Money Laundering

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Singapore launches platform to tackle money laundering

/regulation

Singapore launches platform to tackle money laundering

The Monetary Authority of Singapore (MAS) has launched a centralised digital platform that lets financial institutions share customer information in order to tackle money laundering and terrorism financing.

MPE 2024: AI-driven misinformation and consumer education in fraud

/crime

MPE 2024: AI-driven misinformation and consumer education in fraud

In an exclusive interview at Merchant Payments Ecosystem 2024, trust and safety architect at Sift Brittany Allen spokes with Finextra on new challenges in the fraud space, and how the spread of misinformation on social media is a major concern with AI-driven technology.

Paytm Business Bank fined on money laundering charges

/regulation

Paytm Business Bank fined on money laundering charges

Paytm's banking business has been fined 55 million rupees (about $663,000) by an Indian regulator on money laundering charges.

NextGen Nordics 2024: 40+ banks registered to attend

/payments

NextGen Nordics 2024: 40+ banks registered to attend

NextGen Nordics returns to Stockholm on 23rd April, and at seven weeks away from the event day, 200 attendees have already registered.

Frankfurt wins race to host new EU anti-money laundering agency

/regulation

Frankfurt wins race to host new EU anti-money laundering agency

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.

MEPs nod through ten second instant transfer rules

/payments

MEPs nod through ten second instant transfer rules

The European Parliament has adopted new rules to ensure transferred funds arrive within ten seconds into the bank accounts of retail customers and businesses across the EU.

BaFin increases focus on IT outsourcing risks

/regulation

BaFin increases focus on IT outsourcing risks

Cybersecurity and the outsourcing of IT services are among the greatest risks to the financial sector, warns a new report from German regulator BaFin.

Hawk AI hires HSBC vet Shearer

/people

Hawk AI hires HSBC vet Shearer

German RegTech Hawk AI has brought in HSBC compliance veteran Michael Shearer as chief solution officer.

G20 faster payments roadmap could boost financial crime - report

/crime

G20 faster payments roadmap could boost financial crime - report

The G20's plan to make cross-border payments faster, cheaper, more transparent and inclusive could increase fraud and money laundering, warns a new report.

Finextra's top impact study reports of 2023

/payments

Finextra's top impact study reports of 2023

With 2023 drawing to a close, we take a look back at our most downloaded impact study reports over the course of the past year. Our impact study reports are how-to, best practice guides that support those in the financial industry in their utilisation and optimisation of particular technologies, as well as providing an outlook at future trends to watch.

Denmark phases out old banknotes as cash usage declines

/payments

Denmark phases out old banknotes as cash usage declines

Denmark is withdrawing older banknotes from circulation because few people recognise them and feel confident about receiving them. In addition, the country is ditching its largest denomination note, the 1000-krone, citing lack of usage and money laundering concerns.

Binance pays $4.3bn and CEO pleads guilty to settle US AML charges

/crypto

Binance pays $4.3bn and CEO pleads guilty to settle US AML charges

Binance has agreed to pay $4.3 billion to settle a long-running investigation by the US Department of Justice, with the crypto exchange's founder Changpeng "CZ" Zhao also stepping down as CEO and pleading guilty to violating anti-money laundering requirements.

Sam Bankman-Fried found guilty on seven counts for multi-billion dollar FTX fraud

/crime

Sam Bankman-Fried found guilty on seven counts for multi-billion dollar FTX fraud

Founder of the infamous crypto platform, FTX, Sam Bankman-Fried was found guilty on seven counts following a highly publicised trial in Manhattan federal court.

EU data protection watchdog calls for more privacy for digital euro

/payments

EU data protection watchdog calls for more privacy for digital euro

The European data protection watchdog has recommended changes to EU draft legislation for a digital euro in order to boost privacy standards.

Paytm Payments Bank fined over KYC lapses

/regulation

Paytm Payments Bank fined over KYC lapses

The Reserve Bank of India has fined Paytm Payments Bank about $650,000 for know your customer failings.

Barclays warns students about money mule risks

/retail

Barclays warns students about money mule risks

As the academic year gets underway, Barclays is warning of a sharp rise in the number of cash-strapped students being targeted by criminals to act as money mules.

FCA probes Revolut over red-flag accounts - FT

/regulation

FCA probes Revolut over red-flag accounts - FT

The Financial Conduct Authority is looking into whether Revolut allowed money to leave accounts flagged as suspicious by the National Crime Agency, according to the Financial Times.

Finastra offers Compliance-as-a-Service package for instant payments

/crime

Finastra offers Compliance-as-a-Service package for instant payments

Finastra has teamed up with financial crime specialists Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments.

FCA finds firms wanting in applying sanctions controls

/regulation

FCA finds firms wanting in applying sanctions controls

An FCA survey of sanctions controls at 90 UK firm has found deficiencies across a range of key indicators, including staffing, technology and reporting frameworks.

Financial crime becomes a hot ticket for investors as Strise raises $10.8 million

/crime

Financial crime becomes a hot ticket for investors as Strise raises $10.8 million

Nordic AML vendor Strise has raised a $10.8 million Series A funding round to drive international expansion, starting with the UK.

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