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. It is designed to prevent major outages, like the devastating CrowdStrike software update last summer, from crippling banking, payment, and investment services.

Regulations 73

Regulations FinTech BNPL Cross-Border 73

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 also confirmed that non-executive board members (NEBMs) of UK civil service departments are no longer to be treated as PEPs.

Money Laundering 52

Money Laundering Due Diligence Risk Risk Assessment 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.

Money Laundering 123

Money Laundering Law Enforcement Due Diligence Financial Crimes 123

Fintech Finance

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 97

Cross-Border Payments Visa Cross-Border Multi-Currency 97

PYMNTS

FEBRUARY 13, 2019

12) that it will now allow corporates to join its KYC Registry in an effort to facilitate the sharing of data between companies and their banks. ” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. .”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

Fintech News

JULY 17, 2024

The far-reaching study encompasses both crypto-native and non-crypto native methods, as well as strategies for prevention. 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.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

PYMNTS

JANUARY 26, 2021

In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.

Wire Transfer 97

Wire Transfer Blockchain Wire Wires 97

PYMNTS

JUNE 17, 2020

In financial fraud, the breaches come when bank standards are lax. Australian bank Westpac Banking Corp. And that guiding principle is what leads fraudsters and bad actors to probe systemic vulnerabilities in banks’ compliance processes. may stand as Exhibit A here. There was no evidence of intentional wrongdoing.”.

AML 75

AML Money Laundering Compliance Financial Crimes 75

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 BSA 88

Fintech News

MAY 22, 2024

It includes a suite of financial and non-financial crime risk domains with hundreds of risk indicators and controls, though users can also integrate their own. The company’s clients span across 11 sectors, including banking, fintech, corporate services, and real estate, and 18 jurisdictions. Transparently.AI

Financial Crimes 101

Financial Crimes Crime APACS Risk Assessment 101

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. For more details, you can read the FCA’s Final Notice on Starling Bank’s failings here.

Financial Crimes 59

Financial Crimes Due Diligence Crime Compliance 59

PYMNTS

MARCH 15, 2019

As a major player in cross-border banking and global finance, the country doesn’t just need to combat domestic financial crimes: It is also at risk of becoming a hub for transmitting and investing criminal funds obtained overseas. . banks and their subsidiaries every year. and the philosophies that foster it. . Regulatory Weakness.

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

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). Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

FICO

MARCH 6, 2020

A partnership aimed at helping banks, payment providers and fintechs meet the ever stronger regulatory demands while reducing effort and expense. . We serve corporates, insurance companies, and banks – be it a retail, private, wealth management, automotive or telecom bank, tier 1 or tier 3 bank. What do you do?

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

Finovate

AUGUST 13, 2024

The organization’s FinCrime suite includes market leading AML and fraud solutions. banks and credit unions. Banks and credit unions. Features Diadem Capital helps investors and lenders streamline due diligence, showcasing only the top prospects. Banks and credit unions.

Credit Union 59

Credit Union Due Diligence Legal Non-Bank 59

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. However, to implement an effective AML system, it is important to have effective KYC controls in place.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

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. The Physical Side of ID Theft .

AML 44

AML Verification Money Laundering Authentication 44

Stax

AUGUST 22, 2024

Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. You need thorough due diligence, technology, and adherence to regulatory guidelines in your risk management strategy. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

PYMNTS

SEPTEMBER 24, 2020

Australian banking giant Westpac has agreed to a massive fine of $920 million ($1.3 24), noting that Westpac had violated anti-money laundering (AML) and terrorism financing regulations more than 23 million times. million in Australian dollars) in a bid to put a money-laundering scandal behind it.

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

Finovate

SEPTEMBER 18, 2024

BaaS provider Synapse filed for Chapter 11 bankruptcy in April, leaving its clients, including Evolve Bank & Trust and multiple others, unable to verify and manage funds. In all, around $85 million in consumer funds are missing due to discrepancies in Synapse’s records.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

Global Fintech & Digital Assets

MARCH 5, 2024

Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products. All of this recent guidance aims to deliver more certainty for banks and securities firms seeking to capitalise on developments in digital assets and tokenisation. loyalty points, in-game assets).

Authorization 59

Authorization Product Due Diligence Procedures 59

Segpay

OCTOBER 4, 2023

These methods may include bank transfers, checks, PayPal, digital wallets, and more, depending on the options provided by the affiliate program or merchant. This lack of control can lead to affiliates engaging in unethical or non-compliant marketing activities. Non-compliance can result in fines and legal action.

Security 52

Security Due Diligence Compliance Payments 52

Fintech News

JANUARY 24, 2024

The move aims to protect against financial crime and loss, particularly in digital fraud, and includes broadening DPT service definitions and enhancing Anti-Money Laundering (AML) protocols such as Customer Due Diligence and transaction monitoring. Sparrow Tech Private offers digital asset products and solutions.

Service Provider 98

Service Provider Cryptocurrency Payments Institute Blockchain 98

Segpay

APRIL 1, 2025

This includes verifying through open banking details, credit card checks, mobile network operator age checks, or facial age estimation. PSPs may need to adjust payment processing to align with compliance requirements, ensuring they do not process transactions for non-compliant businesses.

Verification 45

Verification Regulations Online and Mobile Banking Privacy 45

Fintech News

NOVEMBER 21, 2024

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo. Global financial penalties for non-compliance with anti-money laundering (AML) regulations cost financial institutions US$6.6

Procedures 118

Procedures Due Diligence AML Non-Bank 118