PYMNTS

SEPTEMBER 22, 2020

The letter, written by Jonathan Gould , the agency’s senior deputy comptroller and chief counsel, also clarified that the ruling only applies to cryptocurrency on a one-to-one basis by a single fiat currency. . “A

Office of the Comptroller of the Currency 138

Office of the Comptroller of the Currency OCC Stablecoins Due Diligence 138

Fintech News

DECEMBER 6, 2023

According to Airwallex, the introduction of this generative AI technology has led to a 50 percent decrease in false-positive alerts during the KYC due diligence phase. Airwallex had previously relied on rules-based analytics and Natural Language Processing (NLP) to scrutinise new customers’ websites.

AI 120

AI Due Diligence Assessments Rules 120

Payments Dive

FEBRUARY 12, 2020

FinCEN put into effect the most stringent KYC regulations to date requiring FIs to comply with new Customer Due Diligence standards on beneficial ownership, along with multiple FAQs on ID collection and verification.

Best Practices 74

Best Practices Due Diligence Fincen Process 74

PYMNTS

MARCH 14, 2019

For instance, client lifestyle management software provider Fenergo recently announced a new regulatory rules software that can be integrated into businesses’ platforms, and serve as a repository of local and global rules for AML, KYC and other requirements. Other financial service providers must rethink their due diligence approaches.

Money Laundering 73

Money Laundering Due Diligence AML Compliance 73

EBizCharge

JUNE 23, 2025

But here’s the catch: surcharge rules are a patchwork of federal guidelines, state laws, and card network rules. Not knowing the rules can result in fines, lawsuits, or worse. Getting the rules wrong can expose your business to legal penalties and fines from your payment processor. Some states don’t allow them at all.

Credit Cards 52

Credit Cards Legal Card Network Rules Point-of-Sale (POS) 52

Fintech News

OCTOBER 6, 2024

One major focus is on proactive prevention, where the IMC advocates for tighter regulations on corporate service providers and enhanced due diligence for non-financial sectors vulnerable to exploitation by money launderers.

Money Laundering 123

Money Laundering Law Enforcement Due Diligence Financial Crimes 123

PYMNTS

MAY 11, 2018

Today (May 11 ) is the day the final rule, served up by the Financial Crimes Enforcement Network (FinCEN), takes effect. The CDD Rule — titled “Customer Due Diligence Requirements for Financial Institutions” — amends the Bank Secrecy Act regulations. The deadline cometh.

Rules 40

Rules Fincen Due Diligence Financial Crimes 40

The Payments Association

OCTOBER 11, 2024

The Financial Conduct Authority (FCA) is consulting on new rules and guidance to strengthen the safeguarding of consumer funds in the payments and e-money sectors. The current safeguarding rules are based on the Payment Services Regulations 2017 (PSRs) and E-Money Regulations 2011 (EMRs).

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

PYMNTS

JANUARY 30, 2019

So the idea that the money laundering directive in Europe would mandate beneficial ownership as a part of enhanced customer due diligence “is, in some ways, the logical next step,” Gaddy said. In that case, the company checks two different sources in a given country with two different rule sets.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

The Payments Association

OCTOBER 22, 2024

It is, therefore, critical that segregation rules are designed to complement insolvency law, such as PESAR, and it is not currently clear how this will be ensured for the FCA’s proposals. To tackle this problem, the FCA wants to strengthen and clarify the safeguarding rules. What problem is the FCA seeking to address? Who is impacted?

Consulting 88

Consulting Rules Treasury Due Diligence 88

Finovate

SEPTEMBER 18, 2024

The regulatory body is currently taking public comment on the rule. Continuous third-party records access The proposed rule states that if banks rely on non-bank companies to manage custodial deposits and their records, the bank must have continuous, direct access to records held at the third party organization.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

The Fintech Times

AUGUST 11, 2024

The UK’s Financial Conduct Authority (FCA) has issued a sharp warning to crypto firms, highlighting significant shortcomings in their compliance with new financial promotion rules. The poor In contrast, firms displaying the poorest practices failed to implement robust due diligence processes.

Compliance 69

Compliance Due Diligence Regulations Risk 69

PYMNTS

JANUARY 26, 2021

The partnership aims to create a secondary credit market that is transparent and efficient and makes it easy to manage credit and digitally store documents, loan history and due diligence activities, preventing “information asymmetry risks,” the release stated.

