FICO

FEBRUARY 13, 2017

One of the places where AI can make a huge difference today is in anti-money laundering (AML). Our new machine learning techniques are directed specifically toward real-time transaction-based KYC anomaly detection, and highly refined self-learning models focused on anti-money laundering SAR detection.

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Money Laundering AML AI Suspicious Activity Report (SAR) 74

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 Non-Bank Financial Crimes Rules 57

PYMNTS

FEBRUARY 13, 2019

12) that it will now allow corporates to join its KYC Registry in an effort to facilitate the sharing of data between companies and their banks. ” 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. .”

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Money Laundering AML Economy SWIFT 64

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 However, the DFSA doesn’t have the authority to actually impose fines on the bank.

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Money Laundering Regulations Law Enforcement Non-Bank 57

PYMNTS

NOVEMBER 25, 2018

Money laundering took on a new meaning this past week after Dutch police arrested a man who had hidden $400,000 in cash inside the drum of a washing machine. According to a report in CNN , Dutch police were conducting a raid for unregistered residents in western Amsterdam and found the money in the washing machine.

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Money Laundering Non-Bank Crime Treasury 55

Stax

JANUARY 23, 2025

By thoroughly assessing merchants, processors can: Reduce fraud and chargebacks by identifying potentially fraudulent or non-compliant merchants before onboarding them. Ensure regulatory compliance by adhering to anti-money laundering (AML) laws and Know Your Customer (KYC) requirements.

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Underwriting PCI DSS Money Laundering Processors 68

PYMNTS

NOVEMBER 13, 2018

European Union governments have reached a preliminary deal to bolster bank supervision in the hopes of preventing money laundering. According to Reuters , the deal, which could be finalized before December, confirms previous proposals made by the European Commission to give more powers to the European Banking Authority (EBA).

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Money Laundering Non-Bank Gateways Treasury 51

The Payments Association

MARCH 19, 2025

Notably, the rise of cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) are transforming the digital payments landscape. These innovations offer businesses and consumers a way to move money faster, cheaper, and more securely.

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Cross-Border Reconciliation Compliance Payments 88

Fintech News

MAY 7, 2024

Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question.

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AML Money Laundering Non-Bank Financial Crimes 107

The Fintech Times

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Visa Multi-Currency 59

PYMNTS

MAY 25, 2018

After reports of money laundering caused lenders in Estonia and Latvia to close, police said on Friday (May 25) that more than $13 billion (or about €11 billion) was laundered through banks in Estonia between 2012 and 2016. In 2012, more than €7.3 That warning came in 2013. That warning came in 2013.

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Money Laundering Non-Bank Accounts Security 48

PYMNTS

JANUARY 14, 2021

At least it seems so, if recent comments by European Central Bank President Christine Lagarde are any indication. As quoted by Reuters, she termed the cryptocurrency a “highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.” Digital Fiat Looms

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Money Laundering Bitcoin Regulations Central Bank 61

PYMNTS

NOVEMBER 28, 2018

Preliminary charges have been filed against Denmark’s biggest lender, Danske Bank, over allegations that it violated the country’s money laundering laws, according to a report by Reuters. The charges are related to the bank’s branch in Estonia. The money laundering case is very serious.

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Money Laundering Non-Bank Crime Risk Management 43

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.

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Money Laundering AML SARS AI 52

The Fintech Times

APRIL 8, 2024

This April, The Fintech Times is focusing on all things embedded finance, the integration of financial services into non-financial products and services. First, we turn our attention to the growth of Banking-as-a-Service (BaaS). “Do they have a banking licence that means their customers’ money is protected up to a certain level?

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FinTech BSA Regulatory Compliance Money Laundering 116

PYMNTS

AUGUST 4, 2017

Australia’s largest mortgage lender — Commonwealth Bank of Australia — has been officially accused by its government of widespread violations of anti-money laundering and counter-terrorism financing rules. Commonwealth Bank said in a statement it was reviewing the allegations and will file a statement of defense.

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Money Laundering Cross-Border Crime Financial Crimes 40

PYMNTS

FEBRUARY 28, 2018

Reports out this morning indicated that a whistleblower inside Denmark’s biggest bank warned the institution that its Estonian branch was being used by members of the Putin family as a front for money laundering. It is also alleged that Danske Bank shut down 20 Russian customer accounts following that whistleblower report.

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Money Laundering Non-Bank Rules Authorization 45

PYMNTS

NOVEMBER 15, 2019

Shares in Swedish bank SEB fell on Friday (Nov. 15) over news that it might soon be embroiled in a money-laundering scandal, which has also affected some of its peers in the region, according to a report in the Financial Times. The bank also said that if new information came out it, would “take action immediately.”.

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Money Laundering Non-Bank NOV Risk 40

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

Fintech News

JANUARY 31, 2024

This collaboration comes as a solution for consumers affected by a recent ban on fund transfers to China through non-bank and non-card channels. Singapore’s payment service provider AXS has announced a new partnership with fintech company Aleta Planet to offer remittance services to China.

