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Cryptocurrency fraud is declining in Asia-Pacific (APAC), driven by advanced technology adoption and stricter regulatory oversight. According to a new report by Sumsub, crypto fraud rates declined by a remarkable 23% between 2023 and 2024, positioning APAC as a leader in combating crypto fraud. in 2023 to 2% in 2024.
These include the 2022 SFF Global Fintech Award, 2023 Best Cryptocurrency Payment Company by APAC Insider, 2024 PayTech of the Year and Disruptor of the Year at the Asia Fintech Awards, and a 6th place ranking on Hoptrail’s Global Anti-MoneyLaundering (AML) Leaderboard.
” – Head GRC Consultant for Europe & APAC, Finance Advisory at EPAM Systems (CH) GmbH “Incredible lineup of speakers with so many different topics of discussion; innovation, the way the future of payments looks! .”- Partner at Grant Thornton Cyprus “Perfectly organised!
By integrating with DVS, Sumsub ensures compliance with local anti-moneylaundering (AML) and Know Your Customer (KYC) regulations while reducing fraud and streamlining onboarding through automation. said Penny Chai, Vice President of Business Development, APAC at Sumsub.
This guide covers the top 100 fintech tools across key categories including banking APIs, billing, KYC/AML, FX, crypto tools, and open banking. KYC, AML & Identity Verification Platforms Next in the top 100 fintech tools and platforms is compliance. Best for : Finance teams aiming to improve DSO and cash flow forecasting.
Payments regulation roadmap: Q3 2025 18 July 2025 by Payments Intelligence Introduction Regulatory developments continue apace in the payments industry, ushering in a period of intensified complexity and strategic significance. Legal issue/risk Next steps/action required Legal issue/risk: Failure to comply with SCT Inst obligations (e.g.
The Asia-Pacific (APAC) region faces significant challenges in combating moneylaundering due to its diverse economies, large volume of cross-border trade, and varying levels of regulatory enforcement across different countries — the trends of moneylaundering in Asia Pacific are constantly evolving.
Global verification provider Sumsub has introduced Local Data Processing (LDP) capabilities in the Asia-Pacific (APAC) region. These include AML (anti-moneylaundering) screening, KYC (Know-Your-Customer) and KYB (Know-Your-Business) processes, as well as ongoing transaction monitoring and fraud prevention.
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.
Data analytics company LexisNexis estimates that the cost of financial crime compliance in APAC will approach the US$45 billion mark in 2023, showcasing the substantial investment required to meet stringent compliance requirements. Today, we delve into these firms’ offerings, recent strides and contributions to the field.
In Asia-Pacific (APAC), fraud is becoming an increasingly serious challenge for financial institutions, an issue that has been exacerbated by the rapid adoption of digital transactions and online banking. A year later, Kathmandu-based NIC Asia Bank suffered a major heist, with hackers managing to make about US$4.4
In a Masterclass interview with PYMNTS, Tom Donlea , vice president and general manager, APAC at global identity verification provider Ekata , said Asia offers greenfield opportunities — and some areas of risk — for merchants looking to offer digital wallets. For the firms that get it right, the opportunity within APAC is significant.
Governments in these countries have responded by tightening regulations in the KYC (know-your-customer) and AML (anti-moneylaundering) sectors. Sumsub established its first APAC headquarters in Singapore in July 2023.
Recent Asian moneylaundering scandals continue to shake up the financial world, and the ripple effect is still keenly felt across the region. Asian MoneyLaundering Scandals: How To Stop Them. Respondents had a difference of opinion on the most effective way to increase moneylaundering compliance.
FICO’s Integrated AML Compliance Survey has revealed that while the vast majority of banks in more than 11 countries around the Asia Pacific region believe that AI will strengthen anti-moneylaundering efforts, many remain unsure how to operationalize the advanced technology. Key drivers of financial crime strategy.
From a global standpoint, financial regulators levied 80 fines in the first half of 2024, totalling $263,252,003 for non-compliance with anti-moneylaundering (AML) regulations. The most significant increase in enforcement action values relate to AML which increased by 87 per cent to $113.2million.
Banks are facing mounting pressure to offer seamless and convenient digital experiences while also adapting to changing regulatory frameworks surrounding know-your-customer (KYC) and anti-moneylaundering (AML), he said. Legacy technologies are hindering this adaptation, prompting increased investments in digital solutions.
Stopping financial crime in Australia is an age-old problem, but today’s criminals have become so sophisticated that long-standing anti-moneylaundering (AML) systems and processes are no longer keeping up. Despite the high level of agreement that convergence is the way forward, APAC banks are lagging the U.K.
Moneylaundering 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.
In a press release Trulioo said it is expanding its reach into APAC countries to include coverage in Indonesia and Vietnam; and LATAM with Costa Rica, Colombia, and Argentina among others. Adopting transparency is key, and failing to meet KYC and AML obligations could mean severe fines.
