The Payments Association

NOVEMBER 25, 2024

The regulatory landscape: FCA and PSR’s roles in de-risking The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) are pivotal in shaping the UK’s financial ecosystem. By undermining regulated channels, de-risking paradoxically amplifies the very threats it aims to mitigate.

Risk 88

Risk Financial Crimes AML Financial Inclusion 88

The Payments Association

FEBRUARY 10, 2025

While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. However, their rapid adoption has raised concerns about regulatory oversight, particularly concerning anti-money laundering (AML) compliance. Why is it important? What’s next?

IBAN 88

IBAN AML Master Account Due Diligence 88

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

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

FICO

FEBRUARY 19, 2020

For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. How RealTime Payments Impact Financial Crime. Money Laundering and the Rise of the Money Mule.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

Stax

DECEMBER 4, 2023

According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. trillion took place in 2020, accounting for about 2.7% of global GDP.

Money Laundering 88

Money Laundering Compliance AML BSA 88

PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

Money Laundering 59

Money Laundering Regulations Financial Crimes Authorization 59

The Fintech Times

APRIL 3, 2024

The Monetary Authority of Singapore (MAS) has introduced COSMIC, a digital platform aimed at bolstering the global financial system’s defences against money laundering (ML), terrorism financing (TF), and proliferation financing (PF).

Financial Crimes 59

Financial Crimes Crime Money Laundering Law Enforcement 59

Neopay

DECEMBER 18, 2023

AMLA will have direct and indirect supervisory powers over high-risk obliged entities in the financial sector. AMLA will also have a supporting role with respect to non-financial sectors , and coordinate financial intelligence units in member states.

Money Laundering 52

Money Laundering Authorization AML Agreements 52

FICO

SEPTEMBER 26, 2016

Singapore Tonight, the evening news program of Channel NewsAsia, recently aired a story on money laundering in online gaming. It highlights how criminals, attempting to avoid detection by the authorities, may turn to less-regulated channels such as online games to launder money. or view it here.

Money Laundering 58

Money Laundering Financial Crimes Central Bank Crime 58

Fintech News

JUNE 26, 2024

Lawrence Wong Prime Minister and Finance Minister Lawrence Wong announced the strategy at the Financial Action Task Force Plenary Meeting, underscoring Singapore’s commitment to bolstering its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) efforts.

AML 109

AML Money Laundering Financial Crimes Scams 109

PYMNTS

DECEMBER 10, 2018

Prosecutors in Frankfurt, Germany have targeted a former anti-money laundering official at Deutsche Bank in a probe regarding the suspicion of money laundering, Reuters reported on Monday (Dec. The official was not named in the news, which was reported by Hessischer Rundfunk, a German public broadcaster.

Money Laundering 66

Money Laundering Legal Authorization Transactions 66

PYMNTS

FEBRUARY 27, 2019

27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. It also asked for a watchdog that would fight money laundering, following scandals at European banks.

Authorization 60

Authorization Money Laundering AML Financial Crimes 60

The Payments Association

FEBRUARY 10, 2025

On 6 November 2024, the government released its guidance to organisations on the offence of failure to prevent fraud , introduced as part of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). 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

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

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 109

AML Money Laundering Non-Bank Financial Crimes 109

Neopay

DECEMBER 5, 2024

The Financial Conduct Authority (FCA) has issued important updates to its Financial Crime Guide, following a public consultation on proposed changes. It also offers clarifications on the roles of the Money Laundering Reporting Officer (MLRO) and Senior Manager.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

Neopay

JULY 26, 2024

CB Payments Limited (CBPL), a subsidiary of the globally recognised cryptoasset trading platform Coinbase, has been fined £3,503,546 by the Financial Conduct Authority (FCA) for significant breaches of a voluntary requirement (VREQ) imposed on the company.

Financial Crimes 52

Financial Crimes Crime Breach Money Laundering 52

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 lapse created a potential risk for undetected money laundering activities.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Neopay

APRIL 25, 2024

The FCA are consulting on proposed changes to its Financial Crime Guide. Why the FCA are consulting The FCA are proposing updates to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring. Next steps Send us your comments on the CP questions by 27 June 2024.

