Fintech News

MAY 7, 2024

Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question.

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PYMNTS

OCTOBER 9, 2018

The European Union’s (EU’s) banking supervisor wants to know more about how Denmark’s financial watchdog supervised Danske Bank , which is being investigated by the U.S. Department of Justice (DOJ) over alleged money laundering. “We Last month, it was revealed that U.S.

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The Payments Association

FEBRUARY 10, 2025

The Economic Crime and Corporate Transparency Act 2023, specifically the “failure-to-prevent fraud” offence, and outlines how businesses can mitigate fraud risks. This legislation represents a significant shift in corporate accountability, aiming to strengthen the UKs legal framework against financial crime.

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PYMNTS

NOVEMBER 25, 2018

Money laundering took on a new meaning this past week after Dutch police arrested a man who had hidden $400,000 in cash inside the drum of a washing machine. According to a report in CNN , Dutch police were conducting a raid for unregistered residents in western Amsterdam and found the money in the washing machine.

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FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24. by Scott Zoldi.

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The Fintech Times

APRIL 8, 2024

This April, The Fintech Times is focusing on all things embedded finance, the integration of financial services into non-financial products and services. First, we turn our attention to the growth of Banking-as-a-Service (BaaS). Or it is an e-money licence where money is safeguarded?

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The Fintech Times

APRIL 8, 2025

International payments business Caxton has appointed Roger Bracken to its board in the position of non-executive director. Lee Dunne has been appointed as the new head of banking by European financial technology provider payabl. The facility will support SMEs and local corporates engaged in the import sector.

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Fintech News

APRIL 28, 2024

The banking industry is shifting towards innovation, collaboration and customer-centricity, driven by the adoption of technologies including cloud computing, data analytics, artificial intelligence and machine learning (AI/ML), changing customer preferences, and a rapidly evolving regulatory landscape, a new report by Amazon Web Services (AWS) says.

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PYMNTS

AUGUST 4, 2017

Australia’s largest mortgage lender — Commonwealth Bank of Australia — has been officially accused by its government of widespread violations of anti-money laundering and counter-terrorism financing rules. Commonwealth Bank said in a statement it was reviewing the allegations and will file a statement of defense.

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PYMNTS

NOVEMBER 28, 2018

Preliminary charges have been filed against Denmark’s biggest lender, Danske Bank, over allegations that it violated the country’s money laundering laws, according to a report by Reuters. The charges are related to the bank’s branch in Estonia. The money laundering case is very serious.

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FICO

JANUARY 19, 2022

From TBML to BNPL to NFTs, 2021 found fraud and financial crime professionals dealing with a plethora of new challenges and criminal schemes. Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud.

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FICO

AUGUST 12, 2021

Financial Institutions’ compliance officers and teams should be concerned that Open Banking may render their existing AML/CTF and KYC compliance programs inadequate. Open banking is evolving around an ecosystem of third-party providers (TPPs). What is Open Banking? Customer data screen-scraping widespread.

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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.

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FICO

JANUARY 5, 2021

What else made for the hottest reads in 2020 for fraud and financial crime? Here were our top 5 posts: #1: Fraud And Financial Crime Convergence. TJ Horan reported on a key takeaway from the Aite Financial Crime Forum : lenders are serious about combining their fraud and financial crime protection systems.

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PYMNTS

NOVEMBER 15, 2019

Shares in Swedish bank SEB fell on Friday (Nov. 15) over news that it might soon be embroiled in a money-laundering scandal, which has also affected some of its peers in the region, according to a report in the Financial Times. The bank also said that if new information came out it, would “take action immediately.”.

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PYMNTS

JANUARY 31, 2019

That doesn’t mean the payments and financial services space can afford to ignore the threat of money laundering and other kinds of fraudulent activity in the context of faster payments. banks, separate data revealed. Indeed, in the U.S., “As the U.S. trillion in the U.S. a decade ago. trillion in the U.S.

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FICO

NOVEMBER 22, 2017

This is a topic I am quite passionate about, as I firmly believe that eliminating the scourge of money laundering could make the world a significantly better place to live. Money laundering is the process of creating the appearance that illicit funds obtained through illegal activity originated from legitimate sources.

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The Fintech Times

OCTOBER 5, 2024

The booming popularity of neobanks following the pandemic saw people, both good and bad, flock to them, however, one notable name has failed to tackle financial crime and as a result is now facing a hefty fine from the Financial Conduct Authority (FCA). million in 2023. ” Is this enough of a punishment?

