PYMNTS

DECEMBER 8, 2020

The latest arena for money laundering is through cryptocurrency , a burgeoning market expected to be valued at $1.4 Experts estimate that cryptocurrency-related crimes totaled $4.3 billion in laundered money , with this problem only expected to grow as cryptocurrencies grow more popular. billion by 2024.

AML 104

AML Cryptocurrency Verification Money Laundering 104

Clearly Payments

MARCH 11, 2024

In recent years, the rise of cryptocurrency has redefined traditional notions of currency and payment systems worldwide. Cryptocurrency, such as Bitcoin, Ethereum, and others, operates on decentralized blockchain networks, enabling secure, peer-to-peer transactions without the need for intermediaries like banks or financial institutions.

Cryptocurrency 104

Cryptocurrency Consumer Protection Financial Inclusion Payments 104

PYMNTS

DECEMBER 10, 2020

Cryptocurrency is one of the fastest-moving industries in the digital world, with a market that was valued at $1.03 Bitcoin is one of the most famous names in the cryptocurrency space, accounting for $6 billion in daily transactions among 153 million registered user addresses. Cryptocurrency-related crimes totaled $4.3

AML 88

AML Cryptocurrency Money Laundering Compliance 88

Fintech News

JUNE 3, 2024

A 2023 research by Moody’s Analytics revealed a wealth of corporate structures enabling sanctions evasion, money laundering, fraud, and other financial crimes. Suspected proceeds of crime totaling S$1.23 Blockchain analysis firm Chainalysis estimates that money laundering activity involving cryptocurrency totaled US$22.2

Money Laundering 124

Money Laundering Financial Crimes Crime APACS 124

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. billion settlement with the U.S.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

JUNE 25, 2020

In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. New York To Ease Cryptocurrency Regulations. The New York State Department of Financial Services (DFS) has proposed a conditional licensing framework that promises to make it easier for cryptocurrency startups.

Cryptocurrency 99

Cryptocurrency Regulations Push-to-Card Visa 99

PYMNTS

JANUARY 24, 2021

Cryptocurrency-related crime fell in 2020, according to a blog post from Chainalysis. The crimes that ended up driving the change in 2020 were scams and the darknet market, the blog's stats report. In 2019, criminal activity constituted 2.1 percent of all crypto transaction volume, which came out to $21.4 billion in transfers.

Crime 93

Crime Bitcoin Multi-Currency Debit Card 93

FICO

MARCH 6, 2020

In September 2019, Fico and Visma announced their partnership to Offer SaaS Anti Financial Crime Solutions in Western Europe. I also manage the partner channels and programs for our financial crime compliance solutions. In this excerpt from that article, Jürgen elaborates on the importance of compliance. .

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. Financial crime-fighters simply won’t suffer this state of affairs. Isn’t it just like a crook to exploit a bad situation?

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

Fintech Finance

OCTOBER 30, 2024

Our Distinguished Speakers line-up: Abbas Khamisa, Head of Treasury Solutions, Global Banking at MUFG Investor Services Alessandra D’Este, Senior Payments Expert, EMEA at Swift Amrit Toor, Solutions Architect at Cloudflare Andrea Moundi Savvides, Global Director of Risk and Compliance (Harneys) and Chair and Founding Member of the Cyprus Compliance (..)

Compliance 98

Compliance AML Money Laundering Payments 98

Finovate

AUGUST 26, 2024

As summer draws to a close, there may be a big acquisition on the horizon in the fraud and financial crime prevention space. Fraud and financial crime prevention Is Visa looking to acquire fraud fighting platform Featurespace ? Cryptocurrency / DeFi Digital asset infrastructure provider Bitpanda partners with CoinMENA.

FinTech 115

FinTech Financial Crimes Crime Payroll 115

Finovate

JUNE 4, 2024

AMLYZE , a regtech specializing in combating financial crime that made its Finovate debut at FinovateEurope earlier this year , has forged a strategic partnership with Aura Cloud. ” Govina added, “Together, we will empower financial institutions to stay ahead of the curve in the fight against financial crime.”

