The Payments Association

JANUARY 13, 2025

However, PSPs must ensure their systems and processes support this capability, which may involve implementing blockchain analytics tools and strengthening compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

Legal

The Payments Association

JULY 15, 2025

The significant gap between fraud concerns and AML compliance suggests that immediate transactional threats are perceived as more urgent than regulatory adherence. Automation and enhanced due diligence received more modest attention at 18% and 5% respectively.

Financial Crimes

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. UK and EU divergence on scope and legal frameworks may introduce cross-border compliance and interoperability challenges.

Regulations

Finovate

JANUARY 24, 2025

Many FIs need to significantly upgrade their payment processing systems to handle real-time transactions, which also need to uphold fraud detection and AML/CTF rules in real time. For any crypto business operating in the EU, heavy compliance standards are becoming the norm, much like other industries that come with significant AML/CTF risks.

Regulations

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

Fintech News

JULY 17, 2024

The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers. In January 2024, nearly US$234 million in illicit inflows were recorded moving through bridges – the highest value to date.

Money Laundering

Nanonets

APRIL 30, 2024

While APIs do allow some level of interoperability, the extracted data often needs to be converted into a suitable format that might often require manual intervention - e.g. preparing a CSV file to import CRM data into Salesforce. The final extracted data needs to be sent to a downstream business software or stored in a database.

AI