Remove Financial Crimes Remove Multi-Currency Remove Suspicious Activity Report (SAR)
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Evolving money laundering risks for EMIs: Insights from the upcoming NRA

The Payments Association

Jane Jee Ambassador, TPA “Despite leaner compliance teams, EMIs are subject to the UK’s strict MLRs and FCA oversight, and often deploy advanced anti-financial crime tools that rival or surpass traditional banks. Between 2020 and 2024, the FCA recorded a 231% rise in MLR-related supervisory activity for EMIs and PSPs.

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APAC Faced the Most Regulatory Fines in H1’24 Reveals Fenergo in Latest Report

The Fintech Times

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. This includes know your customer (KYC), sanctions, suspicious activity reports (SARs), and transaction monitoring violations.

APACS 59
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Compliance, Gaming and Gambling in Australia vs USA

Segpay

Fraud Prevention & Transaction Monitoring Australia: Real-time monitoring is required, with suspicious matter reports (SMRs) submitted to AUSTRAC. USA: Stricter transaction monitoring, requiring Suspicious Activity Reports (SARs) to FinCEN and geographical targeting orders (GTOs) for high-risk areas.