Financial Crimes 64

Financial Crimes Crime Risk Assessment AML 64

The Fintech Times

JUNE 21, 2024

Both firms and governments across the globe have a duty to do all they can to intensify the fight against internet crime and looking to do so in Nigeria, Flutterwave , the African paytech, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC).

Crime 64

Crime Research Financial Crimes FBI 64

The Payments Association

OCTOBER 28, 2024

Criminals lure victims with promises of high returns, often using fake investment opportunities in areas like cryptocurrency, property, or gold. This decline may reflect greater public awareness, but payment leaders should continue to support education campaigns aimed at preventing such emotionally manipulative crimes.

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

The Payments Association

APRIL 28, 2025

Financial crime and cyber security threats are identified by 9% of respondents, underlining the importance of maintaining robust defences as digital payments expand. Financial crime and cyber security threats have gained prominence particularly in Algeria (100%), the US (23%) and Czech Republic (40%).

Cross-Border Payments 88

Cross-Border Payments Cross-Border Digital Currency Financial Crimes 88

Fintech Finance

JUNE 20, 2024

Flutterwave , Africa’s leading payments technology company, has committed to partnering with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish and lead a state-of-the-art Cybercrime Research Center.

Financial Crimes 97

Financial Crimes Crime FBI Law Enforcement 97

PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Cryptocurrency has become something of a go-to method for scammers , according to DOJ, as exchanges are often lightly regulated and there are no easy ways to follow the money.

Fincen 93

Fincen Crime Cryptocurrency Money Laundering 93

Payments Source

MAY 3, 2018

A new strain of malware that targets cryptocurrency users — but not users of mainstream payment options like bank accounts — highlights how much the cybercrime game is changing behind the scenes.

Cryptocurrency 71

Cryptocurrency Accounts Payments Financial Crimes 71

Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. As a result, the cumulative financial crime compliance costs have now exceeded an impressive $206 billion.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

PYMNTS

OCTOBER 2, 2018

The manipulation of cryptocurrencies is getting attention from regulators who have been warning that these digital tokens, and the exchanges they are traded on, could be vulnerable to price manipulation. The Wall Street Journal , citing the New York Attorney General Barbara D.

Bots 72

Bots Cryptocurrency Digital Currency Scams 72

Fintech News

FEBRUARY 27, 2024

TRM Labs’ Global Crypto Policy Review & Outlook 2023/24 delves into the advancements in regulation as well as the regulatory challenges faced by major APAC markets, shedding light on their unique strategies and key developments in navigating the complex world of cryptocurrency. This transition is currently in progress.

APACS 131

APACS Regulations Stablecoins Cryptocurrency 131

FICO

DECEMBER 17, 2020

Cryptocurrency exchange rates have skyrocketed in the past month. According to a recent report , the total of cryptocurrency related frauds and thefts stands at a staggering $7.69b. At the same time, all top US banks now have customers transacting in cryptocurrency through virtual asset service providers (VASP’s).

Cryptocurrency 52

Cryptocurrency Risk Financial Crimes Crime 52

PYMNTS

JUNE 2, 2020

In the first five months of the year, cryptocurrency thefts, hacks and frauds totaled $1.4 Crypto intelligence company CipherTrace’s “ Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report ” revealed the thefts have escalated in the wake of the COVID-19 pandemic and ensuing global economic crisis.

Crime 52

Crime Cross-Border Money Laundering ATM 52

PYMNTS

SEPTEMBER 29, 2020

Jumio said it plans to integrate Beam’s AML screening and transaction monitoring services into its KYX platform to help flag financial crime and streamline regulatory compliance. The announcement comes on the heels of Jumio’s Sept. The financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

CoinRemitter

MAY 29, 2024

With the rise in digital currencies for payments and transactions, two innovations are much discussed: Central Bank Decentralised Currencies (CBDCs) and cryptocurrencies. Let’s break down the key differences between CBDCs and cryptocurrencies. Ethereum, Dogecoin, Tether, and Cardano are some of the examples of cryptocurrencies.

