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. The fine of 3.5

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Central Bank Money Laundering AML Financial Crimes 52

FICO

MARCH 6, 2020

In September 2019, Fico and Visma announced their partnership to Offer SaaS Anti Financial Crime Solutions in Western Europe. I also manage the partner channels and programs for our financial crime compliance solutions. For more than two decades I have now been working in the financial services industry.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

PYMNTS

SEPTEMBER 29, 2020

Jumio , known for its suite of artificial intelligence (AI)-powered identity verification and online know your customer (KYC) products, is beefing up its anti-money laundering (AML) powers. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

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Financial Crimes AML Crime Money Laundering 61

Neopay

APRIL 22, 2025

How Neopay can help At Neopay, we welcome these efforts to tackle financial crime at its source. As regulatory and compliance specialists for payment and e-money firms, we recognise the importance for due diligence, transaction monitoring, and robust AML controls.

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Money Laundering Crime Due Diligence Financial Crimes 52

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.

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Money Laundering Law Enforcement Due Diligence Financial Crimes 123

PYMNTS

SEPTEMBER 23, 2019

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.

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AML Compliance Financial Crimes Automation 65

FICO

JULY 14, 2016

The sheer scope of financial crime—money laundering, evasion of sanctions, financing of terror and other transgressions—is shocking. All of these crimes were years in the making, which makes me think there are many more still out there, still gestating. And follow me on Twitter @FraudBird.

Financial Crimes 66

Financial Crimes Crime Money Laundering Due Diligence 66

FICO

MAY 20, 2021

In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift.

Financial Crimes 52

Financial Crimes AML Automation Crime 52

The Fintech Times

JULY 21, 2024

UK financial services firms currently spend over £21,000 per hour fighting financial crime and fraud through onboarding and compliance screening processes, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions.

Financial Crimes 64

Financial Crimes Crime Compliance Due Diligence 64

The Fintech Times

AUGUST 9, 2024

AU10TIX , the identity verification and management firm, has unveiled a new anti-money laundering (AML) solution, in a move to help businesses ensure a safer approach to risk mitigation. By providing a one-stop shop for all identity verification and AML compliance needs, AU10TIX ensures businesses can operate securely and efficiently.

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AML Risk Payment APIs and Integration Money Laundering 64

The Paypers

JULY 23, 2021

Varo Bank has selected financial crime investigation firm Quantifind ’s Graphyte platform to optimise its adverse media screening and investigations automation performance.

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Due Diligence AML Financial Crimes Crime 50

Neopay

NOVEMBER 13, 2024

The Financial Conduct Authority (FCA) recently levied a substantial £16,675,200 fine against Metro Bank PLC (Metro) for significant shortcomings in its financial crime prevention systems and controls. This ensures that appropriate systems and controls are in place to identify, prevent and manage financial crime risks.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

Finovate

DECEMBER 2, 2024

The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF). This collaboration has yielded flexible, customized solutions to help FIs deal with challenges ranging from anti-money laundering (AML) to counter-terrorist financing (CTF).

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Compliance Acquirers Money Laundering Due Diligence 105

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. Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses. These must be addressed.”

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AML Financial Crimes Risk Assessment Crime 52

FICO

JULY 25, 2016

Anti-money laundering (AML) is a good example. My FICO colleague TJ Horan recently blogged about the skyrocketing compliance costs that banks face in their fight against money laundering and other financial crimes. TJ wrote: In 2015 we acquired TONBELLER, an innovator in risk-based financial crime prevention and compliance.

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AML Money Laundering Financial Crimes Crime 64

Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. As a result, the cumulative financial crime compliance costs have now exceeded an impressive $206 billion.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. In case you missed it, FICO World 2022 was a very welcome return to in-person learning and networking for the global fraud detection and financial crime-fighting community. Fraud Detection and AML Collaboration. Tue, 07/02/2019 - 02:45. by TJ Horan.

