Fintech News

JUNE 5, 2025

The Monetary Authority of Singapore (MAS) released its final position on the proposed regulatory regime for Digital Token Service Providers (DTSPs), under the Financial Services and Markets Act 2022, a week ago. This makes them especially vulnerable to being used for money laundering or terrorism financing.

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Money Laundering Due Diligence Cross-Border Rules 83

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.

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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.

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AML Money Laundering Financial Crimes Scams 109

Clearly Payments

NOVEMBER 13, 2024

This routing allows the processor to request authorization for the transaction from the issuing bank, which then approves or denies it based on factors like available funds and fraud checks. Routing : The payment processor routes the transaction request to the appropriate issuing bank for authorization.

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Process Processors Payments Compliance 104

Fintech News

MARCH 12, 2025

The Monetary Authority of Singapore (MAS) has deepened its financial collaboration with Vietnam through two key agreements signed on March 12, reinforcing economic ties and fostering innovation between the two nations.

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Finance Money Laundering Cross-Border Agreements 86

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. AML leadership team. The Bank and certain of its U.S.

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AML BSA Money Laundering Financial Crimes 98

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. We have … rules and actually quite strict ones.

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Fintech News

MAY 7, 2024

Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question.

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AML Money Laundering Non-Bank Financial Crimes 109

Payments Source

OCTOBER 14, 2020

Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

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Fincen Money Laundering AML Authorization 101

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. The fine of 3.5 How has Revolut responded?

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Central Bank Money Laundering AML Financial Crimes 52

PYMNTS

NOVEMBER 20, 2018

The European Central Bank is gearing up to launch a network of watchdogs that share information on money laundering in an effort to increase scrutiny of banks. Reuters noted that Nouy said the new initiative was “in full respect of the allocation of anti-money laundering responsibilities within the current legal framework.”

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Money Laundering Central Bank Legal Framework AML 73

The Paypers

FEBRUARY 23, 2024

The Financial Conduct Authority (FCA) of the UK has initiated an investigation into Lloyds Banking Group ’s Anti-Money Laundering (AML) controls.

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AML Money Laundering Authorization 83

PYMNTS

OCTOBER 12, 2018

Amid the headlines detailing the billions of dollars in money laundering done through conduits like Danske Bank and Deutsche Bank, among others, a report shows that the problem is a global one — and that it is getting worse. Going down the ranks of “top spots,” Tajikistan topped the list for countries at risk for money laundering.

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Money Laundering Risk AML Finance 75

The Payments Association

NOVEMBER 25, 2024

The regulatory landscape: FCA and PSR’s roles in de-risking The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) are pivotal in shaping the UK’s financial ecosystem. This shift increases financial crime risk and erodes the efficacy of the UK’s AML and counter-terrorist financing (CTF) frameworks.

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Risk Financial Crimes AML Financial Inclusion 88

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.

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

DECEMBER 10, 2020

Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others. How Money Launderers Exploit Cryptocurrency. Enforcing AML/KYC Compliance At Cryptocurrency Exchanges.

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AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

FEBRUARY 8, 2019

That holds true for money launderers as well. Their particular business benefits from such shifts, as the best money launderers seek out new holes in anti-money laundering (AML) defenses, and new ways to escape the notice of law enforcement and regulators. One factor is lack of awareness.

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Money Laundering Law Enforcement Credit Cards AML 77

The Payments Association

FEBRUARY 14, 2025

Safeguarding customer funds The Financial Conduct Authority (FCA) has proposed significant changes to the safeguarding regime for payments and e-money firms. Firms engaging with cryptoassets must already navigate UK financial promotions and anti-money laundering rules, with further oversight expected.

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Stablecoins Payment APIs and Integration Regulatory Compliance Compliance 88

Fintech News

DECEMBER 22, 2024

New crypto regulations came into effect, introducing requirements relating to anti-money laundering (AML) and countering the financing of terrorism (CFT) and financial stability, and reflecting Singapores commitment to fostering innovation in the crypto and tokenization space.

