The Payments Association

APRIL 23, 2025

To address the money mule problem, organisations must combine elements of fraud prevention, cyber threat intelligence, and anti-money laundering capabilities. Yet, money mules arent just a fraud or cyber problem. By then, the funds had been laundered through multiple accounts, making recovery difficult.

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AML Suspicious Activity Report (SAR) Addressing Fraud Prevention 88

PYMNTS

JANUARY 30, 2019

The payments company, which was not named for legal reasons, said at least two of its accounts were frozen in October of 2015 after RBS filed suspicious activity reports (SARs) to the National Crime Agency (NCA) in the U.K. Downes pointed out that the company wasn’t the only entity involved with the alleged money launderers.

Suspicious Activity Report (SAR) 77

Suspicious Activity Report (SAR) Accounts SARS Money Laundering 77

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.

AML 78

AML AI Money Laundering SARS 78

FICO

FEBRUARY 27, 2019

Recent Asian money laundering scandals continue to shake up the financial world, and the ripple effect is still keenly felt across the region. Asian Money Laundering Scandals: How To Stop Them. Respondents had a difference of opinion on the most effective way to increase money laundering compliance.

Money Laundering 45

Money Laundering Breach AML APACS 45

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. In one example, reported on Monday (Sept. billion in fines.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN). In the U.S.,

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

FICO

NOVEMBER 27, 2018

Many anti-money laundering (AML) operations work hard to show that they are in compliance with rules and regulations, and struggle to maintain appropriate staff levels to work all the alerts. High false positives and inefficient processes are one reason that the vast majority of money laundering is going unstopped.

AML 77

AML Money Laundering Suspicious Activity Report (SAR) SARS 77

FICO

MARCH 4, 2021

For decades, anti-money laundering (AML) detection software has been rules-based, creating a problematic two-fold legacy: first, much true criminal activity goes undetected because criminals can learn the rules and then evade them. Banks and regulators are also concerned with how quickly they can find suspected money laundering.

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AML SARS Money Laundering Suspicious Activity Report (SAR) 52

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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AML AI SARS Money Laundering 67

FICO

OCTOBER 17, 2019

Conroy pointed out that fraud and money laundering are financing some of the worst crimes society faces, including human trafficking, terrorism and the operations of drug cartels. Artificial intelligence and machine learning to combat fraud and money laundering is a worthwhile investment. Fast to Deploy, Easy to Adapt.

Money Laundering 40

Money Laundering AI Financial Crimes AML 40

PYMNTS

NOVEMBER 15, 2017

Wells Fargo Advisors and the Securities and Exchange Commission (SEC) reached a settlement this week resolving charges that the bank dropped the ball in reporting suspect activities pertaining to money laundering for several years. 14), though broker-dealers are required to file suspicious activity reports (SARs) to the U.S.

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Suspicious Activity Report (SAR) Money Laundering AML SARS 62

Fintech News

JULY 14, 2024

It will also significantly aid Partior’s international network growth and the integration of additional currencies, such as AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR, into its network — adding on to the USD, EUR, and SGD that Partior currently operates.

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Cross-Border Correspondent Bank Multi-Currency Settlement 107

PYMNTS

MARCH 4, 2020

His actions prevented the proper filing of many, many SARs, which hindered law enforcement’s ability to fully combat crimes and protect people,” said FinCEN Director Kenneth A. FinCEN encourages technological innovations to help fight money laundering, but technology must be used properly.” . The OCC also warned U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

FICO

JUNE 22, 2017

Serving as Madoff’s primary bank for over two decades, JP Morgan was one of the culprits of Madoff’s fraudulent actions and money-laundering tactics. In their innocent incompetence to identify clear red flags about Madoff’s returns and file a Suspicious Activity Report (SAR), JP Morgan’s was fined $1.7 billion in 2014.

AML 55

AML Facilitators AI Money Laundering 55

The Fintech Times

FEBRUARY 18, 2024

The solutions provide significant reductions in investigation time and substantial time savings in suspicious activity report (SAR) filing, improving efficiency in financial crime as well as compliance risk management programmes.

Financial Crimes 59

Financial Crimes Crime Suspicious Activity Report (SAR) AI 59

The Payments Association

JANUARY 29, 2025

Key deficiencies included weak transaction monitoring, poor customer due diligence, and systemic lapses in compliance with anti-money laundering regulations. SAR and high-risk client backlogs : TD Bank faced delays in reviewing suspicious activity and closing high-risk accounts. November: Metro Bank16.6

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

OCTOBER 27, 2016

government is mandating financial institutions to disclose details about cyberattacks when submitting reports on fraud and money laundering. are accustomed to submitting suspicious activity reports (SARs) to the government when fraud cases involving at least $5,000 take place. . Banks in the U.S.

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Suspicious Activity Report (SAR) Treasury Fincen SARS 59

PYMNTS

SEPTEMBER 30, 2018

If there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR), IdentityMind Global said in the press release. We’re excited to partner with IdentityMind Global,” said David Jevans, CEO of CipherTrace, in the press release.

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Suspicious Activity Report (SAR) Money Laundering Risk Assessment SARS 57

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Financial sector players must guard against all forms of money laundering and other criminal activities.

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Suspicious Activity Report (SAR) FinTech Money Laundering AML 75

PYMNTS

DECEMBER 3, 2019

Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior.

