Money Laundering

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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.

/payments

IFinancial rolls out Universal Payments Hub

International Financial Systems (iFinancial), the London-based author of financial software solutions, announces the Universal Payments Hub (UMH) as a replacement for its existing SWIFT Message Screening service that currently forms an integral part of its anti-money laundering solution, AMLtrac.

How can the future state of information technology combat fraud and money laundering?

/Money Laundering

How can the future state of information technology combat fraud and money laundering?

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/regulation

Generali Investments Holding deploys Fenergo CLM to bolster financial crime operations

Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM), today announced that Generali Investments Holding – holding company of Generali Investments’ ecosystem of asset management firms, with more than €504bn in assets under management (AUM) – is deploying Fenergo’s software-as-a-service (SaaS) CLM to enhance its anti-money laundering (AML) compliance processes.

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.

/payments

AirPak selects ThetaRay to strengthen AML compliance

AirPak, a leader in remittance services across Central America, is proud to announce its partnership with ThetaRay, a pioneer in AI-powered transaction monitoring solutions.

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.

/regulation

Swarm launches EU-compliant KYC tech for tokenised securities

Swarm, a regulated DeFi platform, today launches its onboarding API, allowing institutions and enterprises who do not have a know-your-customer (KYC) and anti money laundering (AML) provider to offer regulatory-compliant tokenized securities and trading to their users under German law.

/identity

Birake Exchange selects IDVerse for identity verification

Birake Exchange, a cryptocurrency exchange specialising in Masternode coins, has partnered with world-leading digital ID verification company IDVerse (previously known as OCR Labs Global) for Know-Your-Customer (KYC) onboarding and secure digital identity verification (IDV).

/regulation

Napier creates new Centre of Excellence in Kuala Lumpur

Napier, the London-based intelligent compliance technology company, is pleased to announce the establishment of a centre of excellence in Kuala Lumpur, as part of its continued investment in the Asia Pacific (APAC) region.

/regulation

ADGM slaps $486K penalty on Pypl for AML violations

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has imposed a financial penalty of USD 486,000 (AED 1,784,835) on Pyypl Ltd (Pyypl), a licensed money service provider operating in ADGM, because, during the period from March 2021 to November 2022, Pyypl’s compliance with applicable Anti-Money Laundering (AML) requirements was inadequate and it acted outside the scope of its Financial Services Permission.

/crime

UK Fintech Gemba chooses ThetaRay for its AML programme

Gemba Finance, a leading provider of innovative banking and financial management solutions, and ThetaRay, the leader in next-generation AI-powered trusted global payments, announced today the implementation of ThetaRay’s AI-powered transaction monitoring technology, SONAR, to power Gemba’s growth, while reducing regulatory exposure which frequently hampers growth at financial institutions.

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.

/regulation

LEIs extended to cover beneficial ownership status

A collaboration between GLEIF and Open Ownership has resulted in Legal Entity Identifiers (LEIs) being integrated into datasets produced in line with the Beneficial Ownership Data Standard for the first time.

/regulation

Deutsche Bank subsidiary DWS to pay $25 million penalty for AML and ESG violations

The Securities and Exchange Commission today charged registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, in two separate enforcement actions, one addressing its failure to develop a mutual fund Anti-Money Laundering (AML) program, and the other concerning misstatements regarding its Environmental, Social, and Governance (ESG) investment process.

/security

First AML launches new AML platform, Source

First AML, the global AML scaleup, today announced the launch of its new self-service platform, Source, designed to revolutionise anti-money laundering workflows for compliance professionals and teams. The new platform offers an unrivalled choice for organisations with complex or multinational onboarding requirements, delivering streamlined collaboration and ensuring AML consistency.

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.

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