The head of the Financial Crimes Enforcement Network (FinCEN) has warned FinTech firms that they must abide by anti-money laundering (AML) laws. “The expectation is that you will comply with existing regulation,” said Director Kenneth Blanco at a FinTech event, according to American Banker. The...
Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks...
Fraudsters are increasingly targeting mobile banking services and that’s a challenge for financial app startups that don’t have long fraud-fighting histories to prove to customers they’re secure, says Nicolas Dinh, chief operating officer of money management and payment app startup STACK. In this month’s AML/KYC...
Businesses that fail to comply with anti-money laundering (AML) and know your customer (KYC) regulations risk major regulator fines and irreparable damage to customer relationships when something goes wrong. Companies therefore must either invest in teams of AML specialists or in fraud-fighting technologies. Not all...
There won’t be any answers until next year regarding the ongoing investigation of the Swedish Financial Supervisory Authority (FSA) and money laundering in the Baltics, Reuters said on Friday (Aug. 23). After Sweden’s Estonian business was caught up in a money laundering scandal, it lost...
Sharing economy platforms are opening up new opportunities for property owners and travelers. Homeowners can monetize spare rooms and visitors can secure accommodations before arriving in new cities. Car owners can turn profits on underused property, and drivers can avoid the expense of purchasing items...
Crypto thefts, scams and fraud cost more than $1.2 billion in Q1 2019 alone. Securing against these threats requires trading platforms to strategize against all eventualities, says Bitbuy President and Founder Adam Goldman. In this month’s AML/KYC Tracker, Goldman explains how Bitbuy uses new tech...
Regulators are pushing for greater oversight of cryptocurrency, with anti-money laundering (AML) and counter-terrorist financing (CTF) watchdog, the Financial Action Task Force (FATF), recently releasing guidelines intended to make digital asset transactions more transparent. That’s not the only sector getting greater oversight, either: Mobile wallet...
Biometric authentication enables processes as simple as unlocking a smartphone and as complex as streamlining airport security checks. With that in mind, FIs are currently looking into the technology and considering what role it can play in cracking down on money laundering and facilitating KYC...