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PYMNTS

NOVEMBER 30, 2020

In today’s top news in digital-first banking, Computer Services, Inc. CSI) is collaborating with Featurespace to advance a new cybercrime offering to fight money laundering, while the loan payment relief mandated by the federal CARES Act has brought about mixed outcomes. CSI, Featurespace Team up to Fight Money Laundering.

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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.

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PYMNTS

MARCH 25, 2019

When it comes to financial crime, it seems, the bad guys are getting away with financial murder. The implication, then, is that financial institutions are not doing what they could or should do to detect and prevent financial crimes. The numbers are sobering. Even staggering. The Crypto Factor.

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PYMNTS

OCTOBER 7, 2018

investigation into money laundering at Danske Bank ’s Estonia branch, shares of the bank have reached the lowest level in four years on Friday (October 5). and the bank is trying to comfort investors, Reuters reported. Danske Bank’s interim chief financial officer Morten Mosegaard noted that the U.S.

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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.

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PYMNTS

DECEMBER 3, 2018

The Danske Bank money laundering scandal in Denmark could potentially affect the country’s financial stability. The focus is on $150 million that made its way through accounts of non-Estonian holders. If you imagine that Denmark’s largest bank would close, that would be really bad, to put it nicely.”.

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PYMNTS

FEBRUARY 8, 2019

In a reported phishing campaign that began last month, Bank Secrecy Act (BSA) officials at credit unions in the U.S. The emails were reportedly only sent to certain anti-money laundering (AML) contacts, leading some to question if the National Credit Union Administration (NCUA)’s non-public data had been accessed, Krebs On Security reported.

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The Fintech Times

AUGUST 17, 2024

The US subsidiary of a Canadian bank was issued a fine of $65million for unsafe practices related to operational, compliance, and strategic risk management controls. The bank was ordered to pay the fine to resolve investigations by The Office of the Comptroller of the Currency (OCC), an independent bureau of the US Department of the Treasury.

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FICO

FEBRUARY 15, 2017

The focus on financial crime, and the money laundering that funds terrorist attacks and other criminal activities, has forced the industry to look for smarter approaches. Industry experts have begun to realize the significance of analytics in combatting anti-money laundering.

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PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

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PYMNTS

JULY 9, 2020

Updating the regulations began months ago, but the safeguards were accelerated as more customers began to rely on pre-paid cards and other non-bank services amid the disruption caused by COVID-19. This is the end of light-touch regulation of e-money and payment institutions.” .

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PYMNTS

OCTOBER 2, 2018

In the latest Data Drivers, David Divitt, vice president of financial crime products at Vocalink , told PYMNTS’ Karen Webster that there’s some light at the end of the tunnel when it comes to battling the bad guys. Cybercrime and financial crimes were the most common offenses, Webster stated. “It s National Crime Agency.

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Fintech Finance

JANUARY 30, 2024

AccessPay , the leading provider of bank integration, today announced the addition of Confirmation of Payee (CoP) and Sanctions Screening capabilities to its Fraud & Error Prevention Suite 1 , launched in 2023.

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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). CASPs can be abused for financial crime purposes, including ML and TF.

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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. AUSTRAC, the country’s financial regulator, announced the deal on Thursday (Sept. million transactions totaling more than $7.7

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Fintech News

OCTOBER 28, 2024

It enables financial institutions, especially those without core banking systems or with systems lacking API integration, to manage bulk transactions. Integrated with bank accounts and digital wallets in Pakistan, Hakeem provides customers with easy disbursement options. ThitsaWorks Pte.

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The Fintech Times

SEPTEMBER 12, 2024

Throughout this month, we’ll be looking into how regtech can help firms ensure compliance and what the space can do to better support financial institutions and fintechs. In July, the Competition and Markets Authority (CMA) revealed four UK high-street banks had failed to comply with banking rules designed to keep customers safe.

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PYMNTS

NOVEMBER 14, 2018

A lawyer for the whistleblower in the Danske Bank money laundering scandal warns that investigators should look into whether major Western banks were involved. Stephen Kohn, who is representing Danske whistleblower Howard Wilkinson, told Reuters that Danske may be only a small player in the scandal. “It

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Global Fintech & Digital Assets

NOVEMBER 2, 2023

A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. Section 311 has heretofore been employed only against non-US financial institutions and jurisdictions rather than an individual class of transactions. By Parag Patel , Eric S.

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