PYMNTS

SEPTEMBER 16, 2020

Chinese authorities have made a series of arrests alleging more than $2 billion was laundered at offshore gambling sites through faux eCommerce purchases. The Financial Times (FT) reported police acknowledged that in a scheme to avoid China’s tough financial regulations, thieves have targeted sites including Pinduoduo Inc.,

Money Laundering 124

Money Laundering Cross-Border Central Bank Cross-Border Payments 124

PYMNTS

SEPTEMBER 13, 2020

Europe's biggest banks have called on the European Commission to implement tough regulations for cryptocurrencies, such as stablecoins, that would protect consumers and preserve state sovereignty in monetary policy, Reuters reported. In a joint statement Friday (Sept. The association declined to comment, Reuters reported.

Central Bank 145

Central Bank Cryptocurrency Regulations Money Laundering 145

Fintech News

JUNE 5, 2025

Singapore has taken a definitive step forward in digital asset regulation via its Singapore DTSP licensing framework. The Monetary Authority of Singapore (MAS) released its final position on the proposed regulatory regime for Digital Token Service Providers (DTSPs), under the Financial Services and Markets Act 2022, a week ago.

Money Laundering 84

Money Laundering Due Diligence Cross-Border Rules 84

The Payments Association

FEBRUARY 14, 2025

With regulatory scrutiny at an all-time high, payments firms must keep pace with evolving regulations to avoid financial penalties and reputational risks. In 2025, three priorities stand out: safeguarding customer funds, expanding open banking, and preparing for stablecoin regulation.

Stablecoins 88

Stablecoins Payment APIs and Integration Regulatory Compliance Compliance 88

Clearly Payments

NOVEMBER 13, 2024

This routing allows the processor to request authorization for the transaction from the issuing bank, which then approves or denies it based on factors like available funds and fraud checks. Routing : The payment processor routes the transaction request to the appropriate issuing bank for authorization.

Process 104

Process Processors Payments Compliance 104

PYMNTS

DECEMBER 2, 2019

Department of Justice (DoJ) has accelerated its probe into Deutsche Bank’s participation in a $220 billion Danske Bank money laundering scheme, Reuters reported on Monday (Dec. The DoJ is inquiring if Germany’s largest bank Deutsche assisted with moving dirty money to the U.S. 2), citing four sources.

Money Laundering 80

Money Laundering Authorization Participant Transactions 80

The Payments Association

FEBRUARY 10, 2025

While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Why is it important? What’s next?

IBAN 88

IBAN AML Master Account Due Diligence 88

Fintech News

MARCH 12, 2025

The Monetary Authority of Singapore (MAS) has deepened its financial collaboration with Vietnam through two key agreements signed on March 12, reinforcing economic ties and fostering innovation between the two nations.

Finance 88

Finance Money Laundering Cross-Border Agreements 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

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.

Money Laundering 88

Money Laundering Compliance AML BSA 88

PYMNTS

APRIL 15, 2019

Danish operations of Ernst & Young (EY) and KPMG are now under investigation by Danish police related to money laundering cases. According to Bloomberg , EY is accused of failing to notify authorities when it discovered red flags related to the Danske Bank money laundering case.

Money Laundering 70

Money Laundering Audit Authorization Procedures 70

PYMNTS

NOVEMBER 20, 2018

The European Central Bank is gearing up to launch a network of watchdogs that share information on money laundering in an effort to increase scrutiny of banks. Reuters noted that Nouy said the new initiative was “in full respect of the allocation of anti-money laundering responsibilities within the current legal framework.”

Money Laundering 73

Money Laundering Central Bank Legal Framework AML 73

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.

Money Laundering 77

Money Laundering Law Enforcement Credit Cards AML 77

Fintech News

APRIL 10, 2024

Authored by Juan Carlos Crisanto , Johannes Ehrentraud , and Denise Garcia Ocampo , this report underscores the increasing prominence of stablecoins in the financial landscape, pointing out their potential to mirror the value of fiat currencies.

Stablecoins 125

Stablecoins Regulations Digital Currency Risk Mitigation 125

Fintech News

DECEMBER 22, 2024

New crypto regulations came into effect, introducing requirements relating to anti-money laundering (AML) and countering the financing of terrorism (CFT) and financial stability, and reflecting Singapores commitment to fostering innovation in the crypto and tokenization space.

FinTech 113

FinTech Cross-Border Payments Cross-Border Money Laundering 113

PYMNTS

DECEMBER 28, 2018

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times. You see those money laundering scandals across the EU,” Dombrovskis said. “It

Money Laundering 74

Money Laundering Rules Due Diligence Central Bank 74

PYMNTS

OCTOBER 12, 2018

Amid the headlines detailing the billions of dollars in money laundering done through conduits like Danske Bank and Deutsche Bank, among others, a report shows that the problem is a global one — and that it is getting worse. Going down the ranks of “top spots,” Tajikistan topped the list for countries at risk for money laundering.

