Digital-first businesses were better equipped to take advantage of new market opportunities unleashed during the pandemic. In the past year, 92% of consumers made an online purchase, while 85% performed banking activities online, according to PYMNTS research. In this rapidly evolving digital environment, banks are...
The Financial Crimes Enforcement Network (FinCEN) has rolled out its first priorities to fight money laundering and the financing of terrorism, according to a press release. The announcement comes after FinCEN consulted with other Department of the Treasury officers, federal and state regulators, law enforcement...
Online gaming covers a wide variety of markets, including multiplayer video games, online gambling and eSports gaming. All of these have surged in popularity during the pandemic as consumers have sought sources of entertainment at home. Online gaming has exploded globally and is expected to...
The explosive growth of online gaming has been both a boon and bane as both players and fraudsters have flocked to gaming platforms — creating new compliance headaches for operators. In the AML/KYC Tracker, Chris Justice, president of casino payment platform Global Payments Gaming Solutions,...
The explosive growth of online gaming has been both a boon and bane as both players and fraudsters have flocked to gaming platforms — creating new compliance headaches for operators. In the AML/KYC Tracker, Chris Justice, president of casino payment platform Global Payments Gaming Solutions,...
Denmark-based Danske Bank has come under fire for lackluster protocols in place following a money laundering scandal, according to a Wednesday (Oct. 20) report from the Financial Times. Sweden’s Financial Supervisory Authority pointed out deficiencies in Danske Bank’s money laundering prevention efforts and said the...
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). BaFin ordered N26 to beef...
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...
