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Institutional FX

FCA Fines GT Bank £7.67M for AML Lapses

  • The bank had lapses in AML systems and controls between October 2014 and July 2019.
  • It did not rectify the lapses despite multiple internal and external flags.
Tuesday, 10/01/2023 | 10:58 GMT by Arnab Shome
FinTech

AML Requirements and Best Compliance Practices for Payment Processors

  • Keep an eye out for AML compliance. It can save your business.
Friday, 30/12/2022 | 09:35 GMT by Finance Magnates Staff
Retail FX

CFTC Fines CHS Hedging $6.5 Million for AML Breaches

  • The penalty was related to the activities of one of FCM's customers.
  • The customer paid $167 million in margin calls over four years.
Wednesday, 21/12/2022 | 06:23 GMT by Arnab Shome
Institutional FX

FCA Fines Santander UK £108 Million for Prolonged AML Breaches

  • The bank failed to monitor the activities of more than 560,000 business customers properly.
  • The inadequate system was in place for about five years.
Friday, 09/12/2022 | 09:45 GMT by Arnab Shome
FinTech

FCA Opts for Public Censure of Sonali Bank UK Ex-CEO for AML Failure

  • The UK regulator fined Mohammad Prodhan, the former CEO, £76,400 in 2018.
  • However, the FCA is replacing that as a result of certain 'exceptional circumstances'.
Friday, 18/11/2022 | 17:58 GMT by Solomon Oladipupo
Thought Leaders

Eliminating Inefficiencies in the Compliance World—the idclear Vision

  • AML compliance means large teams, high costs, and masses of personal data to manage.
Monday, 24/10/2022 | 14:25 GMT by James Clifford
Payments

KYC and Why it Matters

  • KYC requirements do far more than just verify identity.
Wednesday, 19/10/2022 | 08:48 GMT by Finance Magnates Staff
Brokers

FINRA Imposes a Fine on Vision Financial

  • The financial services provider failed to implement a reasonable AML program.
  • Vision Financial has been a member of FINRA since 2008.
Monday, 19/09/2022 | 09:57 GMT by Bilal Jafar
CryptoCurrency

YouHodler Onboards Sumsub to Fight Identity Fraud in Crypto Industry

  • YouHodler already uses Elliptic for crypto AML management.
  • Sumsub will optimize YouHodler’s overall verification costs, the company says.
Thursday, 31/03/2022 | 07:13 GMT by Solomon Oladipupo
Op-ed
Op-ed
Institutional FX
Op-ed
Op-ed

Blueprint for AML 2022: Changing Focus to Entity Centric Detection

  • How technology advancement in 2021 laid the foundation for a more efficient AML landscape.
  • Why does the sector focus so much on individual events to identify suspicion?
Thursday, 24/03/2022 | 17:00 GMT by Aspectus Group
News

Israel Reportedly Adopts Strict AML Regulations for Cryptocurrency Transactions

  • The country plans to stop the use of crypto assets in the illegal transfer of money.
Tuesday, 16/11/2021 | 13:49 GMT by Bilal Jafar
News

Kirobo Signs Partnership with PureFi to Bolster AML Compliance Systems

  • Both parties expect to extend their respective collaboration by integrating new elements at any time soon.
Monday, 15/11/2021 | 16:10 GMT by Felipe Erazo
Regulation

Trade Finance Firms Must Strengthen AML Controls to Meet New FCA Requirements

  • Trade finance organisations should expect greater surveillance and monitoring from the FCA in the coming months
Saturday, 30/10/2021 | 18:29 GMT by Adam McLaughlin
News

ComplyAdvantage and Elliptic Collaborate for Blockchain Analysis

  • The new blockchain analysis and transaction monitoring tool will support crypto firms in the detection of financial crime.
Tuesday, 26/10/2021 | 10:54 GMT by Bilal Jafar
News

German Court: No 3rd Party Confiscation for Crypto Exchanges

  • Dr Philipp Gehrmann and Dr Arne Klaas classify the legal background and effects of active German crypto exchanges.
Thursday, 29/07/2021 | 15:03 GMT by Tom Hazan
Regulation

Compliance Checklist: What a Company Needs to Do to Be AML Compliant

  • Every company obliged to follow AML regulations needs to set up policies that work for their unique needs.
Wednesday, 21/07/2021 | 10:50 GMT by Dmitri Laush
Retail FX

6 AMLD, GDPR and the European Space Agency - A Groundbreaking Reform?

  • 6 AMLD has caused regulators in the EU market to change how they see anti-money laundering and counter-terrorist financing.
Tuesday, 06/07/2021 | 12:50 GMT by Ella Rosenberg
Expert Insights

Survival of the Smoothest: Lengthy Onboarding Is No Longer Necessary

  • Financial institutions no longer onboard clients; clients onboard THEM.
Monday, 21/06/2021 | 14:52 GMT by Remonda Kirketerp-Møller
Thought Leaders

Crypto Payments Processing Reinvented with B2BinPay v2.0 Platform Upgrade

  • The major upgrade delivers clients an industry-first with a vast number of options readily available.
Thursday, 20/05/2021 | 14:26 GMT by Finance Magnates Staff
Thought Leaders

Sumsub Teams Up with Mercuryo to Help Crypto Businesses

  • The deal will optimize the compliance and risk departments routine of the platforms leveraging Mercuryo payment gateways.
Wednesday, 24/03/2021 | 09:00 GMT by Finance Magnates Staff
Regulation

Everything You Need to Know about Primary-Source Data for Corporate KYC

  • Making decisions based on primary-source data is an easy way to improve KYC compliance.
Monday, 15/02/2021 | 18:18 GMT by Ian Henderson
Thought Leaders

FMA Vanuatu Eyes Brighter Future for the Nation’s Financial Industry

  • The regulatory authority is empowering licensees operating in Vanuatu, promoting awareness and transparency.
Thursday, 14/01/2021 | 05:00 GMT by Sponsored
Thought Leaders

Changing the Face of AML with Self Service Analytics

  • Self-service BI platforms have empowered compliance teams in an increasingly sophisticated financial world.
Thursday, 03/12/2020 | 10:05 GMT by Finance Magnates Staff
Thought Leaders

BitMEX, OKEx, KuCoin Scandals Highlight the Need for Better Regulation

  • Every industry views regulation as a necessary, albeit occasionally bothersome, element of doing business.
Tuesday, 03/11/2020 | 09:34 GMT by Finance Magnates Staff
Regulation

Westpac & AUSTRAC Agree on $1.3B Proposed Penalty for AML Breaches

  • If approved by the Federal Court of Australia, it will be the largest civil penalty in Australian history.
Thursday, 24/09/2020 | 04:22 GMT by Celeste Skinner
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