Klarna Bank criticised by FSA over money laundering risks
Finextra
SEPTEMBER 9, 2024
Klarna Bank has been upbraided by the Swedish Financial Supervisory Authority for failing to adequately deal with money laundering risks.
Money Laundering Related Topics 
4 Trends Shaping How We Combat Money Laundering In Asia Pacific
Fintech News
JUNE 3, 2024
The Asia-Pacific (APAC) region faces significant challenges in combating money laundering due to its diverse economies, large volume of cross-border trade, and varying levels of regulatory enforcement across different countries — the trends of money laundering in Asia Pacific are constantly evolving.
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BaFin fines N26 €9.2m over late money laundering reports
Finextra
MAY 21, 2024
million for anti-money laundering failures but could be preparing to lift a cap on the number of new customers the digital bank can take on. German regulator BaFin has fined N26 €9.2
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Understanding Crypto Money Laundering, and How to Get a Handle on It
Fintech News
JULY 17, 2024
A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. The Scale of Crypto Money Laundering The magnitude of crypto-related money laundering is staggering. Usage of mixers peaked in 2022, with over US$1.5 billion of value received in April alone.
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Paytm Business Bank fined on money laundering charges
Finextra
MARCH 3, 2024
Paytm's banking business has been fined 55 million rupees (about $663,000) by an Indian regulator on money laundering charges.
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Nordea charged over Danish money laundering cases
Finextra
JULY 5, 2024
Denmark officially brought charges to Nordea in the country’s biggest money laundering case to date, stating the bank violated the Danish anti-money laundering act several times between 2012 and 2015.
Frankfurt wins race to host new EU anti-money laundering agency
Finextra
FEBRUARY 22, 2024
Frankfurt has won the race to host the EU's new Anti-Money Laundering Authority (AMLA), beating out competition from eight other cities, including Dublin, Madrid and Paris.
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Singapore’s Money Laundering Report Flags Elevated Risks in Digital Assets, Banking
Fintech News
JUNE 23, 2024
Singapore has released its updated Money Laundering (ML) National Risk Assessment (NRA) , highlighting increased risks in the digital payment token (DPT) services sector. Consequently, Singapore is closely monitoring the sector.
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Banks, Payment Providers at High Risk for Environmental Crimes Money Laundering
Fintech News
MAY 29, 2024
Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting the primary threats and vulnerabilities associated with it. The NRA concludes that, given the existing controls, the risk of criminals using Singapore for environmental crimes money laundering is medium-low.
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The global impact of money laundering in 2024
Neopay
JULY 18, 2024
Money laundering is a pervasive issue, affecting economies and societies worldwide. This clandestine nature makes it challenging to quantify the exact amount laundered annually. The anonymity offered by cryptocurrencies makes them attractive for laundering illicit funds.
How to Maintain Anti-Money Laundering Compliance as a PayFac
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. They need to be given regular training to deal with novel techniques used by money launderers.
Blockchain researchers use AI to spot Bitcoin money laundering
Finextra
MAY 1, 2024
Researchers from Elliptic, IBM Watson and MIT have used AI to detect money laundering on the Bitcoin blockchain.
AMLYZE: Is the Global Anti-Money Laundering (AML) System Broken?
The Fintech Times
APRIL 29, 2024
In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?
HM Treasury launches consultation to enhance money laundering regulations
Neopay
MARCH 15, 2024
HM Treasury has initiated an open consultation aimed at refining the Money Laundering Regulations (MLRs) to bolster their effectiveness while reducing burdens on legitimate customers. System coordination: Strengthening coordination among various systems involved in combating money laundering and terrorist financing.
Artwork money laundering runs rife warns NCA in amber alert
Finextra
JANUARY 26, 2024
The UK’s National Crime Agency (NCA) has issued an amber alert to prevent further money laundering in the art storage sector.
