Neopay

JULY 30, 2025

Enhanced Due Diligence (EDD) The risk factors for EDD will remain, with clearer guidance provided through collaboration with supervisors and industry bodies. Simplified Due Diligence (SDD) The link between Pooled Client Accounts (PCAs) and SDD will be removed from the MLRs, and new requirements for PCAs will be includedinto the MLRs.

Money Laundering

The Payments Association

JULY 18, 2025

They must also formally allocate safeguarding oversight to a designated individual and demonstrate robust due diligence when selecting safeguarding banks, custodians, and investment arrangements for relevant funds. Legal issue/risk Next steps/action required Legal issue/risk: Failure to comply with SCT Inst obligations (e.g.

Regulations

Finextra

AUGUST 4, 2025

For instance, firms in EMEA spent $85 billion on AML efforts in 2023 and compliance can average ~19% of a financial firm’s annual revenue. Beneath the surface lie “hidden” costs of AML compliance that often go overlooked on the balance sheet but significantly drag down efficiency and growth. of IT budgets in that period).

AML

Finextra

JULY 9, 2025

In anti-money laundering (AML) and customer due diligence regimes, Source-of-Wealth (SoW) traceability is now a discrete requirement. External This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Compliance

Fintech Weekly

JULY 17, 2025

And second, the lack of clear limitations on SEC authority, which, according to some stakeholders, leaves the door open for continued enforcement ambiguity. The UK’s Financial Conduct Authority, too, introduced strict rules, particularly on crypto marketing and firm registration. Of course, the US isn’t acting in isolation.

Blockchain

Finextra

JULY 8, 2025

The aim is to reinforce a risk-sensitive and proportionate approach to Enhanced Due Diligence (EDD) obligations, particularly when dealing with domestic PEPs, their family members, and close associates. The FCA’s message is clear: proportionality, documentation, and risk-based judgment must be at the heart of your AML controls.

Money Laundering

PYMNTS

SEPTEMBER 21, 2020

21), Commerzbank recounted in a statement that the transactions detailed in the FinCEN files are “based entirely on reports made by Commerzbank to the responsible authorities, mainly in the period 2010 to 2016,” and that the bank had reached a settlement in 2015 to pay regulators about $1.5 In one example, reported on Monday (Sept.

Fincen

Fintech News

OCTOBER 8, 2024

The Monetary Authority of Singapore (MAS) has released a consultation paper , inviting public feedback on its proposed regulatory framework for Digital Token Service Providers (DTSPs). The consultation paper further details MAS’ approach to AML/CFT compliance, reporting obligations, and technology risk management.

Service Provider

Fintech News

OCTOBER 6, 2024

Singapore is enhancing its anti-money laundering (AML) framework with new recommendations from the Inter-Ministerial Committee (IMC). The IMC’s recommendations aim to adapt Singapore’s AML framework to counter increasingly sophisticated criminal methods.

Money Laundering

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. A DIY Approach To AML/KYC. One of the problems that AML/KYC procedures face is lack of standardization.

AML

PYMNTS

JUNE 17, 2020

million — “for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017,” Britain’s main bank regulator said in a news release on Wednesday (June 17). Firms should recognize that AML controls are vitally important to the integrity of the UK financial system.”.

AML

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. July 2024: CB Payments Limited (Coinbase UK)3.5 million in prohibited transactions.

Financial Crimes

PYMNTS

DECEMBER 28, 2018

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times.

Money Laundering

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. The post FCA issues warning to firms over AML failings appeared first on Neopay. To find out more about how we can support you business, click here.

AML

Segpay

NOVEMBER 26, 2024

Compliance with Regulations : Many industries, especially financial services, are subject to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which mandate the verification of customers’ identity to prevent illegal activities like money laundering, terrorism financing, and tax evasion.

Verification

Neopay

JULY 4, 2024

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to expect if they do. He has shared his insight and experience to assist firms with the changes to the FCA’s approach to AML supervision.

AML

FICO

JANUARY 27, 2017

The Financial Conduct Authority (FCA) wants to ensure that if banks and other regulated financial organisations do de-risk, it’s in a manner that is fair to customers. The FCA has indicated that AML measures in themselves are not a reason to suspend or deny accounts.

AML

Stax

DECEMBER 4, 2023

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.

Money Laundering

Fintech News

JULY 17, 2024

And contrasting with the non-crypto native space, the Hong Kong Monetary Authority (HKMA) just fined DBS Bank (Hong Kong) Limited, the HK subsidiary of DBS , a HK$10 million penalty for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The United Arab Emirates has amended Federal Decree-Law No. (20)

Money Laundering

PYMNTS

MARCH 5, 2019

tax authority, HM Revenue & Customs (HMRC), conducted a week-long investigation into 50 estate agents suspected of trading without being registered. As a result of the investigations, the agency found that Countrywide did not conduct proper due diligence, adding that it had broken rules concerning “proper record-keeping.”