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Money Laundering Cross-Border Non-Bank Funds Transfer 107

Fintech News

MARCH 18, 2024

The company’s Mastercard Move service, connecting nearly 10 billion endpoints globally, including bank accounts and digital wallets, is part of this effort. It allows financial institutions to offer their customers international payment options to over 180 markets and a network covering more than 150 currencies and 3.5

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Visa Cross-Border Cross-Border Payments Security 114

The Fintech Times

APRIL 8, 2025

International payments business Caxton has appointed Roger Bracken to its board in the position of non-executive director. Lee Dunne has been appointed as the new head of banking by European financial technology provider payabl. Lee Dunne has been appointed as the new head of banking by European financial technology provider payabl.

FinTech 59

FinTech Settlement AI Non-Bank 59

PYMNTS

DECEMBER 18, 2020

The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" – effectively secret bank accounts that hold cryptocurrency.

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Treasury Rules Bitcoin Ransomware 141

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. billion expected by analysts.

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Money Laundering Visa Credit Cards Regulations 51

Stax

APRIL 3, 2025

Its the bridge between an eCommerce website, its customers, and the bank. Its the third-party service that serves as the link between the payment gateway, acquiring bank, and issuing bank or card network. It works in tandem with the customers bank or credit card provider to verify and authorize the transaction.

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Payment Solutions Payment APIs and Integration Payment Gateways Gateways 88

PYMNTS

DECEMBER 26, 2018

Treasury’s FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti- money laundering (AML) has been occupying the headlines as of late. 3, 2018, the U.S.

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Money Laundering AML Wire Transfer Rules 76

Fintech News

APRIL 24, 2024

prosecutors have proposed a three-year prison sentence for Changpeng Zhao, the founder and former CEO of crypto exchange Binance , following his guilty plea for violating anti-money laundering laws, according to Reuters. This plea was part of an agreement that included a hefty US$4.32 billion criminal penalty against Binance.

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Money Laundering Ransomware Compliance Laws 107

FICO

NOVEMBER 22, 2017

This is a topic I am quite passionate about, as I firmly believe that eliminating the scourge of money laundering could make the world a significantly better place to live. Money laundering is the process of creating the appearance that illicit funds obtained through illegal activity originated from legitimate sources.

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AML AI Money Laundering SARS 78

Fintech Review

FEBRUARY 18, 2025

Embedded finance is transforming industries by incorporating financial services directly into non-financial platforms. This integration allows businesses to offer banking-like services, enhancing customer experience and simplifying transactions. This shift is redefining traditional banking structures. What is Embedded Finance?

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Embedded Finance Finance Payment APIs and Integration Non-Bank 95

PYMNTS

OCTOBER 12, 2020

Malcolm, according to a press release , boasts a wide background in anti-money laundering and compliance, saying compliance was “non-negotiable, and a prerequisite for exchanges to be embraced by regulators and institutional investors alike.”.

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Bitcoin Money Laundering Compliance Non-Bank 104

Fintech Finance

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 97

Cross-Border Payments Visa Cross-Border Multi-Currency 97

PYMNTS

JANUARY 31, 2019

That doesn’t mean the payments and financial services space can afford to ignore the threat of money laundering and other kinds of fraudulent activity in the context of faster payments. banks, separate data revealed. banks, separate data revealed. Indeed, in the U.S., trillion in the U.S. a decade ago. a decade ago.

Faster Payments 73

Faster Payments Money Laundering Same Day ACH AML 73

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. All MSBs depend on access to banking services. financial system.

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Best Practices Money Laundering Law Enforcement AML 40

PYMNTS

NOVEMBER 30, 2020

In today’s top news in digital-first banking, Computer Services, Inc. CSI) is collaborating with Featurespace to advance a new cybercrime offering to fight money laundering, while the loan payment relief mandated by the federal CARES Act has brought about mixed outcomes. CSI, Featurespace Team up to Fight Money Laundering.

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AML Money Laundering Non-Bank Liquidity Management 59

PYMNTS

MARCH 11, 2019

In the wake of a slew of European money laundering scandals, deposits in the euro zone region from foreign countries dropped significantly in the latter half of 2018. Reuters reported that money laundering cases are often associated with large amounts of foreign deposits and uneven capital flowing between borders.

Money Laundering 59

Money Laundering AML Non-Bank Caps 59

Fintech Finance

FEBRUARY 8, 2024

1 B2B Cross-Border Trade Payment Platform, is thrilled to announce a major milestone in its partnership with Deutsche Bank. In a seamless process facilitated by Deutsche Bank, THB payments are converted to HKD and RMB before being transferred to XTransfer’s international accounts.

Cross-Border 97

Cross-Border Cross-Border Payments Non-Bank Multi-Currency 97

PYMNTS

JANUARY 26, 2021

In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.

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Wire Transfer Blockchain Wires Wire 97