Fintech News

MAY 22, 2024

Over the past years, financial crime tech has risen to prominence, driven by increasing complexity and frequency of financial crimes, stricter regulations and compliance requirements, and technological advancements. Today, we delve into these firms’ offerings, recent strides and contributions to the field.

Financial Crimes 102

Financial Crimes Crime APACS Risk Assessment 102

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. A Marriage Of Advanced Tech With Due Diligence.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

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. For more than two decades I have now been working in the financial services industry.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

Neopay

JANUARY 30, 2025

The Financial Conduct Authority (FCA) has recently published its findings on how firms are using the National Fraud Database (NFD) and money mule account detection tools to combat financial crime. The National Economic Crime Plan (2023-2026) has identified money mules as a major enabler of fraud and other criminal activities.

Financial Crimes 59

Financial Crimes Fraud Detection Crime Best Practices 59

FICO

JULY 14, 2016

The sheer scope of financial crime—money laundering, evasion of sanctions, financing of terror and other transgressions—is shocking. All of these crimes were years in the making, which makes me think there are many more still out there, still gestating. And follow me on Twitter @FraudBird.

Financial Crimes 66

Financial Crimes Crime Money Laundering Due Diligence 66

PYMNTS

SEPTEMBER 4, 2018

Financial crime is drawing scrutiny — and fines — at large financial institutions. In its statement, the company said that it had uncovered “serious shortcomings” in its efforts to conduct customer due diligence at Dutch operations stemming from the period between 2010 to 2016.

Due Diligence 46

Due Diligence Money Laundering Law Enforcement Settlement 46

Neopay

APRIL 10, 2025

million penalty on Revolut Bank UAB the largest penalty ever for the neobank for the deficiencies in its financial crime prevention system. On 8 April 2025, the Bank of Lithuania imposed a 3.5 What went wrong for Revolut?

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

Neopay

NOVEMBER 13, 2024

The Financial Conduct Authority (FCA) recently levied a substantial £16,675,200 fine against Metro Bank PLC (Metro) for significant shortcomings in its financial crime prevention systems and controls. This ensures that appropriate systems and controls are in place to identify, prevent and manage financial crime risks.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Neopay

APRIL 22, 2025

How Neopay can help At Neopay, we welcome these efforts to tackle financial crime at its source. As regulatory and compliance specialists for payment and e-money firms, we recognise the importance for due diligence, transaction monitoring, and robust AML controls.

Money Laundering 52

Money Laundering Crime Financial Crimes Due Diligence 52

The Fintech Times

JULY 21, 2024

UK financial services firms currently spend over £21,000 per hour fighting financial crime and fraud through onboarding and compliance screening processes, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions.

Financial Crimes 64

Financial Crimes Crime Compliance Due Diligence 64

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 financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed. The announcement comes on the heels of Jumio’s Sept.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

Fintech News

OCTOBER 6, 2024

The IMC’s report outlines strategies aimed at strengthening prevention, improving detection, and enforcing tougher penalties to better protect the integrity of Singapore’s financial system against increasingly sophisticated financial crimes.

Money Laundering 120

Money Laundering Law Enforcement Financial Crimes Due Diligence 120

The Paypers

JULY 23, 2021

Varo Bank has selected financial crime investigation firm Quantifind ’s Graphyte platform to optimise its adverse media screening and investigations automation performance.

Due Diligence 50

Due Diligence Financial Crimes AML Crime 50

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

Fintech News

FEBRUARY 6, 2024

The battle against financial crime is an ever-evolving challenge requiring expert knowledge, cutting-edge technology, and continuous learning. As white-collar criminals tirelessly innovate their methods to commit financial crimes, the question arises: How can one step ahead in this high-stakes game?

White Collar Crime 106

White Collar Crime Crime Suspicious Activity Report (SAR) Financial Crimes 106

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S., million ($47.3

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

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

AUGUST 14, 2019

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. and around the world. The Team Oriented Nature Of Compliance .

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

Neopay

MARCH 6, 2025

enhanced due diligence: When firms operate under an AR structure, ensuring proper checks on business partners and their financial dealings is crucial. Contact us today to learn more about our compliance solutions and how we can support your firm in reviewing, maintaining or enhancing your financial crime framework.

