The Fintech Times

MARCH 28, 2025

According to the 2024 Nasdaq global financial crime report, fraud scams and bank fraud schemes alone cost have cost businesses across the globe $485.6billion. In fact, the overall global economic impact of financial crime has been estimated to be $5trillion.

Financial Crimes 76

Financial Crimes Crime Fraud Prevention Due Diligence 76

Fintech News

JUNE 3, 2024

The Asia-Pacific (APAC) region faces significant challenges in combating money laundering due to its diverse economies, large volume of cross-border trade, and varying levels of regulatory enforcement across different countries — the trends of money laundering in Asia Pacific are constantly evolving.

Money Laundering 127

Money Laundering Financial Crimes Crime APACS 127

The Payments Association

NOVEMBER 12, 2024

Whether financial institutions should build or buy financial crime management systems. As Financial crime grows increasingly complex, payment leaders face a critical choice: build an in-house financial crime management (FCM) solution or buy an established third-party system. Why is it important? What’s next?

Financial Crimes 88

Financial Crimes Crime Fraud Prevention Compliance 88

Fintech News

OCTOBER 6, 2024

Singapore is enhancing its anti-money laundering (AML) framework with new recommendations from the Inter-Ministerial Committee (IMC). This comes after a review sparked by the high-profile money laundering case in August 2023, in which more than S$3 billion worth of assets were seized.

Money Laundering 123

Money Laundering Law Enforcement Financial Crimes Due Diligence 123

Finovate

DECEMBER 11, 2024

ThetaRay launched GenAI Financial Crime Detection Suite. The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators. The service allows clients to adapt the models to their specific task or use case. Vice President Yina Arenas.

Financial Crimes 59

Financial Crimes Crime Money Laundering Risk Assessment 59

Fintech Finance

MARCH 10, 2025

However, many still rely on legacy AML compliance systems built for fewer payment rails, most of which are not aligned with real-time settlement workflows. Recent Datos Insights research indicates that 91% of surveyed financial institutions (FIs) are making significant or moderate investments in payment modernization.

Real Time Payments 75

Real Time Payments Faster Payments Transactions Money Laundering 75

The Payments Association

FEBRUARY 10, 2025

Economic Crime and Corporate Transparency Act examined: A guide to avoiding the failure-to-prevent fraud offence February 6 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? And dont forget to keep your risk assessment and procedures up-to-date going forward!

Crime 88

Crime Fraud Prevention Risk Assessment Due Diligence 88

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. Usage of mixers peaked in 2022, with over US$1.5

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

The Paypers

JUNE 12, 2025

Following this announcement, the company’s expanded offering will integrate fraud prevention and AML compliance, aiming to provide teams with access to a single platform to screen and monitor customers in real-time, manage alerts, investigations, and regulatory reporting.

Money Laundering 41

Money Laundering AI AML Financial Crimes 41

Fintech News

JUNE 3, 2025

The agency said this action should serve as a warning to other digital currency exchanges that fail to comply with Australias anti-money laundering and counter-terrorism financing (AML/CTF) obligations.

ATM 68

ATM Money Laundering Scams Digital Currency 68

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

FICO

MARCH 17, 2021

Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. However to set a context, we must first answer the question – what is trade-based money laundering? This study, together with the U.S.

Money Laundering 98

Money Laundering Crime Financial Crimes Industry Trends 98

The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

Fintech Finance

JUNE 3, 2025

ThetaRay , a global leader in Cognitive AI financial crime compliance, and Spayce , a cross-border payments platform, today announced a strategic partnership to combat evolving financial threats and enhance global payment security. The collaboration will be officially unveiled at Money 20/20.

Financial Crimes 52

Financial Crimes Crime Global Payments AI 52

Fintech Finance

OCTOBER 30, 2024

Our Distinguished Speakers line-up: Abbas Khamisa, Head of Treasury Solutions, Global Banking at MUFG Investor Services Alessandra D’Este, Senior Payments Expert, EMEA at Swift Amrit Toor, Solutions Architect at Cloudflare Andrea Moundi Savvides, Global Director of Risk and Compliance (Harneys) and Chair and Founding Member of the Cyprus Compliance (..)

Compliance 98

Compliance AML Money Laundering Payments 98

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 Developments Around The AML/KYC Space.

AML 104

AML Cryptocurrency Verification Money Laundering 104

The Fintech Times

JANUARY 21, 2025

As much as three-quarters (72 per cent) of regulated companies feel overwhelmed by current anti-financial crime compliance demands; according to the latest study by digital compliance and anti-money laundering (AML) solution provider SmartSearch.

Regulations 72

Regulations Financial Crimes Money Laundering Crime 72

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.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

FICO

MARCH 24, 2021

In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. Plan for upticks in particular areas of AML compliance activity. Other Risk Considerations. Set clear and realistic priorities.

Money Laundering 98

Money Laundering SARS Fincen Financial Crimes 98

Fintech Finance

OCTOBER 11, 2024

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. AML program, broadly aligned to its existing remediation program, which is progressing steadily under the direction of its new U.S. AML leadership team. Formal oversight of the AML remediation through a Monitorship. balance sheet.

