FICO

FEBRUARY 13, 2020

2019 was a year full of innovative methods to fight fraud, and we covered these on the FICO Blog. Check out the top 5 fraud blog posts which garnered the most views in 2019. 5 Reasons Why AML is More Important Than Ever in 2019. Financial Crime Compliance Predictions 2019: Stop the Scandals! Read the full post.

Money Laundering 52

Money Laundering Posting Financial Crimes Crime 52

FICO

SEPTEMBER 26, 2016

Singapore Tonight, the evening news program of Channel NewsAsia, recently aired a story on money laundering in online gaming. It highlights how criminals, attempting to avoid detection by the authorities, may turn to less-regulated channels such as online games to launder money. or view it here. appeared first on FICO.

Money Laundering 58

Money Laundering Financial Crimes Central Bank Crime 58

PYMNTS

JULY 10, 2020

Stablecoins, the virtual currencies which seek price stability, could be the next target for money laundering and terrorist financing, a report found. If stablecoins were to become widespread, it could potentially lead to new risks regarding money laundering and terrorist financing,” FATF President Xiangmin Liu said at the time. “It

Money Laundering 56

Money Laundering Stablecoins Cryptocurrency Digital Currency 56

Neopay

APRIL 10, 2025

While there was no actual money laundering, the enforcement highlights a theme across the financial sector: that even in the absence of proven financial crime, poor controls and a lack of monitoring can lead to severe regulatory action. What went wrong for Revolut? The fine of 3.5 How has Revolut responded?

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

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 The latest arena for money laundering is through cryptocurrency , a burgeoning market expected to be valued at $1.4 billion in 2019, including $2.8 billion by 2024.

AML 104

AML Cryptocurrency Verification Money Laundering 104

Fintech News

JUNE 26, 2024

Lawrence Wong Prime Minister and Finance Minister Lawrence Wong announced the strategy at the Financial Action Task Force Plenary Meeting, underscoring Singapore’s commitment to bolstering its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) efforts.

AML 109

AML Money Laundering Financial Crimes Scams 109

PYMNTS

JANUARY 14, 2021

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.” She went on to say that “there has to be regulation. This has to be applied and agreed upon.

Money Laundering 61

Money Laundering Bitcoin Regulations Central Bank 61

FICO

FEBRUARY 27, 2019

Recent Asian money laundering scandals continue to shake up the financial world, and the ripple effect is still keenly felt across the region. Asian Money Laundering Scandals: How To Stop Them. Respondents had a difference of opinion on the most effective way to increase money laundering compliance.

Money Laundering 45

Money Laundering Breach AML APACS 45

PYMNTS

JANUARY 17, 2020

While exchanges have always been a popular off-ramp for illicit cryptocurrency, they’ve taken in a steadily growing share since the beginning of 2019,” Chainalysis wrote. 10, the European Union’s 5th Anti-Money Laundering Directive came into effect. The schemes themselves are varied. A week ago, on Jan.

Money Laundering 57

Money Laundering Due Diligence Cryptocurrency AML 57

PYMNTS

DECEMBER 10, 2020

billion in 2019 and is projected to reach $1.4 These various cryptocurrencies are also widely known for their role in cybercrime, whether it's via direct theft or laundering ill-gotten funds from other schemes. billion in 2019, a larger sum than in 2017 and 2018 combined. How Money Launderers Exploit Cryptocurrency.

AML 88

AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

JANUARY 15, 2021

According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program. Capital One provided banking services to the group and became aware of compliance and money-laundering risks associated with the group’s customers.

Fincen 107

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 107

Fintech News

SEPTEMBER 10, 2024

The Monetary Authority of Singapore (MAS) has confirmed that Worldcoin itself does not fall under the purview of the Payment Services Act 2019. A public advisory has also been issued, cautioning against the sale or transfer of Worldcoin accounts due to potential misuse for criminal activities like money laundering and terrorism financing.

Privacy 115

Privacy Money Laundering Breach Authorization 115

PYMNTS

JULY 5, 2020

Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers. 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

FICO

JANUARY 30, 2019

There’s a pervasive view that compliance for money laundering remains a cost-centre activity, and is primarily a “check-the-box” exercise to keep the auditors and regulators satisfied. Money Laundering Techniques: 5 Reasons Why Compliance is More Important Than Ever in 2019.

