Fintech News

OCTOBER 6, 2024

Singapore is enhancing its anti-money laundering (AML) framework with new recommendations from the Inter-Ministerial Committee (IMC). This comes after a review sparked by the high-profile money laundering case in August 2023, in which more than S$3 billion worth of assets were seized.

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Money Laundering Law Enforcement Due Diligence Financial Crimes 123

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.

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Payments Dive

APRIL 25, 2022

The Office of the Comptroller of the Currency said the bank — the first crypto firm to receive a national trust bank charter in January 2021 — must overhaul its anti-money laundering program after failing to implement internal controls for customer due diligence and procedures for monitoring suspicious activity.

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PYMNTS

JANUARY 30, 2019

With the fifth European Union (EU) Anti-Money Laundering Directive (AMLD 5) coming into force and raising a concern over the fourth AMLD, beneficial ownership is becoming front-and-center for financial firms. Forex companies, in particular, move money as they change it from different currency types.

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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., trillion a year.

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The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships.

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Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

APRIL 27, 2017

million fine by the Central Bank of Ireland due to compliance failures with anti-money laundering and terrorist financing rules. Allied Irish Banks was hit with a $2.2

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PYMNTS

OCTOBER 13, 2016

Madhu explained that there are two segments of KYC — customer due diligence and enhanced due diligence. Customer due diligence covers the steps a business must take to identify and verify a consumer that is interacting with them digitally.

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Compliance Due Diligence Money Laundering Procedures 76

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. The potential impact of failed or inadequate internal systems, processes, procedures, etc.

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PYMNTS

FEBRUARY 4, 2019

Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals. A DIY Approach To AML/KYC.

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PYMNTS

SEPTEMBER 21, 2020

And in PYMNTS’ own coverage, the twin external forces of regulatory scrutiny and market pressures are pushing FIs to retool and strengthen their anti-money laundering (AML) efforts. In one example, reported on Monday (Sept. billion in fines. Much of those revamped efforts come, perhaps not surprisingly, through advanced technologies.

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

JUNE 17, 2020

million — “for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017,” Britain’s main bank regulator said in a news release on Wednesday (June 17). Germany’s Commerzbank London has agreed to pay a fine of £37,805,400 — about $47.45

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Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. With our expertise in regulatory compliance and risk management, we offer tailored solutions to address the specific challenges faced by financial institutions.

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PYMNTS

MARCH 5, 2019

There is no evidence, however, that Vardanyan did anything illegal, and he has claimed that he believed the bank knew its clients, and “applied regulations and compliance procedures that met the requirements of the legislation of that time.” You have to ask yourself, why is money being moved in this way, through multiple companies?”

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Seon

JUNE 29, 2023

That means money laundering can account for anywhere between $800 billion and $2 trillion annually. Thankfully, much of the answer to this corrupt financial activity boils down to organizations ensuring that they carry out an anti-money laundering process called Know Your Transaction (KYT).

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PYMNTS

JANUARY 28, 2020

The European Union’s Fifth Anti-Money Laundering Directive ( 5AMLD ) went into force on Jan. Best leave now if know-your-customer (KYC) due diligence isn’t your jam: The EU is already prepping 6AMLD, which cracks down even harder on money laundering, especially online gambling.

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Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. It also ensures the organization has at least a rudimentary understanding of its customers’ propensity (if any) for money laundering, the financing of terrorism, and other fincrime.

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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).

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PYMNTS

SEPTEMBER 26, 2019

26, that the Dutch public prosecutor is investigating possible money laundering and terrorist financing activities, according to a report by the Financial Times. fined it $369 million for its involvement in the laundering of Mexican gang money. Netherlands bank ABN Amro revealed on Thursday, Sept.

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Neopay

OCTOBER 3, 2024

Financial crime controls, such as anti-money laundering (AML) systems and sanctions screening, were not updated or strengthened to handle the complexities of a larger, more diverse customer base. Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures.

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PYMNTS

SEPTEMBER 26, 2019

Shares of Netherlands bank ABN Amro dropped 12 percent after the bank revealed an investigation by the Dutch public prosecutor over possible money laundering and terrorist financing activities, according to a report by the Financial Times. fined it $369 million for its involvement in the laundering of Mexican gang money.

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Segpay

OCTOBER 18, 2023

Money Laundering: The payments processed through the legitimate merchant’s system are used to launder money generated from illegal activities. Criminals try to launder their criminal money through the merchant’s accounts.

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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. The full alert document is available on the NCA website here.

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Neopay

JUNE 27, 2024

Many in financial services have been concerned that some elements of the FCA’s more stringent approach may not always be justified by reductions in financial crime and money laundering or consumer protection. Firms operating in the payments industry are particularly vulnerable to money laundering and terrorist financing risks.

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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.

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Trade Credit & Liquidity Management

MAY 27, 2025

There are many inherent risks if you do not perform a thorough due diligence at the outset of a business relationship or when a customer’s ownership changes. The Office of Foreign Assets Control (OFAC) and DOJ Anti-Money Laundering (AML) also provide KYC compliance guidelines of which you should be aware.

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PYMNTS

APRIL 23, 2019

Money laundering, account takeovers and other illicit activities threaten to turn away legitimate consumers, as well as the government agencies that provide gaming licenses. . This means fantasy sports platforms must enact robust anti-money laundering (AML), KYC checks and other fraud monitoring services.

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Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

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Seon

MAY 10, 2024

Money laundering, the process through which criminals hide the origins of illicit funds, undermines global financial systems. Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income.

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AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Neopay

JULY 4, 2024

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to expect if they do. It involves reviewing a specific risk or target area, for example Enhanced Due Diligence, across several firms simultaneously.

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AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

PYMNTS

MAY 2, 2018

The Financial Crimes Enforcement Network’s (FinCEN’s) customer due diligence (CDD) final requirements take effect on May 11. The rules, put forth by FinCEN two years ago, mandate that financial institutions (FIs) adopt more robust customer due diligence procedures.

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Neopay

NOVEMBER 28, 2023

With 71% of organisations adopting advanced analytics, institutions are leveraging AI to optimise data usage and enhance compliance procedures. Additionally, supply chain operations pose growing concerns, with trade-based money laundering and supply chain corruption on the rise.

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Neopay

JANUARY 2, 2024

Why are internal controls, such as policies and procedures, critical for organisations in ensuring compliance with financial regulations? Policies and procedures form a key part of effective governance within any firm. Neopay typically engages with the firms to acquire key documentation, such as policies and procedures.

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Fintech Labs Insights

JANUARY 26, 2017

Aqubix is a complete, centralized, management tool for all your customer due diligence (CDD), compliance, and anti-money laundering (AML) procedures. A look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot. Why it’s great.

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Segpay

OCTOBER 4, 2023

The risk is exceptionally high when merchants refrain from subjecting their affiliates to solid due diligence (KYC screening) during the customer acceptance process. Transaction Laundering: Transaction launderers can abuse Affiliate Marketing to whitewash their illegally obtained wealth.

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FICO

JUNE 23, 2022

It was titled “The Role of Data in Managing Fraud and Financial Crime in the ‘New Normal’” and our conversation focused on how to integrate intelligence effectively to meet due diligence requirements, provide the solid foundation for suspicious activity reporting, and stop fraud before financial losses happen. TJ Horan.

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Global Fintech & Digital Assets

OCTOBER 5, 2023

The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities. The coin-listing policy must also contain procedures for identifying, addressing, and disclosing conflicts of interest in the coin-listing decision-making process. By Jenny Cieplak , Arthur S.

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