts to detect suspected money laundering and sanctions violations, as well as its handling of payments on the Zelle network. may take action over money laundering, Zelle appeared first on Bank Automation News. Bank of America Corp.

Money Laundering 59

Money Laundering Zelle Due Diligence Regulations 59

PYMNTS

DECEMBER 8, 2020

Money laundering is a pervasive phenomenon around the world, with the estimated amount of money laundered in a given year totaling 2.7 Cybercriminals are constantly one step ahead of government regulators, developing new and inventive schemes faster than the authorities can quash them. billion by 2024.

AML 104

AML Cryptocurrency Verification Money Laundering 104

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

PYMNTS

OCTOBER 6, 2020

Money laundering is a never-ending threat to payments providers of all types, but especially to those that operate online. Payments providers are constantly exploring new ways to protect themselves and their merchant partners from fraudsters aiming to exploit them for the purpose of money laundering.

Money Laundering 65

Money Laundering AML Procedures Processors 65

PYMNTS

SEPTEMBER 10, 2019

The Paris-based Financial Action Task Force (FATF), an organization which acts as the standard-setter for anti-money laundering (AML) standards around the globe, said it is closely watching the development of Facebook ’s planned cryptocurrency, Libra , according to a report by Reuters. A senior U.S.

Money Laundering 59

Money Laundering Finance Law Enforcement AML 59

PYMNTS

NOVEMBER 11, 2019

Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Around The AML/KYC World. The pair are located in different regulatory jurisdictions and thus present different compliance needs. Get the full scoop in the Tracker.

Money Laundering 64

Money Laundering AML Online and Mobile Banking Deepfake 64

FICO

AUGUST 4, 2021

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. So, how do criminals go about using NFTs to launder money? A single grey pixel sold for ~$1.4 by Erik Stretz.

NFTs 66

NFTs Money Laundering AML Fincen 66

PYMNTS

NOVEMBER 13, 2018

European Union governments have reached a preliminary deal to bolster bank supervision in the hopes of preventing money laundering. Yet it doesn’t address loopholes regarding the discretion states will have on imposing sanctions or the creation of a dedicated agency to fight money laundering.

Money Laundering 51

Money Laundering Non-Bank Gateways Treasury 51

PYMNTS

SEPTEMBER 21, 2020

A shocking new report reveals an underworld of corruption in the world’s banks and how governments allow it to thrive, BuzzFeed News reported. Department of Treasury that analyzes financial transactions to combat money laundering, terrorist financing and other financial crimes across the globe, found the U.S.

Fincen 111

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

PYMNTS

DECEMBER 18, 2020

18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S. Treasury Department proposed sweeping new rules late Friday (Dec.

Treasury 141

Treasury Rules Bitcoin Ransomware 141

PYMNTS

SEPTEMBER 17, 2018

Credit Suisse has been censured by FINMA , the Swiss financial supervisor, for weak anti-money laundering processes, reported Financial Times. The regulator doesn’t have the power to slap Credit Suisse with fines, noted the report.

Money Laundering 57

Money Laundering Process Regulations Governance 57

Fintech Finance

JULY 16, 2024

The Financial Stability Board (FSB) published today, for public consultation, its proposed recommendations to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Consulting Regulations 98

PYMNTS

NOVEMBER 24, 2016

is already a hotbed of FinTech startups, but the government is getting behind it in a bigger way, committing to invest £500,000 a year into financial technology companies. government is also gearing up to launch a network of regional FinTech envoys as an effort to enhance the country’s status as a leader in FinTech. In July, the U.K.

Governance 78

Governance Government FinTech Money Laundering 78

PYMNTS

JANUARY 7, 2019

In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction. The site noted that the new rules still await passage by the country’s legislative body.

