Fintech News

APRIL 11, 2024

Khoo, with an extensive background in public service, law enforcement, and national security, joins the company to enhance its efforts in combating fraud and financial crime within digital asset spaces. Boon Hui Khoo “I am pleased to contribute to TRM’s mission of building a safer financial system in this digital age.

Advisors 84

Advisors Law Enforcement Laws Financial Crimes 84

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. Gross negligence – or evidence of a battle waged by banks that requires new, high-tech weaponry?

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

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

AUGUST 20, 2024

Under a new anti-fraud safety mechanism, when Macau users withdraw their assets from Binance, the system will pop up the anti-scam warning notification tailored by Judiciary Police, providing users with practical tips and contact information of local law enforcement agencies. The latest campaign will start as a month-long trial.

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Scams Risk Law Enforcement Transactions 59

PYMNTS

AUGUST 12, 2020

Federal law enforcement officers alleged thousands of buyers in every U.S. payment processor to execute the scheme and keep it hidden from law enforcement, the release stated. Vietnamese authorities have also conducted their own investigation and arrested the defendants.

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Law Enforcement Federal Trade Commission Financial Crimes Scams 52

Finovate

JULY 23, 2024

In fact, the Financial Crimes Enforcement Network (FinCEN) has reported that check fraud is becoming increasingly prevalent and, as of 2023, represents more than a third of all fraud at depository institutions. designed to defend consumers from Authorized Push Payment (APP) fraud.

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Checks Fraud Detection Financial Crimes Crime 64

PYMNTS

OCTOBER 7, 2018

Danske Bank’s interim chief financial officer Morten Mosegaard noted that the U.S. DOJ financial crime inquiry differs from that of ABLV in Latvia. law enforcement agencies were examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states.

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Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59

PYMNTS

JUNE 16, 2020

In addition, National Security Institute Founder and Executive Director Jamil Jaffer suggested that the Secret Service be moved to the Treasury Department from the Department of Homeland Security (DHS) and to give it further investigative authorities and resources, among other recommendations.

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Cybersecurity Money Laundering FBI Treasury 90

The Fintech Times

APRIL 29, 2024

If that is not the case, and you observe unusual and/or suspicious activity, submit a report (via a suspicious activity or transaction report – SAR or STR) to your local financial intelligence unit (FIU) for investigation, if necessary, escalate matters to the relevant law enforcement authorities.

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Money Laundering AML SARS Financial Crimes 78

Fintech News

FEBRUARY 10, 2025

While traditional financial systems remain the primary channel for terror financing, cryptos anonymity and accessibility provide a powerful alternative. In 2024, law enforcement traced a series of cryptocurrency transactions to local hawala networks, which facilitated money transfers between terrorist cells. billion globally.

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Crime Ransomware Scams Phishing 91

PYMNTS

FEBRUARY 19, 2020

Financial Intelligence Units (FIUs) from the 39-country Financial Action Task Force (FATF) and the Egmont Group Secretariat gathered in Paris to talk about the global repercussions of virtual assets, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. .

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Fincen Money Laundering Law Enforcement Financial Crimes 60

PYMNTS

JULY 16, 2019

The company is working with the appropriate law enforcement authorities in connection with this matter,” KeyCorp said in the filing. The bank is currently working with law enforcement on the issue. Shares in KeyCorp fell 1.8 percent and the company lost about $178 million from its market cap, dragging it to $17.56

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Payroll Law Enforcement Wire Transfer Laws 57

PYMNTS

OCTOBER 9, 2018

We are doing preliminary breach of union law inquiries on … the Danske Bank case in Denmark,” said European Banking Authority (EBA) Chair Andrea Enria told the European Parliament, according to Reuters. However, the DFSA doesn’t have the authority to actually impose fines on the bank. Last month, it was revealed that U.S.

Money Laundering 57

Money Laundering Regulations Law Enforcement Non-Bank 57

PYMNTS

SEPTEMBER 4, 2018

Financial crime is drawing scrutiny — and fines — at large financial institutions. To that end, ING Group said it has agreed to pay 775 million euros — about US$900 million — to settle investigations by Dutch authorities over money laundering and other illicit activities.

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Due Diligence Money Laundering Law Enforcement Authorization 46

FICO

MARCH 16, 2021

But when the consumer provides personal data and authorization credentials, the bogus service provider captures the information and uses it to commit an account takeover. . Money mule networks gain faster traction in countries offering instant payments, as these help move and layer-in funds far faster than law enforcement can track.

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Money Laundering Fraud Prevention Financial Crimes Due Diligence 52

PYMNTS

NOVEMBER 14, 2018

“The problem is far bigger than has been reported … If this is properly investigated, and the money followed all the way to the end — it all went to large, multinational Western financial institutions, and either the U.S. government or other authorities have the ability to track down every transfer and any account.”

