PYMNTS

JANUARY 13, 2021

The Office of the Comptroller of the Currency (OCC) granted digital asset platform Anchorage Trust Company a digital banking license, according to a press release Wednesday (Jan. With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank , National Association. In other news, the U.S.

Money Laundering 52

Money Laundering Office of the Comptroller of the Currency OCC Online and Mobile Banking 52

PYMNTS

SEPTEMBER 24, 2020

In the great digital shift , the mobile device is the point of sale — especially in Asia’s fast-growing markets. The conversation came against a backdrop where online transaction volumes and mobile wallet adoption are increasing. Donlea noted that mobile wallets are designed for consumer and brand loyalty.

APACS 98

APACS Risk Online and Mobile Banking Verification 98

PYMNTS

JANUARY 31, 2018

In online banking, 40 percent abandonment is … intolerable. As many as four in 10 consumers have at some point in their journey into online banking found the process frustrating enough to give up, as estimated by Signicat. In life, 40 percent of anything is a lot. And the frustration level has grown.

Online and Mobile Banking 61

Online and Mobile Banking Push-to-Card Money Laundering AML 61

PYMNTS

MARCH 28, 2019

There are no incumbent banks that are not paying attention to what the challenger banks are doing. Even in the last two years, there has been a big shift in legacy banking to [become] tech companies,” Priestley said. “A That includes, at the most basic level, mobile and digital banking.

AI 78

AI Money Laundering FinTech Online and Mobile Banking 78

PYMNTS

MARCH 28, 2017

The Royal Bank of Scotland (RBS) is facing questions from the Financial Conduct Authority (FCA) and other regulators about Russia money-laundering claims. A report from Reuters noted that the probe was concerning allegations that the lender played a part in a worldwide money-laundering scheme.

Money Laundering 41

Money Laundering Online and Mobile Banking Regulations Small Business 41

PYMNTS

JANUARY 22, 2021

And that opened up an entirely new playing field for online gaming establishments now free to operate in any state that would allow them. And I’d imagine the feeling among regulators has been that an organized money laundering effort could be policed because they [the casino] would actually see it happening.

Online and Mobile Banking 72

Online and Mobile Banking Push-to-Card Rules Processors 72

PYMNTS

JANUARY 1, 2021

Digital-First Banking. Banks will need to seriously revamp their in-branch experiences to accommodate the new normal as customers are growing used to the unparalleled convenience and speed that mobile banking has to offer. The year-over-year increase in cross-border online sales was even more dramatic in other regions.

Economy 103

Economy Online and Mobile Banking Credit Union Money Laundering 103

PYMNTS

DECEMBER 11, 2020

As goes banking, so goes fraud. Money laundering and terrorist financing also go on the list these days, perhaps like never before. It has ever been thus. Automation Is Having Its Moment. The zeal with which crooks are now targeting cryptocurrencies signals the need for additional layers of security.

Money Laundering 87

Money Laundering AML Cryptocurrency Verification 87

Finovate

NOVEMBER 6, 2024

Consumers will benefit from earning rewards for transactions via Crypto.com’s Crypto.com Pay ; merchants will benefit from being able to manage payments and services via both mobile and tablet devices. Also this week, Crypto.com announced that it would expand its offering to include banking services, credit cards, and stock trading.

Blockchain 64

Blockchain Cryptocurrency SWIFT Payments 64

PYMNTS

JULY 24, 2020

The central bank of Kenya is putting forward new legislation to govern interest rates charged for digital lenders’ loans. Online lenders will need the green light from the central bank to roll out new offerings or hike lending rates if the legislation is put into law, Quartz Africa reported.

Central Bank 63

Central Bank Governance Government Online and Mobile Banking 63

Fintech Finance

JULY 1, 2024

The European Central Bank (ECB) has published its first progress report on the digital euro preparation phase, which was launched on 1 November 2023 with the aim of laying the foundations for the potential issuance of a digital euro. To use data for commercial purposes, payment service providers would need users’ explicit consent.

Legal Framework 98

Legal Framework Money Laundering Online and Mobile Banking Central Bank 98

PYMNTS

OCTOBER 24, 2016

The increased coverage will help further Trulioo’s mission to provide cross-border Know Your Customer (KYC) Anti-Money Laundering (AML) -compliant identity verification for every individual on every corner of the globe.

Money Laundering 73

Money Laundering Online and Mobile Banking Cross-Border Payment APIs and Integration 73

PYMNTS

NOVEMBER 14, 2019

While small businesses often struggle with a lack of integrated digital tools from their traditional financial service providers, the friction in small business banking is often acute even before an SMB opens an account. Power found that small businesses continue to embrace mobile banking, with its 2019 U.S. KYC Complexity.

