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As businesses undergo digital transformation, the need for robust KYB processes has never been more stringent. Understanding and verifying the identity of businesses is not just a regulatory requirement but a strategic imperative.
KYB, KYC, digital onboarding, fraud prevention, AML, merchants, UBOs, data privacy
UK-based AML specialist SmartSearch has analysed global AML events and published a new report which showcases drug trafficking as one of the most prevalent issues.
report, AML, financial crime, cryptocurrency, fraud prevention
Eurojust has aided a multinational investigation on EUR 2 billion money laundering scheme, implicating 3 main suspects across Italy, Latvia, and Lithuania.
AML, fraud detection, fraud prevention, payment fraud, fraud rings
The Financial Action Task Force advanced numerous initiatives in order to strengthen global anti-money laundering, as well as counter-terrorist financial standards.
product upgrade, financial crime, fraud management, AML, fraud detection, fraud prevention, online fraud
Switzerland has drafted new rules to tighten its money laundering regulations, holding lawyers and consultants accountable for reporting risks and improving oversight of legal entities.
fraud management, fraud detection, money laundering, fraud prevention, financial crime
Kenya-based communication solutions company Safaricom has partnered with EABL and Vivo to launch the Bar and Shell apps on the M-PESA application.
partnership, payments , online payments, digital payments, mobile payments
As money mules constitute both a fraud and a money laundering problem, Mike Nathan from Feedzai recommends viewing it holistically rather than solely as a compliance concern for a particular regulation.
financial crime, fincrime, fraud prevention, money laundering, instant payments, banks, money mule
The Parliament of Singapore has passed a bill that will facilitate the launch of an information-sharing platform for banks.
Monetary Authority of Singapore (MAS), regulation, fraud prevention, financial institutions
Lithuania-based identity verification provider iDenfy has partnered with fintech SupplierPlus to offer its anti-money laundering (AML) screening and monitoring solution.
partnership, AML, fraud detection, fraud prevention, online fraud, compliance, regulation, identity verification
Dr. Henry Balani from Encompass Corporation reveals the latest regulatory updates around beneficial ownership across the globe and shares advice on how to comply with them.
regulation, financial crime
AI-powered identity verification platform IDScan.net has partnered with financial technology provider Jack Henry to enable mobile onboarding.
partnership, digital onboarding, identity verification, online security, fraud detection, fraud prevention, facial recognition, behavioural biometrics
The Swiss government has planned to create a central registry to track who owns legal entities in a move to fight money-laundering via shell companies.
AML, fraud prevention, compliance, financial crime
Legado, a Scotland-based open document and data platform, has acquired WonderBill, a consumer and business-to-business (B2B) bill management technology.
Open Data Economy, data, acquisition, merger, e-invoicing
Lithuania-based identity verification company iDenfy has launched a new KYB platform to investigate how criminals move money through shady companies.
iDenfy, fraud prevention, AML, KYB, product launch
Germany-based billing processing automation JITpay Group has announced cooperating with gas company Shell to launch the JITfuel fuel card on 1 April 2022.
partnership, factoring, payment processing, e-invoicing, accounts receivable
Dr. Leo Lipis, Chief Executive of Lipis Advisors, offers a lucid account of the ways in which the EU and US must pay attention to the loopholes the Russian banks can use to bypass some of the economic sanctions, now that it’s more important than ever for them to take effect in discouraging the military campaign.
Russia Ukraine War, financial sanctions, online banking, SWIFT, Visa, MasterCard
ThetaRay has announced that its system can identify attempts to circumvent economic and trade sanctions and help governments and financial institutions maintain uninterrupted correspondent banking activities.
banks, financial institutions, Russia Ukraine War, cross-border payments, SWIFT
The Paypers sheds light on the most relevant media coverage of the recent Pandora Papers leak, to see what the impact of the story is on global AML and financial regulation and the true implication (or lack thereof) of crypto in the whole discussion
The Monetary Authority of Singapore (MAS) has announced that it will launch a data and information-sharing platform, Cosmic, to prevent money laundering, terrorism funding, and proliferation financing.
central bank, banks, Monetary Authority of Singapore (MAS), fraud prevention, data
Ahead of RiskConnect, The Virtual Risk & Compliance Conference, The Paypers sat with Oliver Bullough, author, and freelance journalist, who writes about financial crime to find out what Moneyland is
financial crime, tax evasion , bribery, corruption, money laundering