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

The Fintech Times

MAY 18, 2024

Crypto exchange, Binance has played a massive part in solving a major crypto-assisted money laundering case in Taiwan involving nearly NT$200million (approximately US$6million). Binance was able to share its blockchain expertise and intelligence to help law enforcement bring the suspects to justice.

Money Laundering 69

Money Laundering Law Enforcement Financial Crimes Laws 69

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. Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

The Fintech Times

MARCH 27, 2024

Five people, including convicted fraudster Neale Rothera , were sentenced for their involvement in a fraud and money laundering scheme which cost banks over £500,000 earlier this week. But with the money unrecoverable, how can this type of situation be avoided in the future?

Money Laundering 93

Money Laundering Financial Crimes Crime Due Diligence 93

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

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

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 21, 2024

The report by Chainalysis provides a deep dive into these changes, highlighting the decline in certain types of crypto crimes and the persistence, if not growth, of others, such as ransomware and darknet markets. These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations.

Crime 109

Crime Ransomware Scams Romance Scams 109

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

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

Fintech News

APRIL 22, 2024

This move aims to enhance law enforcement efficiency and prevent the laundering of money obtained through illegal activities. This strategy mirrors actions taken by other countries, such as India and the Philippines, where unauthorised platforms are similarly blocked to safeguard consumers and combat financial crimes.

Blocks 116

Blocks Law Enforcement Money Laundering Crime 116

PYMNTS

DECEMBER 13, 2018

CUs are also actively communicating with law enforcement agencies, keeping regulators informed about suspicious activity, while receiving tips on noticeable trends that these same agencies are eyeing. AML Compliance Turns CUs Into Law Enforcement. Add it all up, and that can be a lot to handle. About The Tracker .

Law Enforcement 54

Law Enforcement Credit Union AML Laws 54

The Payments Association

APRIL 7, 2025

SNEAK PEE K: Unveiled: Key Financial Crime 360 findings July 16, 2024 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The findings of the Financial Crime 360 survey, focusing on the challenges, prevalent fraud types, and strategic responses across various sectors. Why is it important?

Financial Crimes 88

Financial Crimes Crime Fraud Prevention AML 88

Fintech News

FEBRUARY 10, 2025

The world witnessed an alarming escalation in cryptocurrency -related crimes in 2024. trillion in 2024, up 56% from the previous year, the shadow economy of digital crime has grown increasingly sophisticated. trillion in 2024, up 56% from the previous year, the shadow economy of digital crime has grown increasingly sophisticated.

Crime 91

Crime Ransomware Scams Phishing 91

Neopay

JULY 18, 2024

Money laundering is a pervasive issue, affecting economies and societies worldwide. This clandestine nature makes it challenging to quantify the exact amount laundered annually. billion in cryptocurrency was laundered in 2022, representing a 68% increase over 2021. For 2024, this translates to between $2.22

Money Laundering 52

Money Laundering AML Cryptocurrency Crime 52

BioCatch

OCTOBER 30, 2024

According to the United Nations Office on Drugs and Crime, the estimated amount of money laundered globally each year is between $800 billion and $2 trillion. Funds from illicit activities – from financial fraud and terrorist financing to drug and human trafficking, flow across multiple institutions and jurisdictions every day.

Financial Crimes 52

Financial Crimes Crime Law Enforcement Money Laundering 52

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

Neopay

MARCH 15, 2024

HM Treasury has initiated an open consultation aimed at refining the Money Laundering Regulations (MLRs) to bolster their effectiveness while reducing burdens on legitimate customers. System coordination: Strengthening coordination among various systems involved in combating money laundering and terrorist financing.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

PYMNTS

DECEMBER 18, 2020

18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. Treasury Department proposed sweeping new rules late Friday (Dec. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S.