Wire Transfer 97

Wire Transfer Blockchain Wire Wires 97

PYMNTS

AUGUST 29, 2018

Swiss financial regulator FINMA is planning to soften anti-money laundering rules for smaller FinTech firms in an attempt to help the country become a tougher competitor in the money management sector. As a rule, all financial institutions are subject to similar due diligence requirements relating to combating money laundering.

Rules 43

Rules Money Laundering AML FinTech 43

Finextra

JUNE 25, 2025

Clairas technology embeds AI into deal workflows, accelerating due diligence and providing easy access to historical deal data and insights. Claira brings smart automation to an area of the market which has traditionally seen an over-reliance on manual processes and workflows. Welcome to Finextra. Please read our Privacy Policy.

Due Diligence 59

Due Diligence Privacy Research API 59

Fintech News

FEBRUARY 6, 2024

Traditional rule-based approaches are rapidly becoming outdated as they fail to adapt to the evolving tactics of financial criminals. This disparity is not just a financial concern but a significant red flag indicating a gap in the knowledge and expertise needed to combat such crimes effectively.

White Collar Crime 108

White Collar Crime Crime Suspicious Activity Report (SAR) Financial Crimes 108

PYMNTS

JULY 15, 2020

But Judge Ross Cranston ruled the case was unlikely to succeed because Wirecard did not know the price at which Hermes was sold to Mauritius. The ruling also noted due diligence was conducted by two law firms, London-based Osborne Clarke and BTG Legal in Mumbai on behalf of the plaintiffs, FT reported. “To

Due Diligence 64

Due Diligence Money Laundering Laws Legal 64

The Payments Association

OCTOBER 14, 2024

PSPs will need to adapt their fraud prevention strategies and comply with the new reimbursement rules starting in October 2024. ” According to Tordera, reducing the threshold does not end the industry’s unhappiness with how the new rules are constructed. What’s next?

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

PYMNTS

JANUARY 30, 2019

The Software-as-a-Service (SaaS) tool also looks to streamline client onboarding and improve the accuracy of customer due diligence. Clarity KYC integrates business identification, screening processes and due diligence, reporting, and customer monitoring into a unified solution, the company explained.

Due Diligence 46

Due Diligence Automation Money Laundering Fincen 46

Payments Dive

JULY 7, 2025

Swiss regulators are doing more due diligence. Analysts who follow the company, including Matt Coad of Truist Securities, said the delays were not a reason for concern. There are complexities" in international mergers, he said in an interview prior to the merger’s completion. Extending the offer isnt a big deal.

Tax Refunds 78

Tax Refunds Privacy Zelle Processors 78

Neopay

OCTOBER 10, 2024

The new rules, effective as of 7 October 2024, are aimed at reinforcing the UK financial system’s ability to detect, prevent, and manage fraud, as well as ensure that customers are reimbursed in a timely manner. These reimbursement rules apply to payments made through Faster Payments System (FPS) and CHAPS.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

Segpay

JANUARY 26, 2024

If you’re a FAN platform relying on agencies to move content creators to your platform, the same due diligence should be completed to understand how these agencies manage their content creators. If they are responsible for posting content and communication, does the agency understand the user-generated content rules of the card brands?

Best Practices 105

Best Practices Push-to-Card Due Diligence Processors 105

Finextra

JULY 8, 2025

The aim is to reinforce a risk-sensitive and proportionate approach to Enhanced Due Diligence (EDD) obligations, particularly when dealing with domestic PEPs, their family members, and close associates. The guidance also clarifies that former PEPs must continue to be treated as such for a period of 12 months after leaving office.

Money Laundering 52

Money Laundering Due Diligence Risk Risk Assessment 52

Fintech News

FEBRUARY 18, 2024

This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travel rule. “As regulators made the travel rule a compliance requirement, the world is fast evolving to adopt the travel rule.

Verification 120

Verification Travel Rule Multi-Currency Compliance 120

PYMNTS

SEPTEMBER 22, 2016

Globalization creates an added layer of complexity for banks today; while corporates expect to be able to transact across borders as soon as they’re onboarded to a bank, FIs are tasked with adhering to the rules of multiple jurisdictions. ” Khosla said. ” Khosla said. On Tuesday (Sept.

