PYMNTS

MARCH 11, 2020

Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. FIs in the United Arab Emirates are also looking to get ahead of fraud with improved digital KYC practices. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide.

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Perficient

JANUARY 27, 2022

Technological innovation has recently ushered in a wave of digital assets with money-like characteristics, including cryptocurrencies based on the combination of cryptographic and distributed ledger technologies, which together provide a foundation for decentralized, peer-to-peer payments.

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Abrigo

MARCH 7, 2022

The world of FinCrime is more dynamic than ever, with fraud escalating thanks to an increase in mobile payments precipitated by the pandemic and security concerns rising over the Russian conflict in Ukraine. Cryptocurrency In general, traditional financial institutions have a low risk tolerance for banking cryptocurrency.

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American Banker

APRIL 24, 2024

Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.

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PYMNTS

JUNE 21, 2019

Fraud knows no boundaries. Aside from the political implications of such claims, The New Yorker ‘s report pointed to the fraud risks that organizations face, even from the C-Suite. It also highlighted the predicament that organizations face if a C-Suite executive is found committing fraud. In the U.S.,

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PYMNTS

AUGUST 23, 2019

Traki customers will be able to use various cryptocurrencies as payment options for the retailer’s products. Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system,” Zac Cheah, co-founder and CEO of Pundi X, said in a press release. “At

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Abrigo

MARCH 11, 2022

Thanks to an increase in mobile payments precipitated by the pandemic and rising security concerns due to the Russian conflict in Ukraine, the world of financial fraud prevention is more dynamic than ever. Regardless, NBFIs should continue to shore up policies and procedures around CRBs. Regulatory topics for NBFIs to watch for.

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PYMNTS

MAY 16, 2018

That opacity is heightened by open banking and cryptocurrencies. Also noted by the site, Ernst & Young’s Global Fraud Survey has set its sights on compliance efforts. Local news stories show that fraud – across payroll schemes and otherwise – remains alive and well across the globe.

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PYMNTS

JUNE 22, 2020

Prosecutors allege Vinnik operated BTC-e without anti-money laundering (AML) controls and policies, which resulted in criminals laundering proceeds derived from illegal activities. Justice Department last year filed a civil complaint in federal court against Vinnik and a company he allegedly runs called Canton Business Corp.

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PYMNTS

FEBRUARY 2, 2018

bank is banning customers from purchasing cryptocurrencies using its credit cards, according to Bloomberg reports. Bank of America (BofA) officially announced it “will begin declining credit card transactions with known cryptocurrency exchanges” today through a memo distributed to employees on Thursday (Feb. The second-largest U.S.

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PYMNTS

MARCH 14, 2019

and challenging monetary policy, which contributed to an overall decline in corporate confidence. Strategic Treasurer and TD Bank found in their survey that the majority of respondents said manual processes are their biggest operational challenges today, more so than issues like fraud, regulatory changes or staffing.

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FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. Here are the highlights from the fraud management data discussion I had at FICO World 2022 with Julie Conroy, Head of Risk Insights and Advisory at Aite-Novarica Group. How Did the Pandemic Change Fraud? Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top.

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PYMNTS

NOVEMBER 30, 2020

Pizza Hut will now accept cryptocurrency as a form of payment at its stores in Venezuela, Cointelegraph reported. 27 that it was partnering with the pizza chain to process cryptocurrencies, including Bitcoin, Litecoin, Binance Coin, Binance USD, Tether, Dash, Ether, Dai and XPT, Cryptobuyer’s native coin.

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PYMNTS

MARCH 30, 2018

And, in China, the country’s central bank is planning on cracking down on cryptocurrencies this year, Reuters reported. In addition, the bank plans to research and develop its own cryptocurrency. And a new cryptocurrency called Chia has raised more than $3 million – without an initial coin offering (ICO), NewsBTC reported.

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PYMNTS

OCTOBER 19, 2020

Digital money adoption across borders also entails risks and policy challenges,” the IMF report notes, adding that it could “raise pressures for currency substitution and worsen vulnerabilities from currency mismatches.”. The Fed chief, noting that the U.S.

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PYMNTS

FEBRUARY 15, 2018

Coinbase, the cryptocurrency startup, announced Tuesday (Feb. In a blog post , the company said debit cards are unaffected by this change, which was prompted by the realization that it can’t ensure customers that they will have a successful experience purchasing cryptocurrency via credit card. To avoid that, Coinbase said, U.S.

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PYMNTS

APRIL 5, 2019

Most of the fraudulent sellers asked for payment in cryptocurrency form, while others used a “middleman” to serve as a go-between between the buyer and the seller of the information, who then took a cut of the profits. “These groups violated our policies against spam and financial fraud and we removed them.

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Abrigo

FEBRUARY 25, 2022

Takeaway 2 Enhance policies, procedures, and processes for areas that will gain regulatory scrutiny? . The year 2021 saw a continuation of pandemic policies and changes, a new administration in Washington , and regulatory reform from the Financial Crimes Enforcement Network ( FinCEN ). What to Watch. Learn more about BSA/AML trends.

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PYMNTS

MARCH 3, 2020

In today’s top news, Apple manufacturer and supplier Foxconn has returned to production, the Department of Justice charged two Chinese nationals with laundering over $100 million in cryptocurrency, and TurboTax’s deal to buy Credit Karma has sparked antitrust concerns. Apple Parts Maker Foxconn Back To Work In China.

