Latest Money Laundering News: Finextra Research

Paytm Payments Bank fined over KYC lapses

The Reserve Bank of India has fined Paytm Payments Bank about $650,000 for know your customer failings.

13 October 2023

Barclays warns students about money mule risks

As the academic year gets underway, Barclays is warning of a sharp rise in the number of cash-strapped students being targeted by criminals to act as money mules.

03 October 2023

News/regulation

FCA probes Revolut over red-flag accounts - FT

The Financial Conduct Authority is looking into whether Revolut allowed money to leave accounts flagged as suspicious by the National Crime Agency, according to the Financial Times.

02 October 2023

News/crime

Finastra offers Compliance-as-a-Service package for instant payments

Finastra has teamed up with financial crime specialists Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments.

14 September 2023

News/regulation

FCA finds firms wanting in applying sanctions controls

An FCA survey of sanctions controls at 90 UK firm has found deficiencies across a range of key indicators, including staffing, technology and reporting frameworks.

07 September 2023

News/crime

Financial crime becomes a hot ticket for investors as Strise raises $10.8 million

Nordic AML vendor Strise has raised a $10.8 million Series A funding round to drive international expansion, starting with the UK.

06 September 2023

News/crime

Financial crime detection outfit ThetaRay raises $57m

ThetaRay, the Isralei fintech that enables banks to monitor payment traffic to sniff out money laundering risks, has completed a $57 million fundraising round.

05 September 2023

News/regulation

Switzerland to impose highest AML standard in Europe

The Swiss Government has drafted new anti-money laundering regulations which will impose a higher standard than the rest of Europe.

01 September 2023

News/regulation

UK chancellor Jeremy Hunt denied bank acount by Monzo

UK chancellor Jeremy Hunt says he was refused a bank account by Monzo when he was a backbencher last year, claiming he was subject to differential treatment as a 'politcally exposed person'.

10 July 2023

News/cloud

Google Cloud launches AI-powered AML tech

Google Cloud has developed an AI-powered product designed to help global financial institutions more effectively and efficiently detect money laundering.

26 June 2023

News/payments

EBAday: Collaboration and the future of fraud prevention in PaaS

The second day of EBAday 2023 started off with the hot topic of Payments as a Service (PaaS), and specifically some of the preventative measures which need to be undertaken to secure PaaS against cyber-attacks and fraud.

23 June 2023

News/crypto

Crypto.com gets licence in Spain

Cryptocurrency platform Crypto.com has been granted virtual asset service provider (Vasp) registration by the Bank of Spain.

23 June 2023

News/regulation

Lithuania revokes licence of former Railsr unit

A former subsidiary of failed embedded banking platform Railsr has had its licence revoked by the Bank of Lithuania over “serious violations” of AML and payments laws.

22 June 2023

News/regulation

Singapore fines banks for AML breaches in Wirecard affair

Singapore has slapped three banks and an insurer with fines for anti-money laundering breaches connected with the Wirecard scandal.

22 June 2023

News/regulation

Binance quits Netherlands after failing to get licence; faces French investigation

Binance's regulatory woes continue, with the crypto exchange forced to exit the Netherlands and facing up to a French investigation in "aggravated" money laundering.

16 June 2023

News/regulation

Lithuania revokes Transactive Systems UAB's licence over AML failures

The Bank of Lithuania has revoked Transactive Systems UAB's electronic money institution licence and fined the payments firm €280,000 for "seriously and systematically" infringing anti-money laundering and counter terrorist financing requirements.

01 June 2023

News/regulation

BIS explores use of data, tech and collaboration to combat money laundering

Using payments data, privacy-enhancing technologies, AI and enhanced cooperation for a behavioural-based analysis approach to detecting money laundering networks is more effective than the current rules-based approach, concludes new research from the BIS Innovation Hub.

31 May 2023

News/startups

RegTech startup Amlyze snags $1 million pre-seed investment

Vilnius-based RegTech startup Amlyze, has concluded a $1 million pre-seed investment round led by Practica Capital, with participation from Lithuania's Firstpick accelerator and venture capital fund.

18 May 2023

News/regulation

Regulator AML concerns scuppered TD Bank-First Horizon deal - WSJ

TD Bank's $13.4 billion purchase of US bank First Horizon collapsed over regulator concerns about the Canadian lender's anti-money laundering (AML) practices, according to the Wall Street Journal.

09 May 2023

News/regulation

Crypto ATMs the target of continued FCA crackdown

The Financial Conduct Authority (FCA) has been working alongside the South West Regional Organised Crime Unit in Yorkshire, the Humber Regional Organised Crime Unit, and the Nottinghamshire Police Force to continue its crackdown on unregistered crypto ATMs.

05 May 2023