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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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.

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Neopay

DECEMBER 20, 2023

Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. The regulations primarily focus on the treatment of domestic PEPs, along with their family members and known close associates. According to the accompanying explanatory note, the amended regulations reaffirm the existing PEP Guidance (FG17/6).

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Risk Assessment Money Laundering Assessments Regulations 52

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

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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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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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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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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Fintech News

SEPTEMBER 2, 2024

As data privacy regulations tighten across APAC, driven by growing digital transformation and increased awareness of privacy concerns, Sumsub’s LDP solution aims to help businesses navigate these evolving requirements. LDP simplifies compliance with these local regulations by ensuring data is stored and processed locally.

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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. Regulators and lawmakers in other countries, including Brazil and Australia, are also expected to issue guidance to a similar tune.

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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. Background In June 2023, Regulation (EU) 2023/1113 entered into force.

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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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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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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.,

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PYMNTS

MAY 13, 2019

Henrik Ramlau-Hansen, the former chair of Denmark’s financial regulator and former Danske Bank finance director, has been charged by Danish economic prosecutors. According to a report in The Financial Times , Ramlau-Hansen’s home was raided in connection with a money laundering scandal valued at €200 billion.

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PYMNTS

JUNE 24, 2019

Amid the announcement of a new cryptocurrency – that would be Libra – the Financial Action Task Force (FATF), which operates as global regulatory firm based in Paris with a membership roster of countries such as China and the United States, has said it will boost its examination of digital currencies with an eye on money laundering.

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The Paypers

JULY 21, 2023

The Federal Financial Supervisory Authority (BaFin) has issued an updated order for digital bank N26 on the prevention of money laundering.

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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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Fintech Finance

OCTOBER 23, 2024

Led by Intix, the survey explored readiness levels and compliance with key regulations, including ISO 20022 standards, as well as the readiness of banks as they prepare to meet the EU’s Instant Payments Regulation, which takes effect in January 2025 for receiving instant payment transactions and October 2025 for sending instant payment transactions.

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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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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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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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Payments Source

APRIL 25, 2018

When regulators recognize ICOs as securities offerings, they will likely require issuers to fully comply with standard Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, increasing compliance pressure, according to Ron Teicher, CEO of EverCompliant.

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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.” .

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PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We In addition, Enria told Parliament that the EBA is looking into how all EU member states apply anti-money laundering (AML) rules, and will hand in its report by the end of the year. Last month, it was revealed that U.S.

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Payments Source

SEPTEMBER 11, 2019

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

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Fintech News

APRIL 10, 2024

These efforts cover a comprehensive range of regulatory concerns, including but not limited to licensing requirements, reserve asset management, redemption rights, capital adequacy, consumer protection, and compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) guidelines.

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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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PYMNTS

MARCH 12, 2019

Meanwhile, several global scandals have brought the importance of anti-money laundering (AML) protections to the forefront. The more than $220 billion money laundering scandal involving Estonia-based Danske Bank continues to affect the global banking world. Deep Dive: Digital Banking and Anti-Money Laundering.

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Finextra

SEPTEMBER 13, 2024

Shares in Wells Fargo fell on Thursday after the bank inked a formal agreement with the Office of the Comptroller pledging to fix deficiencies in its financial crimes risk management practices and anti-money laundering internal controls.

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PYMNTS

SEPTEMBER 13, 2020

Europe's biggest banks have called on the European Commission to implement tough regulations for cryptocurrencies, such as stablecoins, that would protect consumers and preserve state sovereignty in monetary policy, Reuters reported. In a joint statement Friday (Sept. The association declined to comment, Reuters reported.

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PYMNTS

MARCH 14, 2019

However, despite the friction points that can get introduced into the process due to anti-money laundering (AML) and Know Your Customer (KYC) processes, FIs have no choice but to comply, or they risk fines and loss of customer trust. Deep Dive: an Automated Approach to the $2T Global Money Laundering Problem.

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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.

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Neopay

NOVEMBER 27, 2023

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024.

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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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PYMNTS

APRIL 15, 2019

Danish operations of Ernst & Young (EY) and KPMG are now under investigation by Danish police related to money laundering cases. According to Bloomberg , EY is accused of failing to notify authorities when it discovered red flags related to the Danske Bank money laundering case.

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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.

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