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PYMNTS

JUNE 16, 2020

They spoke before the Subcommittee on National Security, International Development, and Monetary Policy Tuesday. In terms of legislation, Senn said NASAA supports the “Senior Investor Pandemic and Fraud Protection Act” and the “COVID-19 Restitution Assistance Fund for Victims of Securities Violations Act.”.

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American Banker

FEBRUARY 10, 2020

million salary was about the same as in 2018; investors hoping for quick riches still fall for cryptocurrency-based Ponzi schemes. The BofA CEO’s $26.5

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PYMNTS

NOVEMBER 12, 2019

the United Kingdom, the Netherlands and Australia – has in part prompted the IRS to state that it has new tools and insights in place to pursue those who evade taxes through cryptocurrencies. But interestingly, the move out of crypto comes as the IRS has made efforts to clarify its policies and procedures.

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PYMNTS

NOVEMBER 19, 2019

These steps would allow much more rapid liquidation of an insurance policy, including a ‘disaster dividend,’ or a ‘harm’s way’ claim, which could be used to pay for evacuation-related expenses,” the agency stated in its latest National Advisory Draft Report to the FEMA Administrator.

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Abrigo

FEBRUARY 8, 2022

However, this is rapidly changing as FinCEN envelops more businesses, such as antiquities dealers and those related to cryptocurrencies, under the umbrella of financial-related companies subject to BSA requirements, Consent orders among NBFI for non-compliance of BSA are becoming more common and should be understood by all NBFI management.

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PYMNTS

MAY 19, 2019

OneCoin “created a multibillion-dollar cryptocurrency company based completely on lies and deceit,” U.S. The company claims that it is “a centralized, closed-source cryptocurrency. Attorney Geoffrey Berman in Manhattan said in a statement at the time. Investors were victimized while the defendants got rich.”.

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PYMNTS

JULY 9, 2018

The data shows that of 14 firms that utilize AI when it comes to data privacy, a third of those firms showed that there were potential problems with policies already in place, with some of the language lacking clarity. Thailand And The Digital Token Debate. should have a “public-facing chief blockchain officer.”

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PYMNTS

JULY 2, 2018

Despite a regulation crackdown and other issues, investors have continued to fund cryptocurrency startups in 2018, with ICOs raising $11.8 In addition, there have been numerous incidents of fraud that have kept some retail investors away. billion this year through May. billion ICOs raised all of last year. And while U.S.-based

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CFPB Monitor

JULY 14, 2022

The Order seeks a national policy for digital assets across six “key priorities” : consumer and investor protection; financial stability; illicit finance; U.S. Risks to consumers, investors and businesses, including frauds, scams, theft, loss of private keys, and losses from the insolvency of wallets, custodians and intermediaries.

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PYMNTS

JULY 23, 2019

Facebook removes ads and pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms,” a spokeswoman said in a statement to the news outlet. Marcus faced a barrage of questions, some of which were rather complex and involved.

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PYMNTS

SEPTEMBER 6, 2019

Beating the fraudsters: Visa said that since their inception, chip cards have reduced counterfeit fraud by 87 percent. Counterfeit fraud dollars for all U.S. The news comes after European Central Bank board member Yves Mersch said Facebook’s Libra could affect its ability to set monetary policy. Chip cards are accepted by 3.7

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PYMNTS

SEPTEMBER 15, 2020

In other news, European Central Bank (ECB) policy makers received a present of the globe’s first so-called “collectible digital coin” by email, Bloomberg reported. And, MicroStrategy Incorporated ’s Board of Directors has implemented a new “Treasury Reserve Policy,” according to a U.S. Securities and Exchange Commission (SEC) filing.

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PYMNTS

JULY 17, 2019

We would be crazy to give them a chance to experiment with people’s bank accounts, and to use powerful tools they don’t understand, like monetary policy, to jeopardize hardworking Americans’ ability to provide for their families.”. Sherrod Brown. “We North Carolina Sen. He said the U.S.

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PYMNTS

AUGUST 6, 2018

The social media company has been exploring ways to incorporate that type of data onto its site by potentially allowing members to check their balances or get fraud alerts. Starbucks said it will not begin accepting cryptocurrencies as a payment method for its products, despite reports that led to speculation about its policies.

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PYMNTS

SEPTEMBER 6, 2018

Take cryptocurrencies, for instance. Might an on-demand mindset benefit those tech upstarts when tackling issues like fraud and anti-money-laundering (AML)? However, in some ways, we are in uncharted territory. The regulatory environment is fluid enough that things seem to change daily, depending on where one looks.

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PYMNTS

JUNE 18, 2018

The agency said in the press release that it completed a comprehensive review of Square’s application – including its anti-money laundering, anti-fraud, capitalization, consumer protection and cybersecurity policies – before granting the license.

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BankUnderground

MAY 25, 2023

Closer inspection reveals an ecosystem experiencing several hacks, attacks, and fraud. Figure 1 shows that three stablecoins and the two largest cryptocurrencies, Bitcoin and Ether, make up the top five most borrowed assets. billion dollars’ worth of cryptocurrency has been stolen in attacks directly attributable to flash loans.

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Vitalik Buterin

APRIL 16, 2019

One of the larger examples of “private censorship” in cryptocurrency communities was the decision of Theymos, the moderator of the /r/bitcoin subreddit, to start heavily moderating the subreddit, forbidding arguments in favor of increasing the Bitcoin blockchain’s transaction capacity via a hard fork. I would argue, no.

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