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 107

AML Money Laundering Non-Bank Financial Crimes 107

PYMNTS

MARCH 15, 2019

Money laundering is a major threat in the United Kingdom , one some watchdogs say is not being taken seriously enough. The National Crime Agency (NCA) estimates that hundreds of billions of pounds are laundered through U.K. banks and their subsidiaries every year. and the philosophies that foster it. . Among the U.K.’s

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

The Payments Association

MARCH 19, 2025

Notably, the rise of cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) are transforming the digital payments landscape. These innovations offer businesses and consumers a way to move money faster, cheaper, and more securely.

Cross-Border 88

Cross-Border Reconciliation Compliance Payments 88

FICO

NOVEMBER 22, 2017

When the sheer computing power of AI meets the transactional complexity of AML, good things happen. This is a topic I am quite passionate about, as I firmly believe that eliminating the scourge of money laundering could make the world a significantly better place to live. This is almost the size of the UK’s annual GDP.

AML 78

AML AI Money Laundering SARS 78

Fintech Review

MAY 4, 2025

This guide covers the top 100 fintech tools across key categories including banking APIs, billing, KYC/AML, FX, crypto tools, and open banking. Banking-as-a-Service & Embedded Banking APIs Let’s start the top 100 fintech tools and platforms with embedded finance. Here are the top players: 1.

Payment APIs and Integration 76

Payment APIs and Integration FinTech Multi-Currency Embedded Finance 76

The Fintech Times

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 59

Cross-Border Payments Cross-Border Visa Multi-Currency 59

PYMNTS

OCTOBER 9, 2018

The European Union’s (EU’s) banking supervisor wants to know more about how Denmark’s financial watchdog supervised Danske Bank , which is being investigated by the U.S. Department of Justice (DOJ) over alleged money laundering. “We However, the DFSA doesn’t have the authority to actually impose fines on the bank.

Money Laundering 57

Money Laundering Regulations Law Enforcement Non-Bank 57

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.

Money Laundering 52

Money Laundering AML SARS AI 52

PYMNTS

MARCH 25, 2019

Consider the fact that, as noted in the most recent AML/KYC Tracker produced as a collaboration between PYMNTS and Trulioo , money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to $2 trillion-per-year problem, equivalent to 2 percent to 5 percent of the global GDP.

AML 78

AML Financial Crimes Money Laundering Crime 78

FICO

FEBRUARY 15, 2017

The focus on financial crime, and the money laundering that funds terrorist attacks and other criminal activities, has forced the industry to look for smarter approaches. Industry experts have begun to realize the significance of analytics in combatting anti-money laundering.

AML 67

AML AI SARS Money Laundering 67

The Fintech Times

APRIL 8, 2024

This April, The Fintech Times is focusing on all things embedded finance, the integration of financial services into non-financial products and services. First, we turn our attention to the growth of Banking-as-a-Service (BaaS). “Do they have a banking licence that means their customers’ money is protected up to a certain level?

FinTech 116

FinTech BSA Regulatory Compliance Money Laundering 116

Fintech Finance

JULY 16, 2024

The Financial Stability Board (FSB) published today, for public consultation, its proposed recommendations to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Consulting Regulations 98

PYMNTS

NOVEMBER 30, 2020

In today’s top news in digital-first banking, Computer Services, Inc. CSI) is collaborating with Featurespace to advance a new cybercrime offering to fight money laundering, while the loan payment relief mandated by the federal CARES Act has brought about mixed outcomes. CSI, Featurespace Team up to Fight Money Laundering.

AML 59

AML Money Laundering Non-Bank Liquidity Management 59

PYMNTS

JUNE 17, 2020

In financial fraud, the breaches come when bank standards are lax. Australian bank Westpac Banking Corp. In an interview with Karen Webster, Stephen Taylor , general manager of anti-money laundering at NICE Actimize , said the issues spotlighted by the Westpac CEO are hardly confined to that FI alone.

AML 75

AML Money Laundering Compliance Financial Crimes 75

Fi911

NOVEMBER 7, 2023

In the intricate world of banking and finance, maintaining the sanctity and security of transactions is paramount. A cornerstone of this mission is the concept of “AML,” or “Anti-Money Laundering” protocols. But, what does AML entail? As the name implies, the primary focus is on stopping money laundering.

AML 52

AML Compliance Money Laundering OFAC 52

PYMNTS

DECEMBER 26, 2018

Treasury’s FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti- money laundering (AML) has been occupying the headlines as of late. 3, 2018, the U.S.

Money Laundering 76

Money Laundering AML Wire Transfer Rules 76

PYMNTS

MARCH 11, 2019

In the wake of a slew of European money laundering scandals, deposits in the euro zone region from foreign countries dropped significantly in the latter half of 2018. Reuters reported that money laundering cases are often associated with large amounts of foreign deposits and uneven capital flowing between borders.

Money Laundering 59

Money Laundering AML Non-Bank Caps 59

PYMNTS

JANUARY 31, 2019

That doesn’t mean the payments and financial services space can afford to ignore the threat of money laundering and other kinds of fraudulent activity in the context of faster payments. 91 percent of the total $26 billion in AML and KYC fines were issued upon U.S. banks, separate data revealed. Indeed, in the U.S.,

Faster Payments 73

Faster Payments Money Laundering Same Day ACH AML 73

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

NOVEMBER 28, 2018

Preliminary charges have been filed against Denmark’s biggest lender, Danske Bank, over allegations that it violated the country’s money laundering laws, according to a report by Reuters. The charges are related to the bank’s branch in Estonia. The money laundering case is very serious.