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FinTech Cross-Border Payments Cross-Border Money Laundering 113

Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

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Money Laundering Authorization AML Agreements 52

PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

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Money Laundering Law Enforcement AML Payments 68

Fintech Review

OCTOBER 1, 2024

A new focus on digital identity verification As the financial landscape continues to evolve, the importance of Anti-Money Laundering ( AML ) and Know Your Customer (KYC) processes has never been more pronounced. In the UK, the Financial Conduct Authority (FCA) is spearheading regulatory reforms aimed at strengthening integrity.

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PYMNTS

DECEMBER 5, 2019

5) agreed on strategy for anti-money laundering (AML) reforms and countering the financing of terrorism, Reuters reported. The European Council called for enhancements to AML rules and for the legislation to become national law. They also asked for “more robust and effective cooperation” among AML authorities.

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Money Laundering AML Rules Authorization 52

PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We We are doing preliminary breach of union law inquiries on … the Danske Bank case in Denmark,” said European Banking Authority (EBA) Chair Andrea Enria told the European Parliament, according to Reuters. Last month, it was revealed that U.S.

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Money Laundering Regulations Law Enforcement Non-Bank 57

The Payments Association

JUNE 3, 2025

This misconception has shaped many CBDC proposals, which tend to replicate traditional account-based structures under the control of central authorities or delegated intermediaries. CBDCs that allow authorities to track money not only when it moves but also when it remains stationary undermine trust.

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PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

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Money Laundering Regulations Financial Crimes Authorization 59

FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24.

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Money Laundering AML SARS AI 52

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.

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Service Provider Due Diligence AML Money Laundering 108

PYMNTS

DECEMBER 10, 2018

Prosecutors in Frankfurt, Germany have targeted a former anti-money laundering official at Deutsche Bank in a probe regarding the suspicion of money laundering, Reuters reported on Monday (Dec. The official was not named in the news, which was reported by Hessischer Rundfunk, a German public broadcaster.

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PYMNTS

FEBRUARY 27, 2019

27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report is a response to some high-profile money laundering cases and alleged finance-related crimes in the region.

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Authorization Money Laundering AML Financial Crimes 60

PYMNTS

FEBRUARY 4, 2019

Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals. A DIY Approach To AML/KYC. billion.

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AML Money Laundering Due Diligence Fincen 64

Fintech News

DECEMBER 9, 2024

This proactive approach, driven by the Monetary Authority of Singapore (MAS), seeks to enhance the nation’s financial infrastructure. The global nature of cryptocurrencies presents regulatory hurdles, particularly in areas like anti-money laundering (AML) and combating the financing of terrorism (CFT).

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PYMNTS

DECEMBER 9, 2019

A country long blamed for weak measures against money laundering, Japan has over 80 banks interested in joining the Interbank Information Network (IIN), said executive Daizaburo Sanai. Among the several initiatives being developed, IIN uses digital technology to accelerate international money transfers.

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Money Laundering Payment Networks Law Enforcement AML 52

PYMNTS

DECEMBER 11, 2020

Money laundering and terrorist financing also go on the list these days, perhaps like never before. PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars.

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Money Laundering AML Cryptocurrency Verification 87

Finextra

MAY 9, 2024

Cryptocurrency exchange Binance has been fined C$6 million by Canadian authorities for violating money laundering and terrorist financing laws.

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Money Laundering AML Laws Cryptocurrency 72

PYMNTS

JUNE 11, 2020

Social distancing restrictions implemented to curb the virus’s spread are preventing compliance professionals from obtaining physical identification documents and holding in-person meetings that typically enforced anti-money laundering/know your customer (AML/KYC) compliance. Compliance Enforcement Goes Remote With Biometrics.

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AML Legal Compliance Verification 74

Neopay

JULY 18, 2024

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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Travel Rule Money Laundering Rules Finance 52