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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Central Bank Cryptocurrency Regulations Stablecoins 145

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

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

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

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.

APACS 121

APACS Privacy Regulations Fraud Prevention 121

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.

Stablecoins 125

Stablecoins Regulations Risk Mitigation Digital Currency 125

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

Neopay

DECEMBER 2, 2024

Those of you who were in the payments space pre-COVID, might remember my industry talks about ‘Why the World Needs Money Laundering’. A history of money laundering The concept of money laundering goes back to long before money itself existed. Even the 3 stages (placement (i.e.

Money Laundering 52

Money Laundering Financial Crimes Crime Compliance 52

Fintech News

FEBRUARY 27, 2024

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.

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APACS Regulations Stablecoins Cryptocurrency 115

The Fintech Times

NOVEMBER 27, 2024

While the FCA still warns that consumers who invest in cryptoassets ‘should be prepared’ to lose all of their money, due to the continuing volatility and lack of regulation surrounding the industry, consumers appear undeterred. We hope that the FCA will continue to collaborate with enterprises in the digital asset space.

Regulations 112

Regulations Stablecoins Risk Consulting 112

Bank Automation

OCTOBER 31, 2024

said US regulators may take action against the firm over its efforts to detect suspected money laundering and sanctions violations, as well as its handling of payments on the Zelle network. may take action over money laundering, Zelle appeared first on Bank Automation News. Bank of America Corp.

Money Laundering 59

Money Laundering Zelle Due Diligence Regulations 59

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.

Money Laundering 69

Money Laundering Law Enforcement Financial Crimes Crime 69

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

Payments Source

MAY 13, 2021

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Money Laundering 118

Money Laundering IRS Laws Cryptocurrency 118

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.

Instant Payments 105

Instant Payments ISO 20022 Regulations Fraud Detection 105

PYMNTS

DECEMBER 8, 2020

Money laundering is a pervasive phenomenon around the world, with the estimated amount of money laundered in a given year totaling 2.7 Cybercriminals are constantly one step ahead of government regulators, developing new and inventive schemes faster than the authorities can quash them. billion by 2024.

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AML Cryptocurrency Verification Money Laundering 104

Fintech News

DECEMBER 3, 2024

In addition to being the only Asia-based company selected for the Mastercard Start Path programme and the first regulated POS in Singapore to accept cryptocurrencies, dtcpay has garnered numerous accolades. This surge highlights the increasing demand for stability and reliability in digital payments.

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Stablecoins Money Laundering Cryptocurrency Payments 131

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.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Consulting Regulations 98

Fintech News

AUGUST 1, 2024

This service aims to streamline business due diligence and compliance for financial institutions and SMEs, addressing counter-party risk, credit exposure, and compliance with anti-money laundering (AML) regulations. JewelPaymentech, acquired by ADVANCE.AI ADVANCE.AI Earlier this year, ADVANCE.AI

Due Diligence 113

Due Diligence Money Laundering AML Verification 113

Fintech News

DECEMBER 3, 2024

The Telecommunication Regulator of Cambodia (TRC) implemented this action due to the platforms’ lack of necessary licensing from the Securities and Exchange Regulator of Cambodia (SERC). This regulatory action occurs amid increasing international scrutiny of Cambodia’s involvement in cybercrime and crypto scams.

Blocks 113

Blocks Money Laundering Scams Regulations 113

Bank Automation

DECEMBER 17, 2024

Klarna, the Swedish fintech that provides buy now, pay later services, was fined 500 million Swedish Kronor ($46 million) by Swedens Financial Supervisory Authority for violating anti-money laundering rules. The regulator in a Dec.

Regulations 69

Regulations Money Laundering Crime Assessments 69

The Paypers

NOVEMBER 29, 2024

European regulators have criticised Wise , the London-listed payments firm, for deficiencies in its anti-money laundering (AML) controls.

Money Laundering 36

Money Laundering AML Regulations Payments 36

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.

Travel Rule 52

Travel Rule Money Laundering Rules Finance 52

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury that analyzes financial transactions to combat money laundering, terrorist financing and other financial crimes across the globe, found the U.S. Standard Chartered moved cash for a Dubai business that was later accused of laundering cash on behalf of the Taliban. FinCEN, a division of the U.S.

Fincen 111

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

The Paypers

DECEMBER 12, 2022

The Legislative Council of Hong Kong has passed a bill to amend the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

Money Laundering 74

Money Laundering AML Regulations Finance 74

The Fintech Times

MARCH 4, 2024

With rules and regulations constantly changing, many banks and other financial institutions are falling victim to not keeping up. If the most notorious banks in the world can’t satisfy regulators, what hope do newer entrants in the complex finance sector have? But they still make some age-old mistakes.

Due Diligence 127

Due Diligence Money Laundering Risk Regulations 127

PYMNTS

JULY 5, 2020

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S.

Treasury 140

Treasury Office of the Comptroller of the Currency Fincen Financial Crimes 140

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.

Treasury 141

Treasury Rules Bitcoin Ransomware 141

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

Fintech News

OCTOBER 15, 2024

HashKey Global, a licensed digital asset exchange, has teamed up with Sumsub , a global verification platform, to improve its Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. The partnership aims to reduce onboarding times and enhance compliance with evolving cryptocurrency regulations.

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Verification Fraud Detection Money Laundering Compliance 109

The Fintech Times

MARCH 20, 2024

The same survey also found that as part of checks, only 37 per cent of regulated firms actually identify the ultimate beneficial owners (UBOs) – a drop from more than half (53 per cent) in the previous year’s survey. This is considerably higher than China, in second place, and the United States in third.

Verification 59

Verification Checks Regulations Money Laundering 59

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.

Money Laundering 59

Money Laundering AML Financial Crimes Regulations 59

PYMNTS

AUGUST 21, 2020

More than $50 billion of cryptocurrency was transferred from virtual wallets in China to other parts of the world last year, a potential violation of the nation’s strict limits on how much money can be sent abroad, according to a new report. Prominent OTC trader Zhao Dong of crypto lending platform RenrenBit was questioned by police.

Cryptocurrency 139

Cryptocurrency Stablecoins Money Laundering Regulatory Compliance 139

Fintech Finance

OCTOBER 11, 2024

TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced that, following several years of active cooperation and engagement with authorities and regulators, it has reached a resolution of previously disclosed investigations related to its U.S. The Bank and certain of its U.S. billion. .”

AML 98

AML BSA Money Laundering Financial Crimes 98

Fintech News

APRIL 2, 2024

The Monetary Authority of Singapore (MAS) has announced revisions to the Payment Services Act (PS Act) and related regulations, marking a significant expansion in the regulation of payment services within the country. Here’s are four key takeaways from the guidelines: 1.

Rules 114

Rules Accreditation Money Laundering Caps 114

Finextra

JULY 2, 2024

The parent company of crypto-focused bank Silvergate has agreed to pay $63 million to settle US regulatory charges about its anti-money laundering programme and the losses sustained during the collapse of FTX.

Money Laundering 59

Money Laundering Regulations 59

Fintech News

APRIL 3, 2024

Such inefficiencies, compounded by disparate legal frameworks, regulatory standards, and technical requirements across jurisdictions, present considerable challenges in terms of operational hours, time zones, and the repetitive execution of financial integrity checks, such as anti-money laundering and customer verification protocols.

Cross-Border Payments 123

Cross-Border Payments Cross-Border Central Bank Federal Reserve 123