U.K. bank NatWest pleaded guilty to three criminal charges stemming from its failure to avert the laundering of close to 400 million pounds, or $544 million, from 2012 through 2016, according to a Thursday (Oct. 7) report from Reuters. The bank faces a hefty fine of...
German financial watchdog BaFin blasted online bank N26 for weak anti-money laundering (AML) controls and imposed a 4.25 million euro ($4.93 million) fine on the digital banking platform, according to a report in the Financial Times on Wednesday (Sept. 29). Get the Full Story Complete...
The past year has ushered in record growth for the eCommerce industry. Consumers around the globe are going online to buy everyday essentials and more — but this has also created significant regulatory challenges for the online platforms and marketplaces driving this trend. Cybercriminals have...
As a partner in the Financial Services and White Collar Litigation practices at O’Melveny as well as a former deputy chief of the U.S. Department of Justice’s money laundering section, Laurel Loomis Rimon has a unique private-public sector purview of what is involved in stopping...
Following a series of scandals, the European Commission wants to create a new Anti-Money Laundering Authority (AMLA), the Financial Times reported Wednesday (July 7). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content —...
New expansive anti-money laundering (AML) priorities for financial institutions were recently handed down by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no...
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Cryptocurrencies’ anonymous nature makes them popular, but crypto exchange platforms are still required to collect buyers’ personal data for anti-money laundering (AML) and know your customer (KYC) compliance. In the AML/KYC Tracker, Gemini Chief Compliance Officer Elena Hughes explains how platforms can selectively collect data...
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