Financial Crimes 52

Financial Crimes Crime Consulting Money Laundering 52

PYMNTS

NOVEMBER 25, 2018

Money laundering took on a new meaning this past week after Dutch police arrested a man who had hidden $400,000 in cash inside the drum of a washing machine. According to a report in CNN , Dutch police were conducting a raid for unregistered residents in western Amsterdam and found the money in the washing machine.

Money Laundering 55

Money Laundering Non-Bank Crime Treasury 55

PYMNTS

JANUARY 18, 2018

Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering, according to a report in Reuters. The report noted that roughly 100 platforms have registered with the Financial Crimes Enforcement Network.

Money Laundering 47

Money Laundering Treasury Cryptocurrency Financial Crimes 47

FICO

JULY 23, 2020

Europe and the USA are the two regions of the world hardest hit by financial crime compliance costs. With the projected total cost of financial crime compliance across the global finance sector estimated to be $180.9

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

Neopay

JANUARY 21, 2025

In a recent high-profile case, the Financial Conduct Authority (FCA) issued a Final Notice objecting to the proposed acquisition of Olampicaran Limited by Mr Ahmed. Olampicaran, a small payments firm providing money remittance services, was set to be fully acquired by Mr Ahmed.

Financial Crimes 52

Financial Crimes Compliance Crime Breach 52

Neopay

MAY 7, 2024

The Financial Conduct Authority (FCA) is proposing significant updates to its Financial Crime Guide. The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

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.

Due Diligence 46

Due Diligence Money Laundering Law Enforcement Settlement 46

Fintech Finance

OCTOBER 11, 2024

TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced that, following several years of active cooperation and engagement with authorities and regulators, it has reached a resolution of previously disclosed investigations related to its U.S. The Bank and certain of its U.S. billion. .”

AML 98

AML BSA Money Laundering Financial Crimes 98

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?

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

APRIL 27, 2016

Jennifer Shasky Calvery — the Treasury Department’s top anti-money laundering official — has announced her intentions to leave the U.S. Before her role as the head of the Treasury’s Financial Crimes Enforcement Network (FinCEN), Calvery was a federal prosecutor. That pact is part of a $1.9

Money Laundering 40

Money Laundering Treasury Fincen Financial Crimes 40

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. by Scott Zoldi.

Money Laundering 52

Money Laundering AML SARS AI 52

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.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

DECEMBER 6, 2018

Deutsche Bank’s exposure to the Danske Bank money laundering scandal has increased after the bank found it processed an additional €31bn of suspicious funds for Danske Bank than previously thought, reported Financial Times. The charges are related to the bank’s branch in Estonia.

Money Laundering 49

Money Laundering Identity Theft Laws Process 49

FICO

SEPTEMBER 27, 2019

Streamlining fraud detection and anti-money laundering (AML) processes is essential in fighting financial crime faster and more effectively. We heard this message loud and clear at Finovate in New York City this week, as we have from banks and financial institutions worldwide.

Financial Crimes 40

Financial Crimes Crime Fraud Detection Money Laundering 40

PYMNTS

NOVEMBER 8, 2020

WSJ quoted Kenneth Blanco, director of the Treasury Department’s Financial Crimes Enforcement Network, as having told anti-money laundering experts that some applicants used online instruction sets to position themselves to receive fraudulent loans. The business’ revenue isn’t a factor.

Money Laundering 108

Money Laundering Payroll Treasury Financial Crimes 108

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 contention is that transactions worth an estimated $225 billion, from 2007 and 2016, may have been used as part of criminal money laundering.

Money Laundering 43

Money Laundering Non-Bank Crime Risk Management 43

PYMNTS

DECEMBER 10, 2020

Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others. How Money Launderers Exploit Cryptocurrency. or the U.S.,

AML 88

AML Cryptocurrency Money Laundering Compliance 88

FICO

OCTOBER 17, 2019

Despite being early adopters of AI, now is not the time for fraud and financial crime specialists to rest on their laurels — they are involved in an ever-escalating arms race with criminals who also use such technology to launch their attacks on financial institutions. Financial Crime Is Fraud AND Money Laundering.

Money Laundering 40

Money Laundering AI Financial Crimes AML 40