AML 45

AML Money Laundering Financial Crimes Compliance 45

FICO

OCTOBER 17, 2019

Conroy pointed out that fraud and money laundering are financing some of the worst crimes society faces, including human trafficking, terrorism and the operations of drug cartels. Artificial intelligence and machine learning to combat fraud and money laundering is a worthwhile investment. Fast to Deploy, Easy to Adapt.

Money Laundering 40

Money Laundering AI Financial Crimes AML 40

PYMNTS

DECEMBER 11, 2020

Money laundering and terrorist financing also go on the list these days, perhaps like never before. Money laundering is a global plague, with the estimated amount in a given year ranging from $800 billion to $2 trillion — or anywhere from 2 percent to 5 percent of the global gross domestic product (GDP),” the new Tracker states.

Money Laundering 87

Money Laundering AML Cryptocurrency Verification 87

PYMNTS

DECEMBER 28, 2018

According to a Fortytwo Data report published in October, 18 out of the 20 largest banks in Europe have been sanctioned for money-laundering activities in the last decade. Avoka CMO Don Bergal told PYMNTS what global markets can expect in 2019 in terms of bank KYC happenings. ” Banks’ 2019 KYC Challenges.

Money Laundering 74

Money Laundering Small Business Fincen Compliance 74

PYMNTS

JANUARY 4, 2019

In December, as a matter of fact, Europol said it had identified more than 1,500 mules, with as many as 168 arrested by that time. As noted by UK Finance in September, nearly £100 million ($126.27

FBI 63

FBI Money Laundering Payments Social Security 63

PYMNTS

JULY 16, 2020

One of the unnamed jailed executives in the Wirecard scandal has reportedly admitted guilt to the multi-billion-dollar fraud and money laundering case, according to Reuters. The executive was the CEO of CardSystems Middle East, the largest unit under Wirecard’s command.

Money Laundering 91

Money Laundering Request for Comment Scams Crime 91

PYMNTS

OCTOBER 12, 2020

He said Qume’s goal, since forming early in 2019, was to build a regulatory-friendly, more decentralized experience for things like custody. Mishra said he’d already been seeing the “Wild West”-like nature of the crypto derivatives space, with the new activity from U.S. regulators not coming as a surprise.

Bitcoin 104

Bitcoin Money Laundering Compliance Non-Bank 104

Fintech News

JANUARY 10, 2024

This becomes intertwined with Anti-Money Laundering (AML) and behavior analysis in recent times. Their product, iDenFace, an AI-based face recognition technology, has been in development since 2019 to ensure it stays state-of-the-art. Effective digital identity solutions for banks are essential to prevent fraud and spoofing.

AML 120

AML Money Laundering Authentication Procedures 120

PYMNTS

JANUARY 7, 2019

The bill, tied to cryptos, is part of the Fifth Anti-Money Laundering (AML) Directive, which is part of a pan-European mandate to, among other things, combat terrorist financing through Know Your Customer (KYC) and other measures. The site noted that the new rules still await passage by the country’s legislative body.

Regulations 60

Regulations Money Laundering FDIC Digital Currency 60

PYMNTS

NOVEMBER 4, 2020

Fagundes, the release stated, has been charged with numerous crimes, including "operation of a financial institution without legal authorization, fraudulent management of a financial institution, misappropriation, and money laundering," along with violating securities laws.

Fincen 93

Fincen Crime Cryptocurrency Money Laundering 93

PYMNTS

JANUARY 31, 2019

In its “ What to watch for FinTech in 2019 report ,” developed in conjunction with CB Insights and Mastercard Start Path, Mastercard explores the role of artificial intelligence and open banking in driving the next phases of FinTech innovation. In announcing the report Wednesday (Jan.

Visa 77

Visa FinTech Small Business Money Laundering 77

PYMNTS

DECEMBER 2, 2019

Looking back at 2019, and at cryptocurrencies, we may well make the declaration that fraudsters got a lot more brazen … which may mean 2020 is the year lawmakers and regulators clamp down through a global, concerted effort to root out financial crime. million, was the lowest tally seen in years. million, was the lowest tally seen in years.

