article thumbnail

Processors lean on AI to fight fraud

Payments Dive

A few days after the senators’ announcement, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they would seek to better address payments fraud. The agencies suggested increased collaboration, more industry education and improved supervision.

article thumbnail

SoFi adds crypto services and blockchain-powered remittances

Finextra

From later this year, SoFi customers will be able to buy, sell, and hold a selection of crypto currencies like Bitcoin and Ethereum. Funds will be automatically transmitted on blockchain networks, converted into local currency at the destination, and deposited into the recipient’s account. Please read our Privacy Policy.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

TD Bank Group Announces Resolution of AML Investigations

Fintech Finance

” A significant, multi-year effort is required to implement a strong, effective, and sustainable AML program. Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. The Bank and certain of its U.S. “Our U.S. who rely on us for their financial goals.”

AML
article thumbnail

Regulators Say US Bank Cybersecurity Oversight Needs Streamlining

PYMNTS

Several regulators want to come up with a multi-agency cybersecurity approach that tests banks in a coordinated way. regulators are saying cyberattacks pose the greatest risk to U.S. Right now, different regulators look at different pieces of the same bank. Cybersecurity regulators want a similar approach. “At

article thumbnail

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. In the same period last year, regulators issued over $201million in penalties for the same types of violations. What is causing the fines?

article thumbnail

Crypto Regulation To Tighten Scrutiny On Money Laundering

PYMNTS

Amid the announcement of a new cryptocurrency – that would be Libra – the Financial Action Task Force (FATF), which operates as global regulatory firm based in Paris with a membership roster of countries such as China and the United States, has said it will boost its examination of digital currencies with an eye on money laundering.

article thumbnail

Fed Casting Wary Eye On FinTech Firms’ Infrastructure Access?

PYMNTS

As has been reported, the regulators include the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., The UAE and Kuwait are markets worth multi-billions of British pounds’ worth of services from the U.K. Reuters reported early Monday (Jan. 14) that the Federal Reserve, the U.S.

Fed