PYMNTS

FEBRUARY 8, 2019

That holds true for money launderers as well. Their particular business benefits from such shifts, as the best money launderers seek out new holes in anti-money laundering (AML) defenses, and new ways to escape the notice of law enforcement and regulators. One factor is lack of awareness.

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Money Laundering Law Enforcement Credit Cards AML 77

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. This could be a possible case of illicit funds being pumped into the business for laundering.

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Money Laundering Compliance AML Due Diligence 88

PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

Money Laundering 68

Money Laundering Law Enforcement AML Payments 68

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?

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Money Laundering AML SARS Financial Crimes 78

Fintech News

MARCH 31, 2024

The Monetary Authority of Singapore (MAS) has officially rolled out the COSMIC platform , a digital initiative aimed at bolstering the defense against money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

Financial Crimes 113

Financial Crimes Crime Money Laundering Law Enforcement 113

PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We 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. Last month, it was revealed that U.S.

Money Laundering 57

Money Laundering Regulations Law Enforcement Non-Bank 57

PYMNTS

DECEMBER 9, 2019

A country long blamed for weak measures against money laundering, Japan has over 80 banks interested in joining the Interbank Information Network (IIN), said executive Daizaburo Sanai. Among the several initiatives being developed, IIN uses digital technology to accelerate international money transfers.

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Money Laundering Payment Networks Law Enforcement AML 52

PYMNTS

MAY 8, 2019

The site’s alleged co-owners, Tal Prihar and Michael Phan, who are both Israeli, were charged with one count of conspiracy to commit money laundering. This is the single most significant law enforcement disruption of the dark net to date,” Brady said. Half of that was collected from AlphaBay.

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Money Laundering Authorization Law Enforcement Encryption 49

PYMNTS

DECEMBER 18, 2020

The rule, which applies to financial institutions and is consistent with existing requirements, is intended to protect national security, assist law enforcement and increase transparency while minimizing the impact on responsible innovation.".

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Treasury Rules Bitcoin Ransomware 141

PYMNTS

SEPTEMBER 4, 2018

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. and Dutch authorities to a firm owned by an Uzbek official. The money laundering activities are not limited to Europe.

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Due Diligence Money Laundering Law Enforcement Authorization 46

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.

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Money Laundering AML SARS AI 52

PYMNTS

JUNE 19, 2019

The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well. The world’s governments, specifically regulatory and law-enforcement authorities, are essential partners in this endeavor.”.

Money Laundering 77

Money Laundering Law Enforcement Cross-Border Cryptocurrency 77

The Payments Association

FEBRUARY 10, 2025

Regulators need both the resources and the authority to take meaningful action against companies that turn a blind eye to fraudulent activities. 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

JANUARY 28, 2019

And last week in payments and commerce was particularly drizzly — between real money launderers making use of fake video game funds, regulatory fines and earning fumbles, all kinds of players were reaching for their umbrellas over the course of the week. Fortnite’s Money Laundering Problem. Capital One’s Earnings Flub.

Money Laundering 51

Money Laundering Visa Credit Cards Regulations 51

FICO

FEBRUARY 19, 2020

The ability to move money through multiple accounts quickly, makes it difficult for law enforcement to track criminal proceeds. Criminals use real-time payment schemes to commit fraud for direct financial gain or to facilitate other crime: Authorized Push Payment Fraud. Money Laundering and the Rise of the Money Mule.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

PYMNTS

JANUARY 23, 2019

Bloomberg , citing two people briefed on the situation who requested anonymity, reported the Federal Reserve’s move to look into how Deutsche Bank handled the transaction adds a new layer to what is amounting to one of the largest money laundering scandals on the books. In the U.S.

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Fed Money Laundering Federal Reserve Law Enforcement 55

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

The Paypers

JULY 17, 2018

(The Paypers) Revolut has announced British law enforcement authorities about suspect money laundering activities on its digital payments system, according to Financial Times.

Money Laundering 28

Money Laundering Law Enforcement Laws Authorization 28

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. The industry effort to identify and distribute Best Practices for U.S.

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Best Practices Money Laundering Law Enforcement AML 40

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. However, he noted that the move could negatively impact morale at DHS.

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Cybersecurity Money Laundering Treasury FBI 90

PYMNTS

FEBRUARY 13, 2019

But it covers the main challenge faced in the illegal drug trade: getting product into a specific location and getting their earnings out in a way that does not trigger anti-money laundering defenses. federal prison — shows how the money laundering game now stands for those global suppliers of cocaine, heroin and other illegal drugs.

Money Laundering 58

Money Laundering Debit Card Cross-Border BSA 58

PYMNTS

OCTOBER 7, 2018

investigation into money laundering at Danske Bank ’s Estonia branch, shares of the bank have reached the lowest level in four years on Friday (October 5). law enforcement agencies were examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states.