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Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

SEPTEMBER 29, 2020

Jumio , known for its suite of artificial intelligence (AI)-powered identity verification and online know your customer (KYC) products, is beefing up its anti-money laundering (AML) powers. The Palo Alto-based firm on Tuesday (Sept. The financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

PYMNTS

AUGUST 14, 2019

Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

NOVEMBER 30, 2017

is ramping up its fines for anti-money laundering (AML) infractions. s revenue and customs branch, the HMRC, has increased the average value of anti-money laundering fines levied against businesses by 166 percent, while the total value of financial crime fines issued jumped 105 percent year over year.

AML 41

AML Suspicious Activity Report (SAR) Money Laundering SARS 41

FICO

JANUARY 8, 2018

One of the newer applications of artificial intelligence rose to the top of the Fraud & Security blog last year: anti-money laundering. AI Meets AML: How Smart Analytics Fight Money Laundering. Readers were also keenly interested in learning more about cybersecurity and ATM compromise trends.

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AML Posting AI Suspicious Activity Report (SAR) 53

FICO

JULY 14, 2016

The sheer scope of financial crime—money laundering, evasion of sanctions, financing of terror and other transgressions—is shocking. Next week Scott Zoldi, FICO’s Chief Analytics Officer, will be blogging about our patents and intellectual property around anti-money laundering and compliance solutions.

Financial Crimes 66

Financial Crimes Crime Money Laundering Due Diligence 66

Finovate

MARCH 28, 2024

Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week. The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.

AML 59

AML Compliance AI Money Laundering 59

The Fintech Times

AUGUST 17, 2024

From a global standpoint, financial regulators levied 80 fines in the first half of 2024, totalling $263,252,003 for non-compliance with anti-money laundering (AML) regulations. This includes know your customer (KYC), sanctions, suspicious activity reports (SARs), and transaction monitoring violations.

APACS 59

APACS Suspicious Activity Report (SAR) Office of the Comptroller of the Currency Financial Crimes 59

Segpay

MARCH 24, 2025

USA: Stricter transaction monitoring, requiring Suspicious Activity Reports (SARs) to FinCEN and geographical targeting orders (GTOs) for high-risk areas. Gaming and Gambling Australia and the United States have distinct regulatory approaches, especially from a compliance, anti-fraud, and AML (Anti-Money Laundering) perspective.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

JUNE 23, 2016

A recent guest blog presented by G2 Web Services explores the obligations acquirers and third parties have when it comes to filing a Suspicious Activity Reporting (SAR) form if there is any suspicion of transaction laundering. According to the post , authored by Theodore F. Monroe and Bradley O. Cebeci of the Law Offices of Theodore F.

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Suspicious Activity Report (SAR) SARS BSA MSPS 40

FICO

MARCH 6, 2020

Concerning AFC, we are reputed for being a world leader in the fight against fraud and money laundering, developing and implementing standardized and individual solutions against financial and white-collar crime and for risk management and monitoring, analysis, and reporting. Fraud and money-laundering are closely connected.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

Finance Magnates

MARCH 26, 2023

ANTI-MONEY LAUNDERING: Money laundering would be more difficult (as more correlated reporting and systems integration of various financial institutions will make it so) KNOW YOUR CUSTOMER: The KYC would be inherently more advance. No more lengthy forms to fill out for money transfer/payments.

Cross-Border 52

Cross-Border Suspicious Activity Report (SAR) Money Laundering SARS 52

Seon

MAY 10, 2024

Money laundering, the process through which criminals hide the origins of illicit funds, undermines global financial systems. Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. What is AML Compliance?

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

PYMNTS

NOVEMBER 16, 2017

The comments come as Wells Fargo Advisors and the Securities and Exchange Commission (SEC) reached a settlement this week which resolved charges that the bank dropped the ball in reporting suspect activities pertaining to money laundering for several years. According to a MarketWatch report published on Tuesday (Nov.

Suspicious Activity Report (SAR) 53

Suspicious Activity Report (SAR) Consumer SARS Credit Cards 53

FICO

OCTOBER 25, 2021

In the global fight against money laundering, every bank shares the same top-line challenge and bottom-line reality; anti-money laundering (AML) operations are essential in combatting financial crime—and a costly compliance commitment. AI Brings New Insights.

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AML Suspicious Activity Report (SAR) Money Laundering SARS 52

FICO

JUNE 12, 2020

Stopping financial crime in Australia is an age-old problem, but today’s criminals have become so sophisticated that long-standing anti-money laundering (AML) systems and processes are no longer keeping up. 3) Move on from outdated rules-based anti-money laundering systems. 1) Compliance Culture vs Cost Centre.

Financial Crimes 52

Financial Crimes Crime Money Laundering AML 52

Seon

SEPTEMBER 23, 2024

The Financial Action Task Force (FATF) estimates that two to five percent of global GDP, approximately $2 trillion, is laundered annually. Compliance with anti-money laundering (AML) regulations is now a legal obligation. As the first line of defense, payment screening aims to catch obvious risks at the point of transaction.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

Fintech Labs Insights

NOVEMBER 10, 2015

In launching Quill for AML today , Narrative Science leveraged its advanced natural language technology to bring new anti-money laundering technologies to the enterprise. The solution allows businesses to produce SAR (Suspicious Activity Report) narratives and other reports that are consistent and traceable.

Money Laundering 18

Money Laundering AML SARS Compliance 18