Online and Mobile Banking 59

Online and Mobile Banking AML Small Business Mobile Banking 59

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.

Best Practices 40

Best Practices Money Laundering Law Enforcement AML 40

PYMNTS

OCTOBER 10, 2019

Consumers have noticed the rising levels of fraud in digital banking, and they are not pleased. percent of customers agreed that mobile transactions would be more secure if the consumers themselves had more control over their authentication options. Around the Digital Banking World. Around the Digital Banking World.

AML 50

AML Money Laundering Online and Mobile Banking Fincen 50

PYMNTS

JANUARY 19, 2021

In financial services, in the eternal war to keep customers (and themselves) safe from online fraudsters, banks may lift a mantra from the real estate sector: It’s all about location, location, location. Only about a third of banks’ apps ask for robust location data, said Briggs. Not all data are created equal, of course.

Online and Mobile Banking 90

Online and Mobile Banking Addressing Scams Compliance 90

PYMNTS

MARCH 11, 2020

Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. The Reserve Bank of India recently released guidelines outlining an approved method that private companies could use for conducting KYC checks online by using videos.

Global Payments 60

Global Payments Money Laundering AML Online and Mobile Banking 60

PYMNTS

JANUARY 20, 2021

The ongoing pandemic has pushed more consumers online to carry out their shopping and banking, with fraudsters following suit. Bad actors have moved to take advantage of the rush to digital payments — particularly those made with debit cards — leaving banks and financial institutions (FIs) racing to keep them off their platforms.

Debit Transaction 52

Debit Transaction Transactions Debit Card Security 52

PYMNTS

JANUARY 23, 2020

The European Union’s long-anticipated 5th Anti-Money Laundering Directive (5AMLD), which modernizes security rules to reflect the needs and threats facing today’s economy, took effect in mid-January, and its impacts are already being felt across the payments space. Combatting money laundering can require fast information flow.

Money Laundering 62

Money Laundering Security AML Online and Mobile Banking 62

PYMNTS

NOVEMBER 16, 2020

The country’s banking system is giving an upgrade to its instant payments system. Kavakama points to the fact that the country’s central bank has mandated that first-tier banks connect to PIX. In order to transact through the system, users need to register "keys" with their bank or fintech. Case in point: Brazil.

Real Time Payments 131

Real Time Payments Wire Transfer Push-to-Card Credit Cards 131

PYMNTS

JUNE 12, 2018

Trulioo , the global identity and business verification provider announced Tuesday (June 12) that it has partnered with Acuant , a global provider of data capture and identity authentication solutions, to enhance GlobalGateway, its online identity verification marketplace.

Verification 46

Verification Online and Mobile Banking Authentication Money Laundering 46

PYMNTS

DECEMBER 14, 2020

“[Circumstances] have underscored the singular importance of artificial intelligence (AI) in managing credit risk as well as supporting other bank operations. Better credit management is just one benefit AI can confer to banks, however,” per the Playbook. It also found that 63.6

AI 87

AI Risk Assessment Online and Mobile Banking Credit Risk 87

PYMNTS

NOVEMBER 10, 2020

We are the infrastructure that takes what is effectively a virtual wallet — in a mobile or online sense — and connects it to the real world, either eCommerce or face to face with a card,” he said. Crypto has been held up by critics as a conduit to fraud and money laundering. Back in May, i2c Inc.

Cryptocurrency 129

Cryptocurrency Blockchain Bitcoin Online and Mobile Banking 129

PYMNTS

OCTOBER 11, 2019

Money laundering has always troubled financial institutions, but today’s digital banking system creates additional complexities as fraudsters around the world take advantage of financial technologies to launder approximately $2 trillion annually. Of course, if people prefer typing passwords, they can do that instead.”.

AML 49

AML Money Laundering Online and Mobile Banking AI 49

FICO

SEPTEMBER 10, 2020

It turns out that during the summer of COVID-19, it’s also a hotbed of money muling , a criminal act that can be defined as: The role of transferring stolen funds. In some cases, money mules know they are moving stolen funds and do so intentionally in exchange for receiving a portion of the money.

