Stax

JANUARY 23, 2025

By thoroughly assessing merchants, processors can: Reduce fraud and chargebacks by identifying potentially fraudulent or non-compliant merchants before onboarding them. Ensure regulatory compliance by adhering to anti-money laundering (AML) laws and Know Your Customer (KYC) requirements.

Underwriting 68

Underwriting PCI DSS Money Laundering Processors 68

PYMNTS

FEBRUARY 13, 2019

12) that it will now allow corporates to join its KYC Registry in an effort to facilitate the sharing of data between companies and their banks. ” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. .”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

Fintech Finance

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 97

Cross-Border Payments Visa Cross-Border Multi-Currency 97

PYMNTS

JANUARY 26, 2021

In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.

Wire Transfer 97

Wire Transfer Blockchain Wires Wire 97

Fintech News

MAY 22, 2024

In May, Fintech Global released its inaugural FinCrimeTech50 list, recognizing the world’s leading technology companies fighting money laundering, fraud and financial crime. It includes a suite of financial and non-financial crime risk domains with hundreds of risk indicators and controls, though users can also integrate their own.

Financial Crimes 104

Financial Crimes Crime APACS Risk Assessment 104

PYMNTS

JUNE 17, 2020

In financial fraud, the breaches come when bank standards are lax. Australian bank Westpac Banking Corp. In an interview with Karen Webster, Stephen Taylor , general manager of anti-money laundering at NICE Actimize , said the issues spotlighted by the Westpac CEO are hardly confined to that FI alone.

AML 75

AML Money Laundering Compliance Financial Crimes 75

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. For more details, you can read the FCA’s Final Notice on Starling Bank’s failings here.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

SEPTEMBER 24, 2020

Australian banking giant Westpac has agreed to a massive fine of $920 million ($1.3 million in Australian dollars) in a bid to put a money-laundering scandal behind it. 24), noting that Westpac had violated anti-money laundering (AML) and terrorism financing regulations more than 23 million times.

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. However, several complex types of risks come along with this. This requires sound underwriting policies and procedures.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Finovate

SEPTEMBER 18, 2024

BaaS provider Synapse filed for Chapter 11 bankruptcy in April, leaving its clients, including Evolve Bank & Trust and multiple others, unable to verify and manage funds. In all, around $85 million in consumer funds are missing due to discrepancies in Synapse’s records.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

Neopay

DECEMBER 20, 2023

Indicators for enhanced due diligence The NCA, in collaboration with other government agencies, has outlined red flags to assist businesses in identifying potential illicit activities. Purchases under a letter of credit consigned to the issuing bank: Not to the actual end user, with supporting documents not listing the actual end-user.

Due Diligence 52

Due Diligence End User Crime Financial Crimes 52

FICO

MARCH 6, 2020

A partnership aimed at helping banks, payment providers and fintechs meet the ever stronger regulatory demands while reducing effort and expense. . We serve corporates, insurance companies, and banks – be it a retail, private, wealth management, automotive or telecom bank, tier 1 or tier 3 bank. What do you do?

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

FICO

FEBRUARY 11, 2019

The country’s financial and non-financial regulated institutions will be able to use the FICO ® TONBELLER™ Siron ™ KYC module to perform due diligence processes, in compliance with local laws and regulations, through APC Intelidat’s powerful technology infrastructure.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

Stax

AUGUST 22, 2024

Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. You need thorough due diligence, technology, and adherence to regulatory guidelines in your risk management strategy. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

FICO

MARCH 13, 2017

For many banks, KYC — Know Your Customer — means asking them how they intend to use a product, where the funds are coming from for their new account, etc. At the same time, the bank will check the customer against sanction lists, PEP (politically exposed persons) lists, and so forth. Should banks care? It’s not enough.

Money Laundering 45

Money Laundering Database BSA Due Diligence 45

Global Fintech & Digital Assets

MARCH 5, 2024

Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products. All of this recent guidance aims to deliver more certainty for banks and securities firms seeking to capitalise on developments in digital assets and tokenisation. loyalty points, in-game assets).

Authorization 59

Authorization Product Due Diligence Procedures 59

Fintech News

JANUARY 24, 2024

The move aims to protect against financial crime and loss, particularly in digital fraud, and includes broadening DPT service definitions and enhancing Anti-Money Laundering (AML) protocols such as Customer Due Diligence and transaction monitoring. Sparrow Tech Private offers digital asset products and solutions.

Service Provider 98

Service Provider Cryptocurrency Payments Institute Blockchain 98

Segpay

OCTOBER 4, 2023

These methods may include bank transfers, checks, PayPal, digital wallets, and more, depending on the options provided by the affiliate program or merchant. This lack of control can lead to affiliates engaging in unethical or non-compliant marketing activities. Non-compliance can result in fines and legal action.

Security 52

Security Due Diligence Compliance Payments 52

PYMNTS

MARCH 14, 2017

As banks and payments companies endeavor to meet anti-money laundering (AML) regulations to avoid hefty fines for non-compliance, easily identifying customers in the digital channel becomes paramount to their success. Some “old school” methods that worked in the past aren’t working anymore. In the U.S.

AML 44

AML Verification Money Laundering Authentication 44

Global Fintech & Digital Assets

FEBRUARY 13, 2024

In June 2023, Hong Kong introduced a comprehensive regime to regulate VA service providers operating a virtual asset trading platform (VATP) (see this Latham blog post ) through an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Certain regulated entities exempted. Powers of the CED.

Regulations 59

Regulations Money Laundering Consulting Stablecoins 59

Global Fintech & Digital Assets

JANUARY 8, 2024

The Discussion Paper received responses from a wide variety of stakeholders, including industry bodies, crypto native firms, and banks, and the HKMA announced in the Discussion Conclusions that it would propose a risk-based regulatory framework for fiat-referencing stablecoins (FRS), with further consultation in due course.

Stablecoins 59

Stablecoins Consulting Issuers Non-Bank 59

Global Fintech & Digital Assets

OCTOBER 5, 2023

Coin Listing Policy Requirements Under the Proposed Guidance, a VCE need not seek prior DFS approval to list a coin that does not appear on DFS’s Greenlist via self-certification, so long as: DFS has approved the VCE’s coin-listing policy which meets DFS standards for self-certification of the listing of non-Greenlisted coins.

Stablecoins 52

Stablecoins Procedures Issuers Due Diligence 52

Fintech News

NOVEMBER 21, 2024

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo. Global financial penalties for non-compliance with anti-money laundering (AML) regulations cost financial institutions US$6.6

Procedures 118

Procedures Due Diligence AML Non-Bank 118

The Fintech Times

OCTOBER 31, 2024

In a survey of 644 financial services professionals, WWF and Themis found that over 60 per cent said that a land conversion risk policy was either non-existent (45.7 This creates a risk if bad actors initiate illicit activity after onboarding with a bank. per cent) or not yet developed or in place (18.6 per cent) in their firm.

Crime 59

Crime Risk Financial Crimes Due Diligence 59