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.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

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.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

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. Founded in late 2015, the company provides regulated entities with tools to manage audit, risk, and compliance programs effectively. Transparently.AI

Financial Crimes 104

Financial Crimes Crime APACS Risk Assessment 104

Neopay

DECEMBER 6, 2023

On 5 th December 2023, HM Treasury unveiled a revised list of high-risk third countries, aligning with the latest recommendations from the Financial Action Task Force (FATF). These changes demand immediate attention from UK-regulated firms, as they impact the application of enhanced customer due diligence (EDD) measures.

Treasury 52

Treasury Due Diligence Risk Money Laundering 52

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.

AML 52

AML Financial Crimes Crime Risk Assessment 52

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

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).

Transactions 52

Transactions Due Diligence Money Laundering AML 52

Stax

JANUARY 8, 2024

However, several complex types of risks come along with this. 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. Q: Why implement risk management?

Risk Management 88

Risk Management Risk Money Laundering Procedures 88

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. Forming a risk-based approach can help FIs link their methodology back to their wider risk appetite and strategy.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

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. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new.

AML 52

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

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.

Process 52

Process Due Diligence AML Verification 52

Stax

AUGUST 22, 2024

In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

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. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Seon

APRIL 11, 2024

Financial institutions worldwide are continuously evolving their strategies to combat fraud and money laundering, two threats that undermine the potential of our global financial systems. With the United Nations reporting that three to five percent of the global GDP is laundered annually and fraud costs worldwide reaching $5.13

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

FICO

FEBRUARY 9, 2021

In June this year, the FATF released their report on, ‘ Money Laundering and the Illegal Wildlife Trade’. The methods for trafficking wildlife or the money laundering that’s involved are hardly new. Shell or front companies are often used to ship wildlife or launder the proceeds.

Money Laundering 52

Money Laundering Crime Due Diligence Financial Crimes 52

The Fintech Times

SEPTEMBER 14, 2024

The emergence of AI and ML tools has enabled companies to analyse vast amounts of data in real time, detecting patterns that indicate potential compliance risks, such as money laundering, sanctions, or fraud. “Likewise, machine learning algorithms continuously learn from data, improving accuracy over time.

Compliance 106

Compliance AI Process Suspicious Activity Report (SAR) 106

PYMNTS

JUNE 20, 2019

Yes, we should be concerned when the individuals tasked with making the risk assessments and decisions are widely reporting a lack of confidence,” he said. An example, Cohen observed, is that cryptocurrency statistic — that 69 percent of crypto exchanges lack “complete and transparent” KYC and due diligence processes.

AML 66

AML Due Diligence Money Laundering Risk Assessment 66

The Fintech Times

SEPTEMBER 19, 2024

By integrating risk assessments, controls, and regulatory obligations in real-time, and within a unified framework, institutions can proactively identify and mitigate risks associated with new regulations, such as operational resilience requirements. For fraud, the focus was historically on customer identity.

Risk 59

Risk Financial Crimes AML Risk Management 59

FICO

MARCH 6, 2020

FICO brings AI and advanced analytics to risk management, fraud detection, collections and much more. Our Anti-Financial Crime solutions suite consistently follows the risk-based approach according to FATF and supports the compliance process with integrated modules. Fraud and money-laundering are closely connected.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

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.

Authorization 59

Authorization Product Due Diligence Procedures 59

Seon

MAY 31, 2024

Costs Associated with Compliance Fraud and anti-money laundering compliance costs have been rising sharply, driven by factors like new regulations, evolving financial crimes and the need for enhanced due diligence and monitoring capabilities.

Fraud Prevention 52

Fraud Prevention Fraud Detection Compliance Money Laundering 52

The Payments Association

JUNE 5, 2025

From a compliance perspective, varied consumer preferences require a consistent approach to risk assessment and due diligence across payment methods. Ensure risk assessments cover data privacy, biometric consent, device-level authentication, and alignment with SCA requirements. FCAs Consumer Duty).

Payments Trends 88

Payments Trends Consumer Online and Mobile Banking Debit Card 88

Global Fintech & Digital Assets

OCTOBER 5, 2023

Risk Assessment The coin-listing policy must require thorough due diligence on both the relevant coin and its issuer prior to approval for listing, including with respect to the following risk categories: Technical Design and Technology; Operational; IT/Cybersecurity; Market and Liquidity; Illicit Finance; Legal; Reputational; and Regulatory.

Procedures 52

Procedures Stablecoins Issuers Due Diligence 52

Neopay

MARCH 26, 2025

The proposed RTSs focus on the following aspects for which the EBA is providing its advice: the way the new EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism(AMLA) will decide which institutions will be subject to the direct supervision. The consultation runs until 6 June 2025.

Money Laundering 52

Money Laundering Consulting AML Rules 52

Neopay

APRIL 1, 2025

The UK’s Financial Conduct Authority (FCA) significantly increased its supervisory activity on firms anti money laundering and terrorist financing (AML/CTF) controls in the 2023-23 reporting period. The FCA plays a crucial role in the fight against money laundering and terrorist financing (AML/CTF).

Compliance 52

Compliance AML Due Diligence Risk Assessment 52

Neopay

FEBRUARY 21, 2025

Mako did not conduct due diligence on these payments, which created a heightened risk of money laundering. The FCA also found that Mako’s internal controls were insufficient to detect and mitigate potential financial crime risks.

Financial Crimes 52

Financial Crimes Due Diligence Crime Compliance 52

The Payments Association

MAY 14, 2025

Banks in developed economies are reducing their exposure to institutions in high-risk jurisdictions, she noted, leaving those players cut off and often reliant on less-regulated alternatives. This includes visibility into documentation, rule application, and risk assessments. Trust is replaced with transparency, he said.

Cross-Border Payments 88

Cross-Border Payments Correspondent Bank Cross-Border Correspondent 88