Financial software and technology giant FIS is teaming up with credit scoring company FICO to roll out a new anti-money laundering (AML) platform as concerns rise over fraud and the global flow of dirty cash amid the pandemic. Get the Full Story Complete the form...
In financial fraud, the breaches come when bank standards are lax. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing...
Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing communications from PYMNTS and...
Open banking can unlock seamless payment experiences for legitimate customers, but also for money launderers as well. As a result, many financial institutions (FIs) are reluctant to offer application programming interfaces (APIs) until FinTechs can prove that their integrations won't introduce new risk, says Andrew...
Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing communications from PYMNTS and...
Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing communications from PYMNTS and...
Knowing what fraud risks challenge a merchant sector in the U.S. is not enough to safeguard that sector in other markets — and that could hurt payments processors operating on a global scale. Different social norms and customer-merchant expectations impact what fraud looks like in...
Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. Fines related to noncompliance increased 160% between September 2018 and December 2019, in fact. This year also kicked off the implementation of the Fifth...
The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank, a subsidiary of U.S. Bancorp, with a $450,000 civil penalty for his negligence in failing to intercept breaches of the Bank Secrecy Act (BSA), FinCEN announced on...