AML

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Since the global financial crisis, AML fines totaled $56 billion, with US-based financial institutions incurring $5 billion in fines for related infractions in 2022.

AML

Open Banking Excellence

NOVEMBER 7, 2023

It has the potential to quickly gain ubiquity at low cost, as it is based on the comprehensive customer due diligence checks already applied by banks to their 50 million customers. Banks spend around 5% of their revenue on AML compliance and customer due diligence (CDD). Sweden’s BankID – a precedent to follow?

Due Diligence

PYMNTS

SEPTEMBER 7, 2018

Following scandals at European lenders, the European Central Bank (ECB) wants the European Union (EU) to step up enforcement of anti-money laundering (AML) rules. To that end, ING Group said it has agreed to pay €775 million (US$900 million) to settle investigations by Dutch authorities over money laundering and other illicit activities.

AML

Segpay

MARCH 24, 2025

Australia and the USA have similar compliance and AML goals, but differ in frameworks, enforcement agencies, and approaches. KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. PSPs verify identity and monitor transactions. though some areas overlap.

Compliance

Seon

JUNE 29, 2023

KYT is an anti-money laundering (AML) and counter-terrorist financing (CTF) requirement. As an AML and CTF operation, Know Your Transaction complements the process of Know Your Customer (KYC) by focusing on which transactions people are making, as opposed to just who is making them. Ask an Expert What Does KYT Mean for AML Compliance?

Transactions

Fintech News

FEBRUARY 18, 2024

Moving fast without compromising compliance As a Major Payment Institution licensed by Singapore’s Monetary Authority, dtcpay operates in a complex regulatory environment. This flexibility, alongside advanced features and constant AML monitoring has been central to dtcpay’s efforts to streamline its operations.

Verification

The Payments Association

MAY 9, 2025

In 2023, the UK Financial Conduct Authority (FCA) fined Guaranty Trust Bank (UK) Ltd 7.6 million for persistent failures in AML controls, including deficiencies in correspondent banking due diligence and transaction monitoring. Recent enforcement actions & typologies Regulators are beginning to act.

Correspondent Bank

Global Fintech & Digital Assets

MARCH 5, 2024

AML/CFT : Banks must comply with their existing anti-money laundering and counter-financing of terrorism obligations in connection with providing custodial services. Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products.

Authorization

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). The amending Guidelines will apply from 30 December 2024.

Service Provider

Neopay

OCTOBER 3, 2024

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in the e-money and payments industry. Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures.

Financial Crimes

PYMNTS

DECEMBER 10, 2020

Still, it was a wake-up call for the industry, showing that such lapses could result in significant fees and criminal prosecution if basic due diligence is not followed. . Banks and other FIs must be certain that their clients are who they claim to be and adhere to AML compliance — or be held accountable. .

Due Diligence

PYMNTS

SEPTEMBER 26, 2019

The bank is accused of not performing due diligence or customer monitoring, and not reporting suspicious transactions to the proper authorities, and when it did report them, not doing so in a timely manner. Netherlands bank ABN Amro revealed on Thursday, Sept.

AML

PYMNTS

MARCH 14, 2017

As banks and payments companies endeavor to meet anti-money laundering (AML) regulations to avoid hefty fines for non-compliance, easily identifying customers in the digital channel becomes paramount to their success. Why Good Processes Alone Can’t Make AML Stick. In the U.S. Which is why, Clark said, it’s time for a change.

AML

PYMNTS

SEPTEMBER 26, 2019

The bank is accused of not performing due diligence or customer monitoring, and not reporting suspicious transactions to the proper authorities, and when it did report them, not doing so in a timely manner. .

AML

PYMNTS

JANUARY 17, 2020

And in tracking and stopping the flow of funds, challenges exist because authorities often cannot have crypto addresses shut down due to the decentralized nature of blockchains themselves, according to Chainalysis. The schemes themselves are varied. A week ago, on Jan.

Money Laundering

Seon

SEPTEMBER 23, 2024

Compliance with anti-money laundering (AML) regulations is now a legal obligation. Payment screening helps ensure transactions comply with AML laws and international sanctions, protecting financial institutions, fintechs, payment providers, and igaming companies from fines and legal issues.

Suspicious Activity Report (SAR)

The Fintech Times

JUNE 20, 2024

This integration will enable banks to onboard new users swiftly, perform anti-money laundering (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.

Compliance