Digital Currency 52

Digital Currency Crime Cryptocurrency Money Laundering 52

PYMNTS

OCTOBER 13, 2016

This past summer, the European Commission said it would like to create a central database of digital currency users to prevent terrorist financing and money laundering — for the obvious reasons.

Bitcoin 84

Bitcoin Database Money Laundering Credit Cards 84

PYMNTS

NOVEMBER 29, 2020

Libra was first launched in June 2019, but regulators were concerned over the scope of what it wanted to do. They warned that the cryptocurrency could be used for money laundering and posed threats to monetary stability, FT reported.

Money Laundering 84

Money Laundering Digital Currency Settlement Regulations 84

PYMNTS

MARCH 11, 2020

The Swedbank anti-money laundering (AML) probe by the law firm Clifford Chance has uncovered 586 transactions totaling roughly $4.8 The investigation reviewed the bank’s activities from 2007 through March 2019, and also looked into who their customers were and which transactions were processed. million in possible U.S.

AML 56

AML OFAC Money Laundering Breach 56

PYMNTS

DECEMBER 27, 2018

While Danske Bank’s shareholders started out the year feeling confident, the financial institution’s involvement in a massive money laundering scandal has led to its stock falling almost 50 percent in 2018. Unfortunately, he doesn’t think that it likely to happen anytime soon.

Money Laundering 51

Money Laundering Non-Bank Authorization Risk 51

PYMNTS

SEPTEMBER 1, 2020

For example, the newspaper reported that questions linger over why Merkel lobbied for Wirecard’s expansion into China while on a visit there in 2019, despite months of reports of suspicious activity at the company. The call for the probe has also come from the Free Democratic party and the populist Alternative for Germany.

Money Laundering 100

Money Laundering Finance Rules Authorization 100

FICO

JANUARY 18, 2019

What will happen in 2019: I foresee that the pressure from regulatory fines and the publications of leaks will force financial institutions to enhance their KYC processes. What will happen in 2019: Due to all the fines and scandals in 2018, I am convinced that AI will play a more important role in financial crime compliance.

Financial Crimes 40

Financial Crimes Crime Compliance BSA 40

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Financial sector players must guard against all forms of money laundering and other criminal activities.

Suspicious Activity Report (SAR) 75

Suspicious Activity Report (SAR) FinTech Money Laundering AML 75

The Payments Association

JANUARY 29, 2025

Key deficiencies included weak transaction monitoring, poor customer due diligence, and systemic lapses in compliance with anti-money laundering regulations. This prolonged inaction left flagged accounts operational for months, enabling billions of dollars in transactions linked to money laundering and other financial crimes.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

JANUARY 12, 2021

Commerzbank's warning came from findings of an internal review the bank had been doing since early 2019, FT reported, which came after FT wrote about the alleged accounting manipulations in Wirecard's Asian division. The findings of Commerzbank's investigation led the bank to distance itself from Wirecard by the end of 2019.

Money Laundering 70

Money Laundering Facilitators Accounts Regulations 70

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. Fines related to noncompliance increased 160 percent between September 2018 and December 2019, in fact. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide.

Global Payments 60

Global Payments Money Laundering AML Online and Mobile Banking 60

PYMNTS

AUGUST 12, 2019

billion in the first quarter of 2019. Criminals stole more than $356 million in crypto from exchanges and infrastructure during the first quarter of 2019, with exit scams — where founders of crypto companies make off with the money — took nearly $195 million from crypto users. trillion, 11.5

Crime 61

Crime Scams Cross-Border Money Laundering 61

PYMNTS

JANUARY 1, 2021

Cross-border online sales in the United States as a share of total eCommerce surged by 40 percent in May compared to the same month in 2019, and the rate of growth was six times higher than in the previous month. Allowing money laundering to occur right under their noses can lead to hefty fines for FIs that fail to meet KYC requirements. “In

Economy 103

Economy Online and Mobile Banking Credit Union Money Laundering 103