Wirecard Linked To Mafia Money Laundering
PYMNTS
AUGUST 3, 2020
It is unclear whether the bank knew its services were being used to skirt anti-money laundering regulations, the paper reported. .” The FT added: “Since then, more than 30 people have been sentenced for mafia-related crimes linked to the case.” ” Wirecard declined to comment for the FT article.
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Preventing Future Fraudsters After Five Convicted for £500,000 Shell Company Money Laundering
The Fintech Times
MARCH 27, 2024
Five people, including convicted fraudster Neale Rothera , were sentenced for their involvement in a fraud and money laundering scheme which cost banks over £500,000 earlier this week. But with the money unrecoverable, how can this type of situation be avoided in the future?
TBML: What Is Trade-Based Money Laundering?
FICO
MARCH 17, 2021
Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. However to set a context, we must first answer the question – what is trade-based money laundering? This study, together with the U.S.
The Anti-Money Laundering Act is a tough act for banks
Payments Source
MARCH 10, 2021
Banks need to adjust their money laundering protections to comply with tough new rules in the U.S., says Genpact's Manish Chopra.
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CBUAE fines UAE bank for anti-money laundering lapses
The Paypers
AUGUST 5, 2024
The Central Bank of the UAE ( CBUAE ) has imposed a financial sanction on a bank operating in the region for anti-money laundering lapses.
Businesses Get Wary Of Trade-Based Money Laundering
PYMNTS
JANUARY 3, 2021
The Financial Action Task Force ( FATF ) is warning of new ways of money laundering via exports like onions, potatoes, soft fruits or expensive cars, a report from the Financial Times says. the new demand for some goods and services for the fighting of COVID-19 also posed increased risk of money laundering in this way.
Binance Plays Vital Role In Cracking Crypto-Assisted Money Laundering Case in Taiwan
The Fintech Times
MAY 18, 2024
Crypto exchange, Binance has played a massive part in solving a major crypto-assisted money laundering case in Taiwan involving nearly NT$200million (approximately US$6million). The post Binance Plays Vital Role In Cracking Crypto-Assisted Money Laundering Case in Taiwan appeared first on The Fintech Times.
Anti-money laundering: Council and Parliament agree to create new authority
Neopay
DECEMBER 18, 2023
Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.
Amended Money Laundering Regulations 2017 bring changes in PEP risk assessment
Neopay
DECEMBER 20, 2023
Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. The post Amended Money Laundering Regulations 2017 bring changes in PEP risk assessment appeared first on Neopay. 1371) will introduce notable changes in the assessment of risks associated with Politically Exposed Persons (PEPs).
Understanding Regulatory Frameworks for Trade-Based Money Laundering (TBML) Compliance
Finextra
MARCH 14, 2024
Trade-based money laundering (TBML) poses significant risks to the global financial system, requirin.
Google Cloud launches Anti Money Laundering AI
The Paypers
JUNE 21, 2023
US-based Google Cloud has launched the Anti Money Laundering AI product to help financial institutions in their money laundering detection efforts.
Money laundering reform from Congress is needed more than ever
Payments Source
NOVEMBER 19, 2020
Bankers must identify money launderers and traffickers, and yet although not precluded, the current legal framework actually limits the sharing of data about potential suspicious activity and customers between institutions, says Giant Oak's Gary Schiffman.
Deutsche Money Laundering Probe Accelerated
PYMNTS
DECEMBER 2, 2019
Department of Justice (DoJ) has accelerated its probe into Deutsche Bank’s participation in a $220 billion Danske Bank money laundering scheme, Reuters reported on Monday (Dec. The DoJ is inquiring if Germany’s largest bank Deutsche assisted with moving dirty money to the U.S. 2), citing four sources.
The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets
Neopay
JULY 18, 2024
This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes. Source : European Banking Authority The post The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets appeared first on Neopay.
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Mule Accounts: Ripping the Mask Off the Money Laundering Problem
BioCatch
NOVEMBER 13, 2023
The global rise in authorized payment scams has put renewed attention on money laundering and the role of mule accounts as part of the fraud ecosystem. Central to this shift has been the ongoing debate about liability for reimbursing scam victims and who bears financial responsibility.