Money Laundering 52

Money Laundering Audit Due Diligence Compliance 52

Fintech News

JANUARY 16, 2024

The acquisition also includes Blacksmith KYC, developed in 2017 at ING Labs Singapore, designed to optimise KYC processes within the financial industry. Blacksmith enables banks to tailor their Customer Due Diligence (CDD) requirements and streamline data collection for efficiency gains.

Financial Crimes 107

Financial Crimes Due Diligence Crime Addressing 107

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

FICO

FEBRUARY 11, 2019

APC Intelidat, the credit bureau in Panama, will soon provide regulatory compliance capabilities to its customers and fight financial crime in Panama with a FICO solution. This is the beginning of our relationship with FICO, which is known worldwide for its risk management and financial crime compliance solutions.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

FICO

MAY 20, 2021

In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift. Collect data from internal and external sources.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. In case you missed it, FICO World 2022 was a very welcome return to in-person learning and networking for the global fraud detection and financial crime-fighting community. Fraud and Financial Crime Convergence: It’s Really Here! by TJ Horan.

Financial Crimes 52

Financial Crimes Crime AML Fraud Detection 52

Finovate

DECEMBER 2, 2024

The workflow includes identification, authentication, and risk screening that provides an overall risk score that enables compliance teams to conduct due diligence and, ultimately, determine acceptance, escalation, or rejection.

Compliance 105

Compliance Acquirers Money Laundering AML 105

PYMNTS

SEPTEMBER 23, 2019

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.

AML 65

AML Compliance Financial Crimes Automation 65

FICO

JANUARY 18, 2019

Despite advances in customer due diligence, including the addition of advanced analytics to compliance officers’ toolkits, the scandals of 2018 confirmed that many banks are struggling to bring their operations up to regulators’ standards, to say nothing of best practices. Watch this space for more on financial crime compliance!

Financial Crimes 40

Financial Crimes Crime Compliance BSA 40

The Paypers

JANUARY 14, 2021

Financial crime screening, payment services, and KYC solutions provider Accuity has announced the availability of Bankers Almanac Enhanced Due Diligence, according to the official press release.

Due Diligence 28

Due Diligence Risk Assessment Assessments Financial Crimes 28

Neopay

OCTOBER 3, 2024

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in the e-money and payments industry. Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Bank Automation

JUNE 26, 2024

Zahra Gill, head of enhanced due diligence and financial crime strategy and change lead at Starling Bank, will speak at Bank Automation Summit Europe 2024 about the AI revolution in banking. The summit, taking place Oct.

Due Diligence 52

Due Diligence Automation Financial Crimes Crime 52

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

Neopay

MARCH 7, 2024

Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses. Governance and training: Lack of resources dedicated to financial crime, insufficient training on financial crime matters, and an absence of clear audit trails for financial crime-related decision-making have been noted.

AML 52

AML Financial Crimes Crime Risk Assessment 52

PYMNTS

DECEMBER 9, 2020

The firms said that their combination should engender more security for customers and let them perform business tasks more comfortably, addressing the needs of those who require API integrations and those who want more in-depth investigative functions with KYC and client due diligence.

Fraud Prevention 80

Fraud Prevention Money Laundering Due Diligence Monetary Loss 80

The Fintech Times

JANUARY 28, 2024

Moody’s new Shell Company Indicator analyses over 485 million companies, entities, and individuals to flag behaviours that indicate a shell company may require further due diligence to assess its potential for involvement in illicit financial activity.

Due Diligence 59

Due Diligence Financial Crimes Crime Assessments 59

Finovate

JUNE 20, 2024

.” Refine Intelligence’s Digital Customer Outreach platform helps financial crime and compliance teams tackle a range of fraud and financial crime issues. Refine Intelligence has raised $13 million in funding courtesy of an investment from Glilot Capital Partners and Fin Capital.

Fraud Prevention 59

Fraud Prevention Checks Financial Crimes Due Diligence 59

The Fintech Times

JANUARY 25, 2024

Given this backdrop, things are about to become a lot more complex for banks and financial service providers as they seek to onboard new customers and maintain due diligence on existing ones. The majority adopts a globally standardised approach with some differentiation in PEP levels.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

The Fintech Times

AUGUST 9, 2024

The AU10TIX AML solution aims to address the significant business risks posed by financial crimes such as money laundering, fraud, and terrorism financing, the solution incorporates rigorous internal quality checks and a proprietary decision-making mechanism to filter out unreliable data.

AML 64

AML Risk Payment APIs and Integration Money Laundering 64