The Payments Association

JANUARY 29, 2025

2024 brought significant regulatory action, highlighting persistent weaknesses in financial crime controls across the industry. As we enter 2025, we look back at five significant cases from 2024 and the lessons they provide for organisations aiming to strengthen their financial crime frameworks.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

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

JULY 18, 2017

Expanding access to the registry means its members will benefit from more information and collaboration in their correspondent banking and funds distribution networks, SWIFT said. In parallel, smaller institutions will benefit from industry-agreed standards and best practices in Know Your Customer compliance. This year, the U.S.

SWIFT 40

SWIFT Office of the Comptroller of the Currency Due Diligence Correspondent Bank 40

Neopay

JANUARY 25, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. CASPs can be abused for financial crime purposes, including ML and TF.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

SEPTEMBER 24, 2020

Westpac also failed to properly vet “suspicious transactions associated with possible child exploitation,” or to adequately monitor potential money laundering risks stemming from corresponding banking relationships, including those “with known higher-risk jurisdictions,” AUSTRAC said in a press release.

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

FICO

FEBRUARY 9, 2021

Customer due diligence to identify shell companies should also cover IWT though the same challenges often apply — just like other items like counterfeit goods, wildlife trade Items are sold under wrong goods description like food, plants, or medicals. Keeping an eye out to ensure transactions types match profiles is a good first step.

Money Laundering 52

Money Laundering Crime Due Diligence Financial Crimes 52

Seon

MAY 10, 2024

When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks. Digging Deeper: AML Compliance Screening and Monitoring Part of AML compliance includes screening to help pinpoint individuals who may pose a higher risk due to their positions, associations or past behaviors.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52