Financial Crimes 52

Financial Crimes Crime AML Fraud Detection 52

PYMNTS

AUGUST 14, 2019

More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S. and around the world. This includes offering sports betting through a mobile app.”.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

The Payments Association

MAY 9, 2025

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. Correspondent banking is vital in facilitating global trade, enabling cross-border remittances, and connecting emerging markets to the international financial system.

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Correspondent Bank Correspondent ISO 20022 Wire Transfer 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. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

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Money Laundering Law Enforcement AML Non-Bank 109

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

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Due Diligence Financial Crimes Compliance AML 59

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 88

Money Laundering Compliance AML Due Diligence 88

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 59

Financial Crimes Due Diligence Crime Compliance 59

PYMNTS

JUNE 17, 2020

According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Australian bank Westpac Banking Corp. may stand as Exhibit A here.

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AML Money Laundering Compliance Financial Crimes 75

PYMNTS

JUNE 10, 2019

In addition to the check issues, Deutsche Bank is looking into other “critical” and “significant” failings found by auditors, including client due-diligence name list screening practices in Hong Kong, Singapore and India, and staff sending sensitive information over WhatsApp or personal emails.

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AML Money Laundering Process Due Diligence 55

FICO

JANUARY 18, 2019

Despite advances in customer due diligence, including the addition of advanced analytics to compliance officers’ toolkits, the scandals of 2018 confirmed that many banks are struggling to bring their operations up to regulators’ standards, to say nothing of best practices. Watch this space for more on financial crime compliance!

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Financial Crimes Crime Compliance Due Diligence 40

Seon

APRIL 11, 2024

As fraud gains in volume and velocity, so too will the need for fraudsters to launder their profits – and as cross-border financial crimes are here to stay, no institution or location is immune. Moving in the other direction, fraud teams can leverage traditional AML information to create more robust and refined risk rulings.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Finovate

JUNE 20, 2024

.” Refine Intelligence’s Digital Customer Outreach platform helps financial crime and compliance teams tackle a range of fraud and financial crime issues. Refine Intelligence made its Finovate debut at FinovateEurope 2023.

Fraud Prevention 59

Fraud Prevention Checks Financial Crimes Due Diligence 59

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, the bank recommends that the bloc make a “single agency” for the task as the ideal solution, the Financial Times reported.

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AML Money Laundering Due Diligence Financial Crimes 43

Seon

MAY 10, 2024

Given its complexity and cross-jurisdictional nature, financial institutions struggle with detecting, investigating and reporting such activities. Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

FICO

SEPTEMBER 16, 2020

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-money laundering efforts, many remain unsure how to operationalize the advanced technology. Key drivers of financial crime strategy.

Money Laundering 52

Money Laundering Financial Crimes AI APACS 52

FICO

FEBRUARY 14, 2017

In yesterday’s post, my colleague TJ Horan introduced the topic of artificial intelligence being applied to anti-money laundering (AML). Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering. In the fast-changing world of financial crime, this isn’t good enough.

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AML Compliance AI Money Laundering 40

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.

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Compliance Fincen Suspicious Activity Report (SAR) AML 71

The Fintech Times

JULY 3, 2024

“While the financial services industry clearly has a role to play in terms of keeping their control environments up to date with the latest advancements in fraud detection and monitoring capabilities, the real battleground is the channels fraudsters exploit to ensnare unsuspecting victims.

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Scams Financial Crimes Due Diligence Crime 105

Seon

SEPTEMBER 23, 2024

The Financial Action Task Force (FATF) estimates that two to five percent of global GDP, approximately $2 trillion, is laundered annually. Compliance with anti-money laundering (AML) regulations is now a legal obligation. Stay Ahead of Financial Crime Fight the rising tide of payment fraud and strengthen your defenses now.

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Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

FICO

DECEMBER 17, 2020

Anti-financial crimes regulations require banks to enact robust risk management frameworks, including extensive KYC due diligence, integrated safeguards for AML transaction monitoring, and sanctions screening. To hear more about my thoughts on cryptocurrency and financial crime, connect with me on LinkedIn.

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Cryptocurrency Risk Financial Crimes Crime 52