Money Laundering 49

Money Laundering Law Enforcement Non-Bank Treasury 49

Stax

DECEMBER 4, 2023

PayFacs must also monitor their transactions continuously for any suspicious behavior and report them to the authorities immediately. For this, you might require data from government sources, international regulators, and law enforcement agencies. Q: Why is AML compliance critical for PayFacs?

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Money Laundering Compliance AML Due Diligence 88

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing). By Parag Patel , Eric S.

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Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

JUNE 18, 2018

During an interview in 2016, he bragged that the Thai police only seized his closed and encrypted laptops, and they could spend decades trying to access those hard drives; without that data, law enforcement has no hard evidence of his crimes. They don’t have s–t on me,” he said at the time. I’m not going [to the U.S.].

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Money Laundering Law Enforcement FBI Crime 46

Segpay

MAY 1, 2024

DORA isn’t only designed to reduce financial crime. The Act will help regulators to identify and investigate financial crime more effectively. By collaborating with industry stakeholders, regulatory authorities, and other relevant parties to identify and address systemic risks in the digital ecosystem.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52

FICO

JUNE 9, 2022

Artificial intelligence (AI) and machine learning (ML) technologies have long been effective in fighting financial crime, used more than 30 years for fraud detection. Unfortunately there is no reliable way to determine whether a SAR is defensive or not because of a lack of feedback from law enforcement and regulators.

Money Laundering 52

Money Laundering AML SARS AI 52

The Fintech Times

MAY 22, 2024

Silvija Krupena, director of the financial intelligence unit at RedCompass Labs “To tackle this scourge holistically, we need to see more action from social media platforms where most of the fraud originates. This is in addition to payment firms tracking the money movements, and law enforcement bringing criminals to justice.”

Scams 59

Scams Finance Push-to-Card Romance Scams 59

FICO

JANUARY 10, 2023

We heard about taxi and fast-food scams where customers were distracted as large sums were being entered into card machines prior to PIN entry, as well as many variations on authorized push payment fraud. Kicking Back Against Mules.

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Scams Posting Push-to-Card Compromise 52

Neopay

FEBRUARY 21, 2024

They provide important information to law enforcement, helping to catch criminals and prevent future crimes. Reporting SARs isn’t just a legal duty; it’s about protecting the financial system. SARs help authorities catch criminals and prevent further harm. Contact us to find out more.

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SARS Financial Crimes Crime Suspicious Activity Report (SAR) 59

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. FinCEN, a division of the U.S.

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Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

Segpay

NOVEMBER 8, 2023

Their team of experts utilizes innovative technology, artificial intelligence, and the support of tech companies and law enforcement agencies worldwide to identify and assess potentially illegal content. Collaboration with Authorities Collaboration with law enforcement agencies, card schemes, and organizations like the IWF is critical.

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Law Enforcement Processors Laws Procedures 52

Neopay

FEBRUARY 21, 2025

The Financial Conduct Authority (FCA) has fined Mako Financial Markets Partnership LLP (Mako) 1,662,700 for significant failures in its financial crime controls. This marks the eighth enforcement case brought by the FCA as part of its broader investigations into cum-ex trading. What happened?

Financial Crimes 52

Financial Crimes Due Diligence Crime Compliance 52

Neopay

JANUARY 27, 2025

The FCA has fined Arian Financial LLP (Arian) 288,962.53 for failing to ensure it had effective systems and controls against financial crime. This has involved proactive engagement with EU and global law enforcement authorities. The FCA has imposed fines of more than 22m in relation to this trading.

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Law Enforcement Financial Crimes Money Laundering Crime 52

PYMNTS

FEBRUARY 1, 2021

The company wasn’t licensed with the proper authorities at the Financial Crimes Enforcement Network (FinCEN). Mejia was found out through meeting with an undercover law enforcement agent, exchanging bitcoin for tens of thousands of dollars in cash, the release stated.

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Bitcoin Law Enforcement Fincen Financial Crimes 67

PYMNTS

JANUARY 3, 2021

New legislation passed by Congress will implement new regulations on the antiquities trade in order to hopefully crack down on the possibility of money laundering or other crimes, The New York Times (NYT) writes. There will be new partnerships with the private sector, law enforcement and the public.

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Rules AML Money Laundering Law Enforcement 60

PYMNTS

FEBRUARY 17, 2017

Treasury’s Financial Crimes Enforcement Network (FINCEN). billion over allegations it failed to tell authorities about its suspicions of fraud at Bernie Madoff’s fund. “I “But when everything is a priority, nothing ends up being a priority.”. companies as much as $8 billion a year to stay on the right side of the regs.

Money Laundering 40

Money Laundering Regulations Regs Fincen 40

PYMNTS

SEPTEMBER 28, 2018

For years, law enforcement has feared that bitcoin could make money laundering easier. The newspaper claims that law enforcement possibly seized under $2 million of the funds that the paper analyzed. According to its analysis, which it is said only included “a narrow slice of suspected criminal behavior,” $88.6

Consumer Financial Protection Bureau (CFPB) 76

Consumer Financial Protection Bureau (CFPB) Money Laundering Law Enforcement Federal Trade Commission 76