Treasury 141

Treasury Rules Bitcoin Ransomware 141

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

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. Late last week, the Senate Banking Committee held a hearing on updating the Bank Secrecy Act’s anti-money laundering requirements.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

PYMNTS

APRIL 25, 2016

law enforcement last week. CNNMoney reported that a special group of British police officers, known as the Fraud Squad, confiscated money orders totaling £30 million ($43 million) after arresting a 58-year-old man for money laundering. According to CNNMoney, $19 million was moved into the account back in Nov.

Money Laundering 40

Money Laundering Law Enforcement Crime Laws 40

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 Authorization 46

PYMNTS

AUGUST 14, 2019

Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. Department of Justice (DOJ), said were violations of the Bank Secrecy Act. Since 2011, FinCEN claimed U.S. Blanco in the press release.

Money Laundering 43

Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

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

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. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

JUNE 19, 2019

In an effort to clamp down on cross-border money laundering, the People’s Bank of China (PBOC) plans to bolster cooperation with other nations such as countries in Europe. However, the PBOC said, “The Chinese government has spared no effort to crack down on all kinds of criminal activities, including money laundering.”

Money Laundering 40

Money Laundering Law Enforcement Central Bank AML 40

PYMNTS

MARCH 21, 2017

According to reports out this morning in The Guardian, some of Britain’s best-known banks have processed around $740 million that came care of a massive money laundering operation. paper of record that the Russian money was “obviously either stolen or with criminal origin.”. banks processed over $63.7m.

Money Laundering 43

Money Laundering Due Diligence Law Enforcement Crime 43

The Payments Association

APRIL 23, 2025

To address the money mule problem, organisations must combine elements of fraud prevention, cyber threat intelligence, and anti-money laundering capabilities. It takes AML teams weeks (if not months) of diligent analysis to escalate these activities to law enforcement. Is AML a real-time problem?

AML 88

AML Suspicious Activity Report (SAR) Addressing Fraud Prevention 88

PYMNTS

NOVEMBER 26, 2018

Deputy Attorney General Rod Rosenstein, is seeking to gain international support in dealing with crimes tied to digital currencies. “We Recovery efforts by law enforcement have been able to retrieve a bit less than $2 million of funds. The United States, through U.S. Brexit Deal Awaits Vote.

Crime 58

Crime Money Laundering Law Enforcement Correspondent Bank 58

FICO

DECEMBER 23, 2020

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

PYMNTS

OCTOBER 11, 2018

The People’s Bank of China has announced new anti-money laundering (AML) and counter-terrorism financing regulations for online financial institutions (FIs). The country’s central bank added that it would improve its own supervision process for fighting money laundering and terrorism financing. billion each year.

Central Bank 43

Central Bank AML Money Laundering Regulations 43

The Fintech Times

NOVEMBER 26, 2024

These efforts are supported by our robust compliance programme that is comparable to financial institutions and our leading team of digital asset crime fighters who are keeping the ecosystem safe from bad actors and ensuring that Binance remains a trusted and secure platform for all of our users.”

Compliance 64

Compliance Financial Crimes Crime Money Laundering 64

BioCatch

NOVEMBER 25, 2024

BioCatch recently partnered with the Knoble , a nonprofit organization focused on preventing financial and human crime, as well as thought leaders and experts in the banking, law enforcement, and legal community on an information sharing initiative.

Financial Crimes 40

Financial Crimes Crime Law Enforcement Legal 40

The Fintech Times

JUNE 30, 2024

Lynx , a provider of artificial intelligence (AI) software that detects and prevents fraud and financial crimes, has introduced a real-time mule detection solution for banks and financial institutions. In the US, money mule accounts represent up to 0.3

Financial Crimes 75

Financial Crimes Law Enforcement SWIFT Blocks 75

Finovate

JULY 3, 2024

The USMS will use Coinbase Prime to centrally manage these Class 1 digital assets to facilitate various law enforcement activities. The USMS, a federal law enforcement agency within the Department of Justice, holds multiple roles within the U.S. judicial system.

Law Enforcement 52

Law Enforcement Caps Laws Money Laundering 52