Cryptocurrency 49

Cryptocurrency Central Bank Digital Currency Privacy 49

The Fintech Times

AUGUST 11, 2024

Our efforts and proven track record are a testament to our commitment to protecting our users and fostering a safer cryptocurrency environment.” The share of all crypto transaction volume associated with illicit activity also fell to 0.34 per cent from 0.42 per cent in 2022.

Scams 112

Scams Monetary Loss Cryptocurrency Blockchain 112

PYMNTS

OCTOBER 21, 2018

The Financial Action Task Force (FATF) announced that it will get one step closer to creating international standards for cryptocurrency when it launches its first set of rules in June of 2019. The move aims to stop the use of crypto for money laundering, terrorism financing or other crimes. Last year, the U.K.

AML 79

AML Money Laundering Bitcoin Regulations 79

The Paypers

JANUARY 6, 2023

The UK’s National Crime Agency has decided to assemble a specialised team to proactively investigate cryptocurrency-related crime.

Crime 45

Crime Cryptocurrency 45

PYMNTS

NOVEMBER 26, 2018

Deputy Attorney General Rod Rosenstein, is seeking to gain international support in dealing with crimes tied to digital currencies. “We We must not allow cybercriminals to hide behind cryptocurrencies,” Rosenstein said at the the annual meeting of Interpol, according to CoinDesk. “In The United States, through U.S.

Crime 58

Crime Money Laundering Law Enforcement Correspondent Bank 58

Fintech News

MAY 12, 2024

The Financial Intelligence Unit (FIU) of India has granted approval to the cryptocurrency exchanges Binance and Kucoin to operate as Virtual Asset Service Providers (VASPs) in the country, according to the Economic Times. Vivek Aggarwal Vivek Aggarwal, Director of FIU-IND, confirmed the approvals during a press interaction.

Money Laundering 111

Money Laundering Best Practices Financial Crimes Cryptocurrency 111

FICO

DECEMBER 23, 2020

Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. We expect these advanced analytics will play an even greater role this year in the prevention and detection of money laundering, terrorist financing, and other illicit financial crimes. Regulators Will Zero in on Closing the Gaps.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

PYMNTS

FEBRUARY 9, 2020

The cost of crimes involving bitcoin and cryptocurrency hit $4.3 However, upon purchasing the cryptocurrency from PlusToken, users would eventually find that the sites didn’t work and they couldn’t get their money out. Many people who had bought cryptocurrency through the program lost everything they had supposedly purchased.

Scams 83

Scams Cryptocurrency Crime Bitcoin 83

PYMNTS

AUGUST 3, 2020

The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. That could include talking about ways to make money through digital currency schemes like cryptocurrency.

Fincen 88

Fincen Scams Email Compromise Phishing 88

Fintech News

DECEMBER 13, 2023

In recent years, the world has witnessed a rapid rise in the popularity and adoption of cryptocurrencies. The key to adhering to these ever-changing mandates is to enable compliance teams to remain agile and have the ability to recalibrate or reconfigure their financial crime compliance processes.

Financial Crimes 117

Financial Crimes Money Laundering Crime Risk 117

PYMNTS

AUGUST 14, 2019

The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). That lack of robustness in response, he noted, is particularly worrisome, given the nature to which detecting and preventing modern financial crime is increasingly a data driven team effort.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

SEPTEMBER 29, 2020

Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept. FinCEN is focused on various kinds of cyber threats and cybersecurity, Blanco said.

Fincen 103

Fincen AML Money Laundering Scams 103

PYMNTS

OCTOBER 7, 2020

With transactions that become irreversible almost instantaneously, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains. So, use your credit card to buy cryptocurrency that you give a scammer and you might be stuck.

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93