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OCBC Bank to Offer Digital Bank Accounts for Children Aged 7-15 from October

Fintech News

OCBC Bank is set to offer Generation Alpha—children born after 2009—their own digital bank accounts through the OCBC MyOwn Account , available from 20 October 2024. This first-of-its-kind account in Singapore allows children aged seven to 15 to manage their finances digitally via the OCBC Digital app, under parental supervision.

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OCBC and Singapore Police Freeze Over 300 Accounts, Seize S$1.8 Million

Fintech News

More than 300 suspicious bank accounts were frozen, and over S$1.8 The operation, conducted from May to August 2024, targeted accounts allegedly involved in facilitating scam-related activities, particularly those opened by foreigners. The post OCBC and Singapore Police Freeze Over 300 Accounts, Seize S$1.8

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What is a Payment Service Provider (PSP) and How Do They Work?

Stax

PSPs offer joint merchant accounts and flat-rate processing fees that make them ideal solutions for small businesses that only process payments occasionally. For example, Stripe is a payment service provider that offers shared merchant accounts to its platform users. The company also provides a card reader and mobile POS app for free.

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Bitcoin Daily: Argentina Open To Crypto; eToro Launching In US; South Korea Fights Crypto Crimes

PYMNTS

The task force will aim to curb these crimes by tracking accounts suspected of illegal activity, as well as sharing information with other government bodies that will have the authority to freeze accounts, recover lost funds, and file class action lawsuits.

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How to Reduce AML False Positives and False Negatives

FICO

Recently banks have hit the headlines both for failing to detect money laundering and for freezing the accounts of legitimate customers when money laundering is suspected. Whether you’re freezing accounts because you wrongly suspect money laundering or missing real cases of financial crime, it’s all a matter of accuracy.

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Singapore Considers Caning for Scammers in Severe Cases as Fraud Rises

Fintech News

The Singapore Police Force (SPF) is expanding data-sharing with banks to improve fraud detection, focusing on identifying and freezing accounts linked to mule activities. Additional measures – including cooling-off periods for suspicious transactions – are being introduced to prevent funds from being rapidly transferred.

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