Crime 52

Crime Money Laundering Online and Mobile Banking Romance Scams 52

PYMNTS

JUNE 16, 2020

Apple embeds NFC in devices like the iPhone and Apple Watch, and limiting access to it means banks and other firms offering consumers the ability to make payments can’t leverage the functionality into their own apps. percent of all retail and food services sales excluding online and auto. And that was actually down from the 6.9

Rules 90

Rules Money Laundering Online and Mobile Banking Contactless Payments 90

PYMNTS

APRIL 22, 2019

An increasing number of customers want to onboard with retailers and banks through their mobile phones, putting greater pressure on businesses to provide robust, digital know your customer (KYC) checks and other security measures. The company recently announced a new online solution for onboarding fund houses. About the Tracker.

Verification 57

Verification Money Laundering Online and Mobile Banking Security 57

PYMNTS

OCTOBER 14, 2019

Money laundering and similar forms of fraud have become more concerning for FIs as reports of cybercrime circulate globally. Between $800 billion and $2 trillion USD is laundered each year, according to the United Nations Office on Drugs and Crime, and fraudsters undoubtedly hope to raise those amounts.

AML 43

AML Money Laundering Consumer Financial Protection Bureau (CFPB) Innovation 43

The Payments Association

OCTOBER 4, 2024

The rise of alternative payment methods like cryptocurrencies, mobile payments (e.g., Mobile wallets, for instance, can store multiple payment options, including bank accounts and cryptocurrency, which reduces reliance on physical or virtual cards. High fees can erode the precious and often narrow profit margins.

Cross-Border Payments 88

Cross-Border Payments Online and Mobile Banking Cross-Border Alternative Payment Methods 88

PYMNTS

DECEMBER 10, 2020

s largest bank, was fined nearly $2 billion for allowing $881 million in laundered cash to pass through accounts linked to Mexican drug cartels. The London-based bank?s Banks and other FIs must be certain that their clients are who they claim to be and adhere to AML compliance — or be held accountable. .

Due Diligence 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

FICO

NOVEMBER 26, 2019

Be Safe Online. If you’ve already paid and later become suspicious that you may have been tricked, let your bank know. If your online merchant offers enhanced security features such as step-up-authentication or soft token, please be sure to opt in. Your bank will never ask you for your password. Don’t Become a Money Mule.

ATM 59

ATM Money Laundering Online and Mobile Banking Card Issuer 59

PYMNTS

AUGUST 28, 2017

The entities covered extend across money transmitters, mortgage firms, health insurers and, of course, banks. Australia is gearing up to boost anti-money laundering efforts and wants to regulate cryptocurrencies, including bitcoin. Statewide Rules, Global Impact? China and Clearing House Efforts.

Cybersecurity 57

Cybersecurity Money Laundering Digital Currency Online and Mobile Banking 57

PYMNTS

OCTOBER 16, 2019

Recent scandals involving Deutsche Bank and Swedbank have made consumers reconsider their trust in financial institutions, many of which are scrambling to keep fraudsters out and bring customers back. Between $800 billion and $2 trillion USD is laundered each year, according to the United Nations Office on Drugs and Crime.

AML 49

AML Compliance Money Laundering Financial Crimes 49

PYMNTS

AUGUST 27, 2019

Under the guidelines, which cover exchanges, trading platforms and wallet providers, the regulators state businesses are not exempt from standards that tie in anti-money laundering (AML) rules, among other mandates. Separately, FINMA has approved banking licenses for the blockchain service firms Sygnum AG and SEBA Crypto AG.

Blockchain 58

Blockchain Regulations Money Laundering AML 58

Finance Magnates

MARCH 26, 2023

In 2011, this question was asked on Quora , and I wrote my answer as follows : This is an excellent question and there are many companies who believe they are shaping this answer (predominantly, SWIFT, Visa, Mastercard, WesternUnion, PayPal, and a whole lot of mobile companies). Sender’s Bank and Beneficiary’s Bank).

Cross-Border 52

Cross-Border Suspicious Activity Report (SAR) Money Laundering SARS 52

Fintech News

JULY 3, 2024

This announcement came after MAS observed some DPT service providers actively promoting their services through online and physical advertisements or the provision of physical automated teller machines (ATMs) in public areas. In addition, the city-state is exploring the potential of Central Bank Digital Currencies (CBDCs).

Financial Literacy 107

Financial Literacy Cryptocurrency Digital Currency Money Laundering 107

PYMNTS

JUNE 5, 2017

Russia is getting more into digital currency with the central bank in the country launching tests of several digital currency schemes. According to a report in Reuters, the idea is to figure out which one would be the best for Russia, Olga Skorobogatova, the deputy chairwoman of the central bank, told TASS news agency late last week.

Digital Currency 40

Digital Currency Central Bank Financial Literacy Online and Mobile Banking 40