PYMNTS

DECEMBER 13, 2018

CUs are also actively communicating with law enforcement agencies, keeping regulators informed about suspicious activity, while receiving tips on noticeable trends that these same agencies are eyeing. AML Compliance Turns CUs Into Law Enforcement. Add it all up, and that can be a lot to handle. About The Tracker .

Law Enforcement 54

Law Enforcement Credit Union AML Laws 54

PYMNTS

JANUARY 21, 2019

Epic Games doesn’t seem to clamp down in any serious way on criminal activity surrounding Fortnite, money laundering or otherwise,” Preminger said. Security experts have warned that Epic Games is simply not doing enough to prevent illegal activity and protect its users on the platform.

Money Laundering 84

Money Laundering Law Enforcement Credit Cards Scams 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

BioCatch

MARCH 20, 2024

I launched the U.S. Secret Service’s Global Investigative Operations Center in August 2017 to serve as the internal fusion center to disrupt and dismantle financially motivated transnational organized criminal groups. At the time, I had extremely limited resources. How limited? It was me and two analysts.

Law Enforcement 52

Law Enforcement Money Laundering Laws Fraud Prevention 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. Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Fintech Finance

NOVEMBER 13, 2024

Authorised Push Payment (APP) fraud continues to be one of the most pressing concerns for financial services, the payment industry, law enforcement and the general public – and new developments in cross-border payments may be making it easier.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Law Enforcement Romance Scams 98

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

FEBRUARY 8, 2019

That holds true for money launderers as well. Their particular business benefits from such shifts, as the best money launderers seek out new holes in anti-money laundering (AML) defenses, and new ways to escape the notice of law enforcement and regulators. One factor is lack of awareness.

Money Laundering 77

Money Laundering Law Enforcement Credit Cards AML 77

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

SEPTEMBER 14, 2018

In the latest salvo of cross-border probes over money laundering, The Wall Street Journal reported Friday (Sept. law enforcement agencies are examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. 14) that U.S.

Money Laundering 66

Money Laundering Wire Transfer Law Enforcement Treasury 66

PYMNTS

FEBRUARY 13, 2019

” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. International Monetary Fund (IMF) estimations pointed to a total money laundering volume of $2.1 ”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We We are doing preliminary breach of union law inquiries on … the Danske Bank case in Denmark,” said European Banking Authority (EBA) Chair Andrea Enria told the European Parliament, according to Reuters. Last month, it was revealed that U.S.

Money Laundering 57

Money Laundering Regulations Law Enforcement Non-Bank 57

Fintech News

AUGUST 21, 2024

Binance has already handled 63,000 law enforcement requests in 2024, up from 58,000 in the previous year, underscoring the increasing regulatory scrutiny. Zhao, also known as CZ, was sentenced to four months in prison as part of this agreement, which addressed anti-money laundering violations.

Compliance 128

Compliance Law Enforcement Money Laundering Agreements 128

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. told the news outlet.

Fincen 111

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

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 105

Financial Crimes Crime Money Laundering Law Enforcement 105

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 18, 2020

The rule, which applies to financial institutions and is consistent with existing requirements, is intended to protect national security, assist law enforcement and increase transparency while minimizing the impact on responsible innovation.".

Treasury 141

Treasury Rules Bitcoin Ransomware 141

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

Fintech News

APRIL 22, 2024

This move aims to enhance law enforcement efficiency and prevent the laundering of money obtained through illegal activities. Unlicensed operators do not offer legal protection, increasing the risk of scams and money laundering activities.

Blocks 109

Blocks Law Enforcement Money Laundering Crime 109

Fintech News

JANUARY 7, 2024

Moreover, the DPRK has been continually evolving its money laundering tactics to evade international law enforcement. As US sanctions and enforcement actions targeted their previous go-to obfuscation platforms like Tornado Cash and ChipMixer, North Korea pivoted to another mixer, the BTC service Sinbad.