Money Laundering 43

Money Laundering Non-Bank Crime Risk Management 43

FICO

JANUARY 8, 2018

One of the newer applications of artificial intelligence rose to the top of the Fraud & Security blog last year: anti-money laundering. Here were the top 5 posts of 2017 in the Fraud & Security category: AI Meets AML: How the Analytics Work. AI Meets AML: How Smart Analytics Fight Money Laundering.

AML 53

AML Posting AI Suspicious Activity Report (SAR) 53

PYMNTS

MARCH 20, 2020

Sweden’s oldest retail bank will face a hefty $386 million fine for a scandal that erupted last year over the bank’s poor handling of money laundering issues in the Baltic region, according to Reuters Thursday (March 19). Now, it is the largest bank in Estonia. million in transactions that violated U.S.

AML 55

AML Money Laundering Non-Bank Breach 55

PYMNTS

SEPTEMBER 21, 2018

Switzerland is reportedly exploring ways to make it easier for blockchain companies to open corporate bank accounts as the government moves to prevent those innovators from leaving the country. There are 530 blockchain startup companies based in Switzerland’s Crypto Valley, and there are 250 banks in the country.

Blockchain 74

Blockchain Accounts AML Money Laundering 74

Fintech News

MAY 22, 2024

In May, Fintech Global released its inaugural FinCrimeTech50 list, recognizing the world’s leading technology companies fighting money laundering, fraud and financial crime. 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.

Financial Crimes 102

Financial Crimes Crime APACS Risk Assessment 102

PYMNTS

OCTOBER 30, 2020

It cannot be overstated how integral non-cash payments are to the global economy, with the United States processing more than 174.2 Slow compliance checks and sluggish processing times are commonplace, especially on the legacy systems still used by many banks around the world. billion of these payments in 2018 alone for a total of $97.04

Automation 91

Automation Process Disputes AML 91

PYMNTS

AUGUST 4, 2017

Australia’s largest mortgage lender — Commonwealth Bank of Australia — has been officially accused by its government of widespread violations of anti-money laundering and counter-terrorism financing rules. Commonwealth Bank said in a statement it was reviewing the allegations and will file a statement of defense.

Money Laundering 40

Money Laundering Cross-Border Crime Financial Crimes 40

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 Wires Wire 97

The Fintech Times

MAY 13, 2025

Astra Tech s flagship platform Botim has partnered with Mbank , a digital bank in the UAE, to introduce the nations first fintech-integrated Jaywan card scheme. Appointments Moneybox, the wealth management platform, has welcomed Melissa Birge as an independent non-executive director to its board.

FinTech 59

FinTech Participant Non-Bank Money Laundering 59

Fintech Review

FEBRUARY 18, 2025

Embedded finance is transforming industries by incorporating financial services directly into non-financial platforms. This integration allows businesses to offer banking-like services, enhancing customer experience and simplifying transactions. This shift is redefining traditional banking structures. What is Embedded Finance?

Embedded Finance 95

Embedded Finance Finance Payment APIs and Integration Non-Bank 95

Electronic Transactions Association

MAY 10, 2022

WASHINGTON, DC (May 11, 2022) — The Electronic Transactions Association (ETA); INFiN, a Financial Services Alliance; the Money Services Business Association (MSBA); and The Money Services Round Table (TMSRT) today announced the release of Best Practices for U.S. All MSBs depend on access to banking services. financial system.

Best Practices 40

Best Practices Money Laundering Law Enforcement AML 40

FICO

FEBRUARY 7, 2018

Meeting the separate AML compliance requirements of multiple countries can be a nightmare, not only because of differences in rules but differences in data sources. Speed was an issue because the risk of non-compliance was high and their reputation had to be secured. Here's what they did. Detecting any kind of unusual behavior.

AML 49

AML Rules Money Laundering Compliance 49

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

Stax

APRIL 3, 2025

Its the bridge between an eCommerce website, its customers, and the bank. Its the third-party service that serves as the link between the payment gateway, acquiring bank, and issuing bank or card network. It works in tandem with the customers bank or credit card provider to verify and authorize the transaction.

Payment Solutions 88

Payment Solutions Payment APIs and Integration Payment Gateways Gateways 88

The Payments Association

FEBRUARY 10, 2025

It highlights new corporate responsibilities, significant penalties for non-compliance, and the businesses need to implement strong fraud prevention measures to protect their financial and reputational standing. The FCAs financial crime guide outlines expectations for firms regarding anti-money laundering (AML) and fraud prevention.

Crime 88

Crime Fraud Prevention Risk Assessment Due Diligence 88

PYMNTS

MAY 6, 2020

Irish bitcoin ATM operator Boinnex found itself facing roadblocks from Allied Irish Banks (AIB), which shut down its account and said it didn’t want to deal with an unregulated form like cryptocurrency, according to CoinDesk. Cryptocurrency still isn’t recognized by the Central Bank of Ireland as a legitimate form of payment.

Bitcoin 70

Bitcoin Cryptocurrency AML Money Laundering 70

PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

Fincen 46

Fincen Non-Bank Money Laundering AML 46

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.

AML 44

AML Verification Money Laundering Authentication 44