Global working capital tech player, CredAble partners with Chekk , a leader in digital identity and Know Your Customer (KYC) solutions provider, to streamline the onboarding and compliance workflows of Financial Institutions (FIs) in regions like the APAC, MENA, and Europe.
There’s a pervasive view that compliance for moneylaundering remains a cost-centre activity, and is primarily a “check-the-box” exercise to keep the auditors and regulators satisfied. As business volumes and data complexity increase exponentially, AML compliance has taken on a bigger role.
In between coloring eggs, if you picked up a paper or scrolled through a news site, you probably would have seen the news that $130 million cash was found at the house of the ousted president of Sudan and how the US government foiled a moneylaundering operation by drug traffickers using bitcoins. Money never sleeps, as they say.
There is also no shortage of faster payments schemes coming online or already online, and know your customer/anti-moneylaundering (KYC/AML) screening activities must be refined (especially when regulations change).
This integration will enable banks to onboard new users swiftly, perform anti-moneylaundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform.
The region’s changing regulations (28%) and the need to create digital know-your-customer (KYC) and anti-moneylaundering (AML) (21%) solutions were cited as the two key challenges for APAC banks looking to acquire new customers online. “In Full Digital Account Opening - Challenges.
The region’s changing regulations (28%) and the need to create digital know-your-customer (KYC) and anti-moneylaundering (AML) (21%) solutions were cited as the two key challenges for APAC banks looking to acquire new customers online. “In Full Digital Account Opening – Challenges.
He also held senior roles covering anti-moneylaundering (AML) and internal investigations at Morgan Stanley. Morgan where she led the financial crime-related reviews for APAC regions.
” Hawk, which rebranded from “Hawk AI” earlier this year, offers anti-moneylaundering (AML) and counter-the-financing-of-terrorism (CTF) technology that leverages explainable AI to detect more financial crime and reduce false positives.
Network analytics can also identify cases where a customer's account is receiving money from an unusually large number of people or for atypical transaction amounts. Given that moneylaundering follows some form of criminal act, banks recognize the importance of a holistic approach. Learn more about how to fight money muling.
The Bank for International Settlements (BIS) and its partners have revealed the comprehensive blueprint for phase three of Project Nexus, which seeks to address longstanding challenges in international money transfers by leveraging the power of domestic instant payment systems (IPS). How Does Project Nexus Work?
To that end, Vincent Caldeira, chief technologist for FSI in APAC for Red Hat told PYMNTS, FIs — especially incumbent FIs — are facing rapid changes in payments that demand they modernize payments processing, embedding new functionality along the way.
There is also no shortage of faster payments schemes coming online or already online, and know your customer/anti-moneylaundering (KYC/AML) screening activities must be refined (especially when regulations change).
In contrast, APAC’s (Asia-Pacific) compliance costs are 25.5% Additionally, supply chain operations pose growing concerns, with trade-based moneylaundering and supply chain corruption on the rise. lower than those in the USA and Canada, while LATAM’s (Latin America) costs are a modest 24.7%
We also heard from clients that they wanted to drive better economies of scale by leveraging a common technology platforms to ingest, orchestrate, enrich and score transactional data for both fraud and AML decisioning. What was clear, is that there are lessons learn from fraud, that could benefit AML teams.
2) seem to imply that all proceeds apace. Here is something which is being done transparently,” he said, referring to Facebook’s Libra, which will be closely regulated and subject to anti-moneylaundering (AML) laws. “We The patient may not be dead, but the breathing is getting a bit labored.
APAC has solidified its position as the leader in global real-time payments, processing nearly 70% of the worlds 266 billion transactions in 2023. What makes APAC unique is its blend of diverse regulatory frameworks and a multitude of exotic currencies, creating a dynamic payments environment. in APAC and 44% globally.
SEON has announced growth across the Asia-Pacific (APAC) region. The company attributes this expansion to an increased demand for unified, real-time fraud detection and Anti-MoneyLaundering (AML) solutions. The post SEON Expands APAC Presence Amid Fraud Solution Demand appeared first on Fintech Singapore.
Indonesia has emerged as an attractive destination for digital businesses in Asia-Pacific (APAC), showcasing a strong and expanding digital economy. Key AML/CFT regulations in Indonesia include Law No. Rules and standards are also changing to keep pace with shifts in how customers behave and interact with organizations.
Global working capital tech player, CredAble partners with Chekk , a leader in digital identity and Know Your Customer (KYC) solutions provider, to streamline the onboarding and compliance workflows of Financial Institutions (FIs) in regions like the APAC, MENA, and Europe.
Frederic Ho, Jumio VP of APAC said his eKYC firm addresses the vulnerabilities of database and biometric identity verification systems to deepfake and identity theft, by implementing advanced liveness detection to counter sophisticated fraud tactics like face morphing, face swapping, and camera injection in eKYC processes.
Fenergo found that while globally, there was a decline in value from $6.57billion to $4.6billion between 2023 and 2024, the Asia Pacific (APAC) region saw a much steeper drop in value. However, this trend was not seen across the entire APAC region. Across APAC, penalties for AML and ESG violations were the most significant in value.
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