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Navigating KYB challenges in modern banking and merchant onboarding

Voice of the Industry | Digital Identity, Security & Online Fraud | 08 Apr 2024

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

SmartSearch reports on global financial crime and AML failure trends

News | Digital Identity, Security & Online Fraud | 18 Mar 2024

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 aids cross-border crackdown on EUR 2 bln fraud scheme

News | Digital Identity, Security & Online Fraud | 06 Mar 2024

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

FATF advances efforts to counter AML and terrorist financing

News | Digital Identity, Security & Online Fraud | 30 Oct 2023

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 drafts tighter rules to combat money laundering

News | Digital Identity, Security & Online Fraud | 01 Sep 2023

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

Safaricom partners with EABL and Vivo

News | Online & Mobile Banking | 10 Jul 2023

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

Stopping money mules using AI

Interviews | Digital Identity, Security & Online Fraud | 12 Jun 2023

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

MAS to launch an information-sharing platform for banks in Singapore

News | Digital Identity, Security & Online Fraud | 10 May 2023

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

iDenfy brings AML services to SupplierPlus

News | Digital Identity, Security & Online Fraud | 24 Nov 2022

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

New beneficial ownership regulations will fight financial crime, but not without a burden on banks

Voice of the Industry | Digital Identity, Security & Online Fraud | 17 Nov 2022

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

IDScan.net, Jack Henry to enable mobile onboarding

News | Digital Identity, Security & Online Fraud | 16 Nov 2022

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

Swiss govt to track corporate ownership in fight against money-laundering

News | Digital Identity, Security & Online Fraud | 18 Oct 2022

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

Open document and data platform Legado to acquire WonderBill

News | E-invoicing, SCF & E-procurement | 09 Aug 2022

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

iDenfy's new KYB platform examines money movement through shell companies

News | Digital Identity, Security & Online Fraud | 05 Jul 2022

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

Shell partners with JITpay for fuel card with a factoring solutions

News | E-invoicing, SCF & E-procurement | 28 Mar 2022

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

Russia, payment systems, and the law of unintended consequences

Voice of the Industry | Online Payments | 14 Mar 2022

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 helps banks to prevent Russian sanction violations

News | Digital Identity, Security & Online Fraud | 03 Mar 2022

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

Pandora Papers aftermath: Media coverage analysis of top regulatory concerns

Voice of the Industry | Payments General | 06 Oct 2021

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

Monetary Authority of Singapore launches data and information-sharing platform

News | Digital Identity, Security & Online Fraud | 04 Oct 2021

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

'Financial crime is an epidemic' – exclusive interview with Oliver Bullough

Interviews | Digital Identity, Security & Online Fraud | 28 Sep 2021

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