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AML, Cyber Crime, Daily news, E-Money, Fraud & Security, Risk & Compliance -

A leak from the US treasury department’s Financial Crimes Enforcement Network (FinCen) in September showed that even the biggest, most globally respected banks appeared to be allowing money laundering to... more

The post AML: Taking compliance from expensive and ineffective to affordable, accessible and reliable appeared first on Payments Cards & Mobile.

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AML, Anti-Money Laundering (AML), Cyber Crime, Daily news, Fraud & Security, Know Your Customer (KYC), KYC, MiFID -

Fenergo released its findings on financial institution fines which shows that in December 2019 global penalties totalled $36 billion for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and sanctions... more

The post Global financial institutions rack up $36 billion AML, KYC and Sanctions fines appeared first on Payments Cards & Mobile.

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AML, anti-money-laundering, Daily News, Fraud & Security, Issuing & Acquiring, money laundering, Regulation, Remittance, Risk & Compliance -

In a week that saw the Australian banking industry under scrutiny, Danske Bank has also been extensively criticised and reprimanded by Danish regulators over weak or non-existent money-laundering controls that gave rise to suspected “criminal activities involving vast amounts of money”. The Danish Financial Supervisory Authority on Thursday gave the country’s largest bank eight reprimands and [...]

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AML, AML fine, Daily News, Fraud & Security, Issuing & Acquiring, Mobile Remittance, money laundering, Regulation, Remittance, Risk & Compliance, Western Union -

Western Union is to pay $60 million AML fine to resolve allegations that it failed for more than a decade to maintain a program to deter and report transactions involving suspected criminal fraud and money laundering. The settlement with the New York Department of Financial Services (DFS) follows the money-transfer company’s agreement in January 2017 [...]

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AML, Daily News, E-Money, FinTech, Fraud & Security, Issuing & Acquiring, Risk & Compliance -

The amount of money laundered by foreign criminals is estimated to be as high as £100 billion a year and unlawful tax avoidance costs UK taxpayers as much as £2.7 billion ($3.5 billion) in lost revenue, according to Transparency International. For financial institutions and payment companies, knowing who your customers are (KYC) is growing in [...]

The post 2017 – the year that AML fines break through the £4 billion barrier globally? appeared first on Payments Cards & Mobile.

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