Money Laundering 59

Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59

PYMNTS

JULY 17, 2020

The Federal Financial Supervisory Authority, or BaFin , Germany’s market watchdog, has faced criticism over the regulator’s reported failure to investigate warnings about Wirecard. Among those sounding the alarm about Wirecard’s potential fraud and money laundering activity have been investors, U.S.

Money Laundering 60

Money Laundering Law Enforcement Authorization CHIPS 60

PYMNTS

JUNE 19, 2019

The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well. The world’s governments, specifically regulatory and law-enforcement authorities, are essential partners in this endeavor.”.

Bitcoin 72

Bitcoin Law Enforcement Cryptocurrency Money Laundering 72

PYMNTS

SEPTEMBER 21, 2020

The reality of the global financial system is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring systems, and we work closely with regulators and law enforcement to bring perpetrators to justice.”. billion in fines.

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . Virtual asset authorities from the FIUs of France, the U.S. Topics discussed included cryptocurrency business models, money laundering and terrorist finance risks, illicit typologies and the role of FIUs in tracing virtual assets. .

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Fincen Money Laundering Law Enforcement Financial Crimes 60

The Payments Association

JANUARY 29, 2025

Following the Financial Conduct Authoritys (FCA) 2020 visit, the FCA imposed a Voluntary Requirement (VREQ) to restrict new high-risk customer onboarding while CBPL remediated its controls. MillionAML The Financial Conduct Authority fined Metro Bank 16.7 million for serious deficiencies in its anti-money laundering controls.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

NOVEMBER 14, 2018

A lawyer for the whistleblower in the Danske Bank money laundering scandal warns that investigators should look into whether major Western banks were involved. government or other authorities have the ability to track down every transfer and any account.” It looks like the tip of the iceberg,” he said.

Money Laundering 49

Money Laundering Law Enforcement Non-Bank Treasury 49

Fintech News

FEBRUARY 10, 2025

Cybercrime syndicates leverage the regions high mobile penetration and relatively young, tech-savvy population to execute scams, exploitative trading schemes, and money laundering operations. This shift has made it increasingly difficult for authorities to freeze illicit funds in real time. billion stolen in 2024 alone.

Crime 91

Crime Ransomware Scams Phishing 91

PYMNTS

MARCH 27, 2017

Anti-money laundering and blockchain analysis software developer Chainalysis and Danish electronic payments provider Nets have reportedly teamed up to create solutions for Nordic banks that will validate bitcoin transactions and help financial institutions comply with regulations.

Cryptocurrency 44

Cryptocurrency Law Enforcement Money Laundering Security 44

Fintech News

FEBRUARY 21, 2024

These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations. The Monetary Authority of Singapore (MAS) played a pivotal role in shaping a safer and more innovative environment for digital assets.

Crime 109

Crime Ransomware Scams Romance Scams 109

PYMNTS

SEPTEMBER 16, 2019

The hacks were so extensive that authorities suspected it may have been a state-sponsored attack, but eventually they determined it was a large criminal enterprise that also had its hands in gambling, money laundering and stocks. Tyurin was originally charged in 2015 and remained at large until he was captured.

Money Laundering 46

Money Laundering Law Enforcement Authorization Crime 46

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).

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Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

APRIL 18, 2017

As industry stakeholders or authorities catch on to schemes and attack methods, cybercriminals are quickly moving to the next lucrative tactic they can put in place to make money. That same cycle has continued when it comes to transactional laundering. Payment Hustlers on the Rise. Flushing Out the Hustlers.

Law Enforcement 45

Law Enforcement Money Laundering Payments FTC 45

Seon

JUNE 29, 2023

That means money laundering can account for anywhere between $800 billion and $2 trillion annually. Thankfully, much of the answer to this corrupt financial activity boils down to organizations ensuring that they carry out an anti-money laundering process called Know Your Transaction (KYT).

Transactions 52

Transactions Due Diligence Money Laundering AML 52

PYMNTS

FEBRUARY 15, 2019

Bafin, the German financial watchdog that is monitoring Deutsche Bank’s involvement in the Danske Bank money laundering scandal, has asked the bank to review some of its correspondent banking policies, according to a report from Reuters. Deutsche Bank , for its part, said there was no malfeasance on its end.

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Correspondent Bank Money Laundering AML Correspondent 43

PYMNTS

JUNE 18, 2018

Clark is also charged with a number of conspiratorial charges, including narcotics trafficking and money laundering. Attorney’s office released an indictment against Clark (also known as “Variety Jones,” “VJ,” and “Cimon”), alleging he was a “real mentor” to Ulbricht over the course of the site’s operation.

Money Laundering 46

Money Laundering Law Enforcement FBI Crime 46