Regulations 75

Regulations Due Diligence Faster Payments Mitigation 75

Finovate

DECEMBER 6, 2023

KYC Portal’s KYC Portal CLM is a Customer Due Diligence (CDD) and anti-money laundering (AML) orchestration platform. The solution works in real-time to automate, centralize, and simplify the due diligence process. KYC Portal began the month with news that its platform had earned a spot on the RegTech 100 for 2024.

Due Diligence 59

Due Diligence Money Laundering Compliance AML 59

The Payments Association

MAY 9, 2025

2) Regulations 2022 updated existing rules, reflecting elements of the EUs 2023 regulation. UK-regulated firms must ensure that complete originator and beneficiary information accompanies all relevant transfers, including specific requirements for crypto-asset service providers under the Travel Rule.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

AUGUST 5, 2019

The most rigorous due diligence is done during the onboarding stage,” Cohen said, referring to the creation of new merchant accounts. Another big challenge is corporate registries — the source of vital due diligence information but governed by different standards and rules depending on the country involved.

Due Diligence 65

Due Diligence Money Laundering Best Practices Laws 65

PYMNTS

DECEMBER 10, 2020

Still, it was a wake-up call for the industry, showing that such lapses could result in significant fees and criminal prosecution if basic due diligence is not followed. . s executives avoided potential jail sentences. identities. . However, cutting corners on these processes also comes at a price, with up to $3.9 million by 2025.

Due Diligence 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

The Fintech Times

JANUARY 17, 2024

As for now, it’s the transformation of our customer due diligence process. Interpreting the intent of unformatted conversational emails or deciphering a 100-page loan agreement document are unsolvable challenges using only rules and logic. The most striking impact for myTU?

AI 128

AI FinTech Underwriting Due Diligence 128

PYMNTS

MAY 10, 2018

May 11 marks a watershed moment of sorts for financial institutions (FIs), with new requirements for customer due diligence. In an interview with PYMNTS, David Barnhardt, EVP of product at GIACT , said the beneficial ownership mandate seeks to strengthen existing anti-money laundering rules and regulations.

Due Diligence 40

Due Diligence Compliance Fincen OFAC 40

PYMNTS

MARCH 5, 2019

estate agent Countrywide has been fined £215,000 (more than $283,000 USD) for failing to comply with the country’s money laundering prevention rules. As a result of the investigations, the agency found that Countrywide did not conduct proper due diligence, adding that it had broken rules concerning “proper record-keeping.”

AML 53

AML Money Laundering Due Diligence Legal 53

The Payments Association

NOVEMBER 14, 2024

PMI activity and investment must target the following areas to ensure business readiness for future disruption and growth opportunities: Rigorous due diligence around technology: Fully understand what you are getting into and have a plan even before an acquisition is completed. Finally, be prepared to act decisively.

Due Diligence 88

Due Diligence Payments Addressing Technology 88

PYMNTS

JUNE 10, 2019

In addition to the check issues, Deutsche Bank is looking into other “critical” and “significant” failings found by auditors, including client due-diligence name list screening practices in Hong Kong, Singapore and India, and staff sending sensitive information over WhatsApp or personal emails.

AML 55

AML Money Laundering Process Due Diligence 55

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 US Financial Crimes Enforcement Network (FinCEN) has strict rules for compliance by financial institutions. Seek and verify valid financial references.

Due Diligence 52

Due Diligence OFAC Compliance Fincen 52

PYMNTS

FEBRUARY 4, 2019

authorities, ING admitted that criminals had laundered money through its accounts between 2010 and 2016 because of “serious shortcomings” in enforcing due diligence policies. Under the new rules, the FCA will need to approve senior managers at financial services firms and ensure that they clearly understand their responsibilities.

AML 64

AML Money Laundering Due Diligence Fincen 64

PYMNTS

SEPTEMBER 29, 2020

First launched in 2016, Beam designs software to help financial services providers, from FinTechs and banks to cryptocurrency firms, stay in compliance with AML and KYC rules, as well as SARs (suspicious activity regulations) around the world. As part of the deal, Beam employees in the U.S. will move into Jumio’s Palo Alto headquarters.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61