Regulations 60

Regulations Money Laundering FDIC Digital Currency 60

PYMNTS

MARCH 15, 2019

An anti-money laundering resolution presented by Congresswoman Maxine Waters (D-CA) passed by a voice vote on Thursday (March 14). 206 — was presented as part of Sunshine Week and aims to shed light on money laundering and terrorism finance. “I The resolution — H. I rise in strong support of H. This must stop.

Money Laundering 51

Money Laundering BSA Laws AML 51

Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

Money Laundering 52

Money Laundering Authorization AML Agreements 52

PYMNTS

DECEMBER 10, 2020

billion in laundered money flow through cryptocurrency exchanges, up from $1 billion in 2018. Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others.

AML 88

AML Cryptocurrency Money Laundering Compliance 88

Payments Source

DECEMBER 18, 2017

Germany joined European governments pushing for global bitcoin regulation amid mounting alarm that the world’s most popular digital currency is being used by money-launderers, drug traffickers and terrorists.

Bitcoin 64

Bitcoin Regulations Money Laundering Digital Currency 64

PYMNTS

JUNE 20, 2019

government will respond to the introduction of new digital currencies. Powell also said that regulators have jurisdiction to enforce anti-money laundering regulations on business that operate within the digital sphere. “We News of the launch of Facebook cryptocurrency Libra has highlighted how the U.S.

Regulations 67

Regulations Money Laundering Federal Reserve Digital Currency 67

PYMNTS

DECEMBER 10, 2018

Much regulatory focus this past week came with headlines on anti-money-laundering efforts, aided by tech. The statement gave a nod to “private sector innovation” that can use tech to detect and report financial crimes such as money laundering and terrorist financing.

Regulations 69

Regulations AML Office of the Comptroller of the Currency Money Laundering 69

PYMNTS

AUGUST 21, 2020

While Chinese traders are limited to the purchase of up to $50,000 of foreign currency annually, the volume suggests stablecoins could be being used to circumvent the regulation, according to Chainalysis , the New York-based provider of regulatory compliance software. But the government has cracked down on some of these methods.

Cryptocurrency 139

Cryptocurrency Stablecoins Money Laundering Regulatory Compliance 139

PYMNTS

JULY 15, 2019

The Financial Action Task Force (FATF) recently released guidelines intended to increase the transparency of digital asset transactions, as regulators push for greater cryptocurrency oversight. In retail news, the legal cannabis industry is evolving in Colorado with the state’s licensed businesses.

Regulations 51

Regulations Governance Government Money Laundering 51

PYMNTS

JUNE 13, 2019

Latvia’s parliament has passed new regulation to bolster the fight against money laundering and terrorism financing. After a series of recent scandals, the country’s government was accused of being too lenient with banks. authorities accused it of money laundering and U.S. million euros ($3.26

AML 48

AML Money Laundering Laws Regulations 48

PYMNTS

OCTOBER 12, 2020

regulators cracked down on the firm Oct. regulators not coming as a surprise. The money will be used to help Aave expand into the Asian market, and help it achieve more institutional adoption. Mishra said he’d already been seeing the “Wild West”-like nature of the crypto derivatives space, with the new activity from U.S.

Bitcoin 104

Bitcoin Money Laundering Compliance Non-Bank 104

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept. This in the wake of the OCC’s Sept. The Pandemic Pop.

Treasury 129

Treasury Cryptocurrency Stablecoins Fincen 129

Fintech News

JULY 10, 2024

Governments in these countries have responded by tightening regulations in the KYC (know-your-customer) and AML (anti-money laundering) sectors. Sumsub reports significant increases in fraud, particularly in deepfakes, across the Philippines, Indonesia, and Malaysia.

Identity Theft 101

Identity Theft APACS Deepfake Money Laundering 101

Segpay

NOVEMBER 26, 2024

Whether we are setting up a new bank account, making a purchase online, or accessing government services, confirming who we are in the virtual space is crucial to ensuring our security, the protection of our privacy, and the improvement of our user experience. Digital identity verification helps businesses comply with these regulations.

Verification 88

Verification Identity Theft Money Laundering Due Diligence 88