Anti-money laundering (AML) refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.
There’s been no real harbinger of what we’re facing: the huge shift toward doing everything at home, from working to learning to — especially — shopping. Get...
Sweden’s oldest retail bank will face a hefty $386 million fine for a scandal that erupted last year over the bank’s poor handling of money...
The financial landscape is changing, moving toward instant payments, toward commerce that is always on – and for financial institutions (FIs) serving corporations and consumers...
Anti-money laundering (AML) and know your customer (KYC) regulators have released the hounds, with billions in fines leveled by governments worldwide against financial institutions (FIs),...
Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required....
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...
The Swedbank anti-money laundering (AML) probe by the law firm Clifford Chance has uncovered 586 transactions totaling roughly $4.8 million in possible U.S. sanction violations,...
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...
Yes Bank founder Rana Kapoor was arrested on money-laundering charges amid efforts to formulate a rescue plan for the country’s fourth-largest private lender, Reuters reported...