Fintech News

JUNE 23, 2024

Singapore has released its updated Money Laundering (ML) National Risk Assessment (NRA) , highlighting increased risks in the digital payment token (DPT) services sector. Consequently, Singapore is closely monitoring the sector.

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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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Fintech News

MAY 29, 2024

Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting the primary threats and vulnerabilities associated with it. The NRA concludes that, given the existing controls, the risk of criminals using Singapore for environmental crimes money laundering is medium-low.

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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. They need to be given regular training to deal with novel techniques used by money launderers.

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Finextra

MAY 1, 2024

Researchers from Elliptic, IBM Watson and MIT have used AI to detect money laundering on the Bitcoin blockchain.

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The Paypers

SEPTEMBER 10, 2024

AI-enabled global payments network and shopping assistant Klarna has been criticised by the Swedish Financial Supervisory Authority for not advancing its money laundering prevention procedures.

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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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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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Finextra

JANUARY 26, 2024

The UK’s National Crime Agency (NCA) has issued an amber alert to prevent further money laundering in the art storage sector.

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PYMNTS

AUGUST 3, 2020

It is unclear whether the bank knew its services were being used to skirt anti-money laundering regulations, the paper reported. .” The FT added: “Since then, more than 30 people have been sentenced for mafia-related crimes linked to the case.” ” Wirecard declined to comment for the FT article.

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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?

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FICO

MARCH 17, 2021

Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. However to set a context, we must first answer the question – what is trade-based money laundering? This study, together with the U.S.

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Payments Source

MARCH 10, 2021

Banks need to adjust their money laundering protections to comply with tough new rules in the U.S., says Genpact's Manish Chopra.

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PYMNTS

JANUARY 3, 2021

The Financial Action Task Force ( FATF ) is warning of new ways of money laundering via exports like onions, potatoes, soft fruits or expensive cars, a report from the Financial Times says. the new demand for some goods and services for the fighting of COVID-19 also posed increased risk of money laundering in this way.

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The Paypers

AUGUST 5, 2024

The Central Bank of the UAE ( CBUAE ) has imposed a financial sanction on a bank operating in the region for anti-money laundering lapses.

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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). The post Binance Plays Vital Role In Cracking Crypto-Assisted Money Laundering Case in Taiwan appeared first on The Fintech Times.

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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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Neopay

DECEMBER 20, 2023

Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. The post Amended Money Laundering Regulations 2017 bring changes in PEP risk assessment appeared first on Neopay. 1371) will introduce notable changes in the assessment of risks associated with Politically Exposed Persons (PEPs).

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Finextra

MARCH 14, 2024

Trade-based money laundering (TBML) poses significant risks to the global financial system, requirin.

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The Paypers

JUNE 21, 2023

US-based Google Cloud has launched the Anti Money Laundering AI product to help financial institutions in their money laundering detection efforts.

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Payments Source

NOVEMBER 19, 2020

Bankers must identify money launderers and traffickers, and yet although not precluded, the current legal framework actually limits the sharing of data about potential suspicious activity and customers between institutions, says Giant Oak's Gary Schiffman.

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PYMNTS

DECEMBER 2, 2019

Department of Justice (DoJ) has accelerated its probe into Deutsche Bank’s participation in a $220 billion Danske Bank money laundering scheme, Reuters reported on Monday (Dec. The DoJ is inquiring if Germany’s largest bank Deutsche assisted with moving dirty money to the U.S. 2), citing four sources.

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BioCatch

NOVEMBER 13, 2023

The global rise in authorized payment scams has put renewed attention on money laundering and the role of mule accounts as part of the fraud ecosystem. Central to this shift has been the ongoing debate about liability for reimbursing scam victims and who bears financial responsibility.

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Neopay

JULY 18, 2024

This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes. Source : European Banking Authority The post The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets appeared first on Neopay.

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The Paypers

FEBRUARY 5, 2024

Singapore-based anti-financial crime and AML company Tookitaki has announced the launch of its flagship Anti Money Laundering Suite to FinCense.

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PYMNTS

SEPTEMBER 16, 2020

Money laundering carries a maximum penalty of 14 years in prison as well as a fine. In June, the Nikkei Asian Review reported that Chinese officials are considering an East Asia digital currency in a bid to combat money laundering. . Alibaba and JD.com, two of China’s largest shopping sites, declined to comment.

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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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The Paypers

SEPTEMBER 21, 2022

The Association of Banks and Bankers of Luxembourg has partnered with two public financial authorities in a bid to share skills and knowledge to better fight money laundering.

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FICO

MARCH 24, 2021

In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. In this second part, we will explore the challenges of countering TBML and explore some recent industry trends.

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The Paypers

SEPTEMBER 27, 2022

Payments 20 (P20) , the advocacy group of the payments industry has called on the industry for a collaborative approach against money laundering.

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The Paypers

JANUARY 4, 2023

IMTF has acquired the Siron anti-money laundering and compliance solutions developed by FICO to expand its AML and compliance portfolio.

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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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PYMNTS

DECEMBER 18, 2020

Credit Suisse has been indicted by Swiss prosecutors for allegedly failing to prevent money laundering, Bloomberg reports, adding that a former bank manager was also indicted alongside Credit Suisse. Credit Suisse, the case determined, had failed to freeze 35 million francs subject to a 2007 seizure order. “The

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Payments Source

DECEMBER 10, 2019

s blockchain-based information network for payments is drawing the greatest interest in Japan, a country long blamed for weak measures against money laundering. JPMorgan Chase & Co.’s

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The Paypers

DECEMBER 4, 2023

Lithuania-based Viena Saskaita has partnered with AMLYZE , a regtech company specialising in anti-financial crime, to provide money-laundering prevention and compliance solutions to its clients.

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Payments Source

JULY 11, 2019

A Spanish effort to prosecute a gang that used Bitcoin automated cash machines suspected of being a front for illegal-drug payments has exposed a hole in European anti-money-laundering controls, law enforcement authorities in the country said.

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The Paypers

NOVEMBER 24, 2023

The European Banking Authority (EBA) has launched a public consultation to explore new Guidelines for the prevention of money laundering.

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