OFAC 113

OFAC Law Enforcement Money Laundering Cryptocurrency 113

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

DECEMBER 9, 2019

A country long blamed for weak measures against money laundering, Japan has over 80 banks interested in joining the Interbank Information Network (IIN), said executive Daizaburo Sanai. Among the several initiatives being developed, IIN uses digital technology to accelerate international money transfers.

Money Laundering 52

Money Laundering Payment Networks Law Enforcement AML 52

PYMNTS

APRIL 25, 2016

law enforcement last week. CNNMoney reported that a special group of British police officers, known as the Fraud Squad, confiscated money orders totaling £30 million ($43 million) after arresting a 58-year-old man for money laundering. and then out into bank accounts around the world.”

Money Laundering 40

Money Laundering Law Enforcement Crime Laws 40

PYMNTS

MAY 9, 2016

The Obama administration is cracking down on money laundering and tax evasion tactics. Treasury and Justice departments also indicates that the groups would coordinate with local law enforcement in order to track money laundering and corruption activity.

Money Laundering 40

Money Laundering Law Enforcement Treasury Laws 40

PYMNTS

FEBRUARY 15, 2018

Bank knowingly breached the Bank Secrecy Act’s reporting requirements by not creating and implementing a good enough anti-money laundering (AML) program. Bank’s own anti-money laundering staff warned against the risk of this alerts-capping strategy, but these warnings were ignored by management. Banks in the U.S.

Money Laundering 43

Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

PYMNTS

MAY 8, 2019

The site’s alleged co-owners, Tal Prihar and Michael Phan, who are both Israeli, were charged with one count of conspiracy to commit money laundering. This is the single most significant law enforcement disruption of the dark net to date,” Brady said. Half of that was collected from AlphaBay.

Money Laundering 49

Money Laundering Authorization Law Enforcement Encryption 49

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.”

Money Laundering 40

Money Laundering Law Enforcement Central Bank AML 40

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

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

PYMNTS

MARCH 21, 2017

According to reports out this morning in The Guardian, some of Britain’s best-known banks have processed around $740 million that came care of a massive money laundering operation. in transactions apparently involving criminal money from Moscow. banks processed over $63.7m.

Money Laundering 43

Money Laundering Due Diligence Law Enforcement Crime 43

PYMNTS

AUGUST 11, 2016

” Law enforcement said that, because there is no rule to close the loophole, it’s hurting their efforts to fight cross-border crime, such as drug trafficking and money laundering. In 2009, the U.S.

Money Laundering 46

Money Laundering Rules Cross-Border Financial Crimes 46

Finovate

JULY 3, 2024

The USMS will use Coinbase Prime to centrally manage these Class 1 digital assets to facilitate various law enforcement activities. The USMS, a federal law enforcement agency within the Department of Justice, holds multiple roles within the U.S. judicial system.

Law Enforcement 52

Law Enforcement Caps Laws Money Laundering 52

PYMNTS

DECEMBER 29, 2020

With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. One recent example of a response to the proliferation was the inclusion of a long-fought anti-money laundering (AML) provision within the recently passed defense spending bill in the U.S.

AML 108

AML Money Laundering Compliance Law Enforcement 108

PYMNTS

JUNE 19, 2019

The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well. The world’s governments, specifically regulatory and law-enforcement authorities, are essential partners in this endeavor.”.

Money Laundering 77

Money Laundering Law Enforcement Cross-Border Cryptocurrency 77

PYMNTS

JANUARY 28, 2019

And last week in payments and commerce was particularly drizzly — between real money launderers making use of fake video game funds, regulatory fines and earning fumbles, all kinds of players were reaching for their umbrellas over the course of the week. Fortnite’s Money Laundering Problem. Capital One’s Earnings Flub.

Money Laundering 51

Money Laundering Visa Credit Cards Regulations 51

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

PYMNTS

JUNE 18, 2020

This not only improves responsible gaming efforts by equipping customers with digital tools to help them monitor their gaming and set limits, but also provides operators, regulators, and law enforcement increased transparency into matters of anti-money laundering and monitoring of financial transactions,” the AGA said.

Law Enforcement 66

Law Enforcement Money Laundering Laws Digital Payments 66