Tookitaki launches its Anti Money Laundering Suite to FinCense
The Paypers
FEBRUARY 5, 2024
Singapore-based anti-financial crime and AML company Tookitaki has announced the launch of its flagship Anti Money Laundering Suite to FinCense.
Police Allege Money Launderers Are Using Chinese eCommerce Sites To Move Money
PYMNTS
SEPTEMBER 16, 2020
Money laundering carries a maximum penalty of 14 years in prison as well as a fine. In June, the Nikkei Asian Review reported that Chinese officials are considering an East Asia digital currency in a bid to combat money laundering. . Alibaba and JD.com, two of China’s largest shopping sites, declined to comment.
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Deep Dive: How eCommerce Payments Providers Sniff Out Money Launderers
PYMNTS
OCTOBER 7, 2020
All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.
Luxembourg's ABBL signs public-private partnership to tackle money laundering
The Paypers
SEPTEMBER 21, 2022
The Association of Banks and Bankers of Luxembourg has partnered with two public financial authorities in a bid to share skills and knowledge to better fight money laundering.
Challenges in Countering Trade-Based Money Laundering
FICO
MARCH 24, 2021
In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. In this second part, we will explore the challenges of countering TBML and explore some recent industry trends.
Focus on money mules to tackle money laundering, says P20
The Paypers
SEPTEMBER 27, 2022
Payments 20 (P20) , the advocacy group of the payments industry has called on the industry for a collaborative approach against money laundering.
IMTF acquires Siron anti-money laundering and compliance solutions
The Paypers
JANUARY 4, 2023
IMTF has acquired the Siron anti-money laundering and compliance solutions developed by FICO to expand its AML and compliance portfolio.
CSI, Featurespace Team Up To Fight Money Laundering
PYMNTS
NOVEMBER 30, 2020
CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. Based in Spain, Featurespace offers “enterprise financial crime prevention for fraud and anti-money laundering,” per the announcement. . Computer Services, Inc.
Swiss Prosecutors Charge Credit Suisse Over Alleged Drug Money Laundering
PYMNTS
DECEMBER 18, 2020
Credit Suisse has been indicted by Swiss prosecutors for allegedly failing to prevent money laundering, Bloomberg reports, adding that a former bank manager was also indicted alongside Credit Suisse. Credit Suisse, the case determined, had failed to freeze 35 million francs subject to a 2007 seizure order. “The
Money laundering battle drives Japan banks to JPMorgan’s network
Payments Source
DECEMBER 10, 2019
s blockchain-based information network for payments is drawing the greatest interest in Japan, a country long blamed for weak measures against money laundering. JPMorgan Chase & Co.’s
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Viena Saskaita partners with AMLYZE to prevent money laundering
The Paypers
DECEMBER 4, 2023
Lithuania-based Viena Saskaita has partnered with AMLYZE , a regtech company specialising in anti-financial crime, to provide money-laundering prevention and compliance solutions to its clients.
Bitcoin ATMs show gap in EU's money laundering rules, police say
Payments Source
JULY 11, 2019
A Spanish effort to prosecute a gang that used Bitcoin automated cash machines suspected of being a front for illegal-drug payments has exposed a hole in European anti-money-laundering controls, law enforcement authorities in the country said.
EBA explores ways to prevent money laundering and terrorist financing
The Paypers
NOVEMBER 24, 2023
The European Banking Authority (EBA) has launched a public consultation to explore new Guidelines for the prevention of money laundering.
The Money Laundering Cycle Spins On
PYMNTS
MARCH 26, 2019
Money laundering is big business and the recovered funds are scant, which begs a solution (a roadmap was offered up for FIs in a recent PYMNTS interview with Zac Cohen , Trulioo general manager). 2 trillion: The top end of a range (starting at $800 million) in money laundering estimated by the United Nations Office on Drugs and Crime.
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