Money Laundering 75

Money Laundering Risk AML Finance 75

Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

Money Laundering 52

Money Laundering Authorization AML Agreements 52

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

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

Fintech News

FEBRUARY 27, 2024

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.

APACS 132

APACS Regulations Stablecoins Cryptocurrency 132

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

Neopay

APRIL 10, 2025

While there was no actual money laundering, the enforcement highlights a theme across the financial sector: that even in the absence of proven financial crime, poor controls and a lack of monitoring can lead to severe regulatory action. What went wrong for Revolut? The fine of 3.5 The fine of 3.5

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

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

The Payments Association

JUNE 3, 2025

This misconception has shaped many CBDC proposals, which tend to replicate traditional account-based structures under the control of central authorities or delegated intermediaries. Digital money can be programmable, secure, and compliant without defaulting to full custodial control or turning every wallet into a surveillance device.

CBDC 88

CBDC Cross-Border Central Bank Cross-Border Payments 88

The Paypers

AUGUST 16, 2022

The European Union (EU) has announced plans to create a sixth Anti-Money Laundering Authority that will be specifically tasked with regulating the cryptocurrency industry.

Regulations 69

Regulations Money Laundering Cryptocurrency Authorization 69

PYMNTS

DECEMBER 5, 2019

5) agreed on strategy for anti-money laundering (AML) reforms and countering the financing of terrorism, Reuters reported. The EU also backed plans for “greater powers” to fight money laundering following disclosures that there were several incidences of dirty money passing through European banks.

Money Laundering 52

Money Laundering AML Rules Authorization 52

PYMNTS

DECEMBER 8, 2020

Money laundering is a pervasive phenomenon around the world, with the estimated amount of money laundered in a given year totaling 2.7 Cybercriminals are constantly one step ahead of government regulators, developing new and inventive schemes faster than the authorities can quash them. billion by 2024.

AML 104

AML Cryptocurrency Verification Money Laundering 104

PYMNTS

JUNE 7, 2018

As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. million) in hopes of bringing its current money laundering scandal to an end.

Money Laundering 64

Money Laundering Regulations FinTech Laws 64

The Fintech Times

NOVEMBER 27, 2024

The Financial Conduct Authority (FCA) has unveiled a roadmap outlining key dates for the development of its ‘crypto regime’, as it aims to introduce a clear regulatory framework for the UK’s crypto industry. However, we can’t rely on regulation alone to drive sector maturity and crypto firms must also take responsibility.

Regulations 112

Regulations Stablecoins Risk Consulting 112

PYMNTS

NOVEMBER 16, 2018

Amid stricter checks for money laundering, banks are moving away from the international money transfer practice known as correspondent banking. Banks, however, are “put off” from these checks due to stricter punishments on financing for terrorists and money laundering.

Correspondent Bank 76

Correspondent Bank Correspondent Regulations Money Laundering 76

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

Payments Source

MARCH 1, 2019

regulators over money laundering compliance, a predicament that sheds light on issues faced by the entire digital financial services industry. Revolut has caught the attention of U.K.

Compliance 113

Compliance Money Laundering FinTech Regulations 113

PYMNTS

JUNE 19, 2017

Department of Justice has naturally done its best to set up regulations that would prevent criminals from using the cryptocurrentcy for nefarious purposes. Department of Justice authorization to carry them out. With digital currency still relatively young, it will probably be a while before regulators get it right.

Bitcoin 75

Bitcoin Regulations Money Laundering FBI 75

PYMNTS

JANUARY 7, 2019

In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction. The site noted that the new rules still await passage by the country’s legislative body. We have not decided on specific measures.

Regulations 60

Regulations Money Laundering FDIC Digital Currency 60

BioCatch

NOVEMBER 13, 2023

The global rise in authorized payment scams has put renewed attention on money laundering and the role of mule accounts as part of the fraud ecosystem. Regulators and lawmakers in other countries, including Brazil and Australia, are also expected to issue guidance to a similar tune.

Money Laundering 52

Money Laundering Accounts Scams Authorization 52

Fintech News

DECEMBER 9, 2024

This proactive approach, driven by the Monetary Authority of Singapore (MAS), seeks to enhance the nation’s financial infrastructure. However, this embrace of the new is not without a cautious side, as Singapore carefully balances innovation with robust regulation and consumer protection.

Cryptocurrency 117

Cryptocurrency Cross-Border Consumer Protection Facilitators 117