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.

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Money Laundering Authorization AML Agreements 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.,

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Money Laundering Regulations Financial Crimes Authorization 59

PYMNTS

SEPTEMBER 16, 2020

Chinese authorities have made a series of arrests alleging more than $2 billion was laundered at offshore gambling sites through faux eCommerce purchases. The Financial Times (FT) reported police acknowledged that in a scheme to avoid China’s tough financial regulations, thieves have targeted sites including Pinduoduo Inc.,

Money Laundering 124

Money Laundering Cross-Border Central Bank Cross-Border Payments 124

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.

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Money Laundering Financial Crimes AML Crime 63

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.”.

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Money Laundering Cryptocurrency AML Bitcoin 66

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.

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Money Laundering Law Enforcement AML Payments 68

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

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.

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NFTs Money Laundering AML Fincen 66

PYMNTS

OCTOBER 12, 2018

Amid the headlines detailing the billions of dollars in money laundering done through conduits like Danske Bank and Deutsche Bank, among others, a report shows that the problem is a global one — and that it is getting worse. Going down the ranks of “top spots,” Tajikistan topped the list for countries at risk for money laundering.

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Money Laundering Risk AML Finance 75

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.

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APACS Regulations Stablecoins Cryptocurrency 109

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.

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Money Laundering Automation AML Compliance 72

The Paypers

AUGUST 9, 2021

UK’s government has commenced the consultation process for further amendments to the Money Laundering Regulations 2017.

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Money Laundering Regulations Consulting Governance 28

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

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Money Laundering Rules Due Diligence Central Bank 74

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

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.

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Cross-Border Payments Cross-Border Consulting Regulations 98

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.

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Money Laundering Non-Bank Gateways Treasury 51

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.

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Money Laundering Finance Law Enforcement AML 59

PYMNTS

APRIL 28, 2019

The European Banking Authority is facing calls from the financial regulation head in Europe to improve its money laundering safeguards after opting not to pursue an investigation into the Danske Bank money laundering scandal. He called for legislation that would change how that agency makes decisions.

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Money Laundering Due Diligence Authorization Laws 43

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.

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Money Laundering AML Online and Mobile Banking Deepfake 64

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.

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Money Laundering BSA Laws AML 51

PYMNTS

SEPTEMBER 10, 2019

The Geneva-based, Facebook-led Libra cryptocurrency will have to adhere to stringent regulations, Reuters reported on Tuesday (Sept. will be required to comply with regulatory standards to prevent money laundering and terrorism financing.

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Money Laundering Finance Cryptocurrency Digital Currency 43

Neopay

NOVEMBER 27, 2023

The Financial Conduct Authority (FCA) and the Bank of England (the Bank) are requesting feedback on their proposed approach to regulating stablecoins. The proposals to regulate stablecoins aim to protect consumers, prevent money laundering with a robust set of rules and to safeguard financial stability.

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Stablecoins Regulations Money Laundering Issuers 52

PYMNTS

JUNE 19, 2019

In an effort to clamp down on cross-border money laundering, the People’s Bank of China (PBOC) plans to bolster cooperation with other nations such as countries in Europe. However, the PBOC said, “The Chinese government has spared no effort to crack down on all kinds of criminal activities, including money laundering.”

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Money Laundering Law Enforcement Central Bank AML 40

The Fintech Times

SEPTEMBER 12, 2024

However, it is key not to forget the role of the regulator. Despite this, the UK regulator didn’t hand out any fines or punishments, prompting us to ask if tougher penalties or consequences would lead to better outcomes. Should regulators impose tougher penalties on firms that fail to comply?

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Compliance Regulations Financial Crimes Non-Bank 63

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.

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Money Laundering Process Regulations Governance 57

PYMNTS

JANUARY 18, 2018

Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering, according to a report in Reuters. must comply with the anti-money laundering rules on the books, including the requirement to file reports about suspicious activity.

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Money Laundering Treasury Cryptocurrency Financial Crimes 47

FICO

FEBRUARY 27, 2019

Recent Asian money laundering scandals continue to shake up the financial world, and the ripple effect is still keenly felt across the region. Asian Money Laundering Scandals: How To Stop Them. Respondents had a difference of opinion on the most effective way to increase money laundering compliance.

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Money Laundering Breach AML APACS 45

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.

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AML Regulations Financial Crimes Money Laundering 58

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.

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Regulations Money Laundering FDIC Digital Currency 60

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.

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AML Cryptocurrency Verification Money Laundering 104

Global Fintech & Digital Assets

FEBRUARY 13, 2024

By Simon Hawkins and Adrian Fong On 8 February 2024, the Financial Services and the Treasury Bureau (FSTB) released a consultation paper on its legislative proposal to introduce a regulatory regime governing over-the-counter (OTC) trading of virtual assets (VA) in Hong Kong (Consultation Paper). Certain regulated entities exempted.

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Regulations Money Laundering Stablecoins Consulting 59

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.

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Regulations Governance Government Money Laundering 51

PYMNTS

FEBRUARY 27, 2017

Capital One Financial disclosed in a Securities and Exchange Commission filing last week that it’s being investigated by the New York District Attorney’s Office, the Justice Department and the Financial Crimes Enforcement Network of the Treasury Department for its anti-money laundering program.

Money Laundering 41

Money Laundering Office of the Comptroller of the Currency Credit Cards Request for Information 41

Electronic Transactions Association

MAY 10, 2022

WASHINGTON, DC (May 11, 2022) — The Electronic Transactions Association (ETA); INFiN, a Financial Services Alliance; the Money Services Business Association (MSBA); and The Money Services Round Table (TMSRT) today announced the release of Best Practices for U.S. The industry effort to identify and distribute Best Practices for U.S.

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Best Practices Money Laundering Law Enforcement AML 40

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

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AML Money Laundering Laws Regulations 48

PYMNTS

APRIL 27, 2017

million fine by the Central Bank of Ireland due to compliance failures with anti-money laundering and terrorist financing rules. The Irish government owns 99.9 The identification of serious breaches by the regulator of vital regulations sends the wrong message to potential investors in the bank at this crucial time.”.

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Money Laundering Compliance Central Bank Due Diligence 40

The Fintech Times

OCTOBER 18, 2024

In contrast, fintech companies must adopt a forward-looking approach that integrates KRIs with traditional key performance indicators (KPIs) to ensure robust financial governance. Governance risks are tied to the company’s ability to comply with relevant laws and regulations.

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Risk FinTech Risk Management Cybersecurity 107