AML 98

AML BSA Money Laundering Financial Crimes 98

The Payments Association

NOVEMBER 25, 2024

While emphasising the importance of robust anti-money laundering (AML) measures, the FCA has consistently advocated against indiscriminate de-risking. Banks continue to sever ties with MSBs like PFS without individualised assessments, often citing AML concerns or geopolitical risks associated with countries like Iran.

Risk 88

Risk Financial Crimes AML Financial Inclusion 88

The Fintech Times

MARCH 31, 2025

As cross-border transactions grow in Europe, the cloud-based financial crime management technology solutions provider, Nasdaq Verafin has revealed that these payment channels are opening up more passageways for fraud to take place, as $194.9billion was moved across borders in 2023; more than a quarter of the total fraud figure in 2023 ($750billion).

Cross-Border 64

Cross-Border Addressing Financial Crimes Elder Abuse 64

Neopay

APRIL 10, 2025

million penalty on Revolut Bank UAB the largest penalty ever for the neobank for the deficiencies in its financial crime prevention system. This follows a 2022 penalty of 70,000 for delayed accounts and after previous attention of the UK’s Financial Conduct Authority in 2019 on AML compliance. What went wrong for Revolut?

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

Finextra

FEBRUARY 13, 2025

Mastercard has launched a service in Asia Pacific, called Trace, that uses AI to identify and prevent money laundering and financial crime.

Visa 112

Visa AI Money Laundering Financial Crimes 112

The Payments Association

MARCH 25, 2025

As director/MLRO of SENDS, a UK-licensed EMI, I see AI’s potential in fraud prevention, AML, and compliance. At SENDS, we integrate AI-powered compliance tools to streamline KYC and AML, improving efficiency, accuracy, and speed. AML compliance requires risk assessment, transaction monitoring, and reporting suspicious activity.

Regulatory Compliance 136

Regulatory Compliance AML Compliance PCI DSS 136

Finovate

JANUARY 30, 2025

What can the financial services industry do to better educate their clients about the challenge of financial crime? Before joining the financial services industry, Littlechild was a specialist in white collar crime, investigations, and compliance at Ropes and Gray.

Financial Crimes 52

Financial Crimes Crime White Collar Crime AML 52

The Fintech Times

JUNE 8, 2025

The UAE Ministry of Economy and Dubai Police have signed a new deal to step up their efforts to fight financial crime. The agreement will help improve how both bodies work together to spot and stop money laundering and terrorism financing, while also sharing data and expertise. The MoU was formalised by H.E.

AML 45

AML Economy Financial Crimes Money Laundering 45

PYMNTS

OCTOBER 15, 2020

When Jumio acquired anti-money laundering (AML) solutions platform Beam last week, the move was more significant than simply adding AML strength to its onboarding platform, Jumio ’s Chief Product Officer Philipp Pointner told PYMNTS in a recent conversation. “We The Pandemic Creates A Growing AML Need.

AML 97

AML Continuity Money Laundering Authentication 97

PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. By partnering with Featurespace, we’re providing our customers with a powerful AML solution that leverages the latest in machine learning to fight illicit activity and ensure compliance.”. Computer Services, Inc.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

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.

AML 109

AML Money Laundering Non-Bank Financial Crimes 109

PYMNTS

MARCH 15, 2019

Money laundering is a major threat in the United Kingdom , one some watchdogs say is not being taken seriously enough. While the Financial Action Task Force (FATF), an intergovernmental body that develops policies to combat financial crime, recognizes the U.K. banks and their subsidiaries every year. “The Regulatory Weakness.

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

PYMNTS

DECEMBER 10, 2020

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. Cryptocurrency-related crimes totaled $4.3 billion in laundered money flow through cryptocurrency exchanges, up from $1 billion in 2018. The same year saw $2.8

AML 88

AML Cryptocurrency Money Laundering Compliance 88

The Payments Association

JANUARY 29, 2025

2024 brought significant regulatory action, highlighting persistent weaknesses in financial crime controls across the industry. As we enter 2025, we look back at five significant cases from 2024 and the lessons they provide for organisations aiming to strengthen their financial crime frameworks.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Fintech News

MAY 22, 2024

Over the past years, financial crime tech has risen to prominence, driven by increasing complexity and frequency of financial crimes, stricter regulations and compliance requirements, and technological advancements. Today, we delve into these firms’ offerings, recent strides and contributions to the field.

Financial Crimes 104

Financial Crimes Crime APACS Risk Assessment 104

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. These protocols are integral to combating financial crime and ensure regulatory compliance.

AML 98

AML Verification Research Consumer 98

PYMNTS

MARCH 18, 2019

The term “money laundering” is believed to have originated as a result of infamous Chicago gangster Al Capone’s habit of channeling criminally obtained funds through laundromats, as their cash-heavy nature made it more difficult for the right side of the law to detect such money mixed in among legitimate payments.

Money Laundering 72

Money Laundering Automation AML Compliance 72