“Firms operating in traditional financial markets and digital assets alike are facing greater challenges than ever to protect themselves from those presenting a risk to their businesses and reputations, along with their standing with government regulators.”
“Pismo’s platform processes almost 70 million accounts and 2.2 billion transactions per year. Only a highly robust solution with advanced AI and machine learning technologies like Sumsub is capable of managing identities and preventing fraud at the speed that we require.”
“This case shows the FMA can respond to misconduct promptly with an intervention, such as a formal warning, but this may not be the end of the matter and we may escalate the response if we consider it appropriate to do so in the circumstances.”
Binance, the world’s biggest cryptocurrency exchange, is under investigation by the Justice Department, but a split between federal prosecutors is delaying filing criminal charges against the exchange and its CEO.
“The transaction monitoring system used by the Irish branch was a Danske group wide automated system that had applied historic data filters which operated to erroneously exclude certain categories of customers from being monitored for a period of almost nine years. This led to the serious breaches in this case.”
ePayments Systems Ltd, an electronic money institution focused on online payments for the affiliate marketing industry, has begun the process of closing its doors and entered into an orderly, solvent wind-down.
The Kanto finance bureau of Japan’s Ministry of Finance (MoF) on Friday issued a business improvement order for Revolut to improve its AML compliance.
Hong Kong’s banking regulator has fined the local unit of German banking giant Commerzbank AG HK$6 million ( roughly $765,000) for breaches of anti-money laundering rules.
Spotware Systems, a technology provider for the electronic trading industry, has integrated its cTrader platform with Panda’s flagship CRM platform and Client Area.
In light of the program’s deficiencies, the firm’s 2019 certifications to the Department attesting to compliance with these Regulations should not have been made and thus violated the law, the state regulator added.
“We believe that by transforming AML compliance and applying a smarter, more intelligent approach, we can have a significant positive impact on society”
False positives is one of the most prevalent issues facing financial businesses across the globe, and many arise from internal compliance infrastructure, as nearly £3 billion is wasted every year chasing false fraud leads.
Wells Fargo Advisors’ deficient implementation and failure to test a new version of its internal anti-money laundering (AML) transaction monitoring and alert system adopted in January 2019 are behind the system’s failure to reconcile the different country codes used to monitor foreign wire transfers, according to the SEC.
Goldman Sachs and Deutsche Börse consider Daml to be an opportunity to unlock new users, assets, and markets in a growing global ecosystem of interconnected networks
BitMEX founders Arthur Hayes and Benjamin Delo pled guilty in a US federal court on Thursday and agreed to each pay a $10 million fine.
The EBA will leverage EuReCA to inform its view of ML/TF risks affecting the EU financial sector and share information with competent authorities should specific ML/TF risks or trends emerge, acting as an early warning tool.
Hong Kong’s banking regulator has fined 33 Financial Services Limited (33FS) HK$875,000 ($113,000) for breaches of anti-money laundering rules.
Although Grand International Futures and Liang cooperated with the SFC and have otherwise clean disciplinary records with the regulator, the financial watchdog felt a strong deterrent message needed to be sent to the market.
HSBC has decided to settle asap, thus qualifying the bank for a 30% discount. Otherwise, the FCA would have imposed a financial penalty of £91,352,600.
