Payments News

On The Web

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Risk

Nasdaq Makes Push Into Anti-Money Laundering Tech with New AI-Based System

“Exchange group Nasdaq said on Wednesday that it is launching AI technology to help retail and commercial banks automate anti-money laundering (AML)investigations, as it expands into the financial crime software market. The company hopes the system can make it quicker and cheaper for banks and other financial institutions to sift through the deluge of alerts […]
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Risk

Money-Launderers Use Chinese Online Shopping Sites to Funnel Cash Offshore

“Money launderers have used some of China’s leading online shopping sites to transfer billions of dollars to offshore gambling sites, police raids have revealed.  People wishing to evade China’s strict capital controls, for example to gamble on offshore websites, have been placing fake orders on the shopping sites, including on Pinduoduo, China’s second-largest platform by […]
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$356 Million in Cryptocurrency Stolen in First Three Months of 2019

“Cryptocurrency thieves earned at least $356 million in the first quarter of 2019, which could see the industry face a billion-dollar money laundering problem by year’s end. Payments from US-based exchanges to offshore cryptocurrency wallets also increased 46 percent over the last two years, analytics firm CipherTrace reports with new research . “Once these payments reach […]
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Risk

Swedbank Fires CEO Over Money Laundering Allegations

“Swedbank AB has fired its chief executive officer, Birgitte Bonnesen, amid allegations the bank was used to launder billions of dollars in Russian money on her watch.    Bonnesen, 62, will be replaced on an interim basis by Chief Financial Officer Anders Karlsson, the bank said on Thursday as the board prepared to face shareholders […]
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Risk

Hunting Money Launderers? There’s AI for That

“Encouraged by a recent green light from regulators, the financial services industry is exploring new ways of using artificial intelligence to help them comply with banking regulations and to better detect fraudulent transactions used by criminals and terrorists.”
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Risk

Banks are Better than Bitcoin (When It Comes to Money Laundering)

“On September 19, 2018, Denmark’s largest bank, Danske Bank, confirmed that its Estonian branch had illegally funneled $230 billion from Russia to Europe. That was 25,000 times more than what ShapeShift allegedly laundered. In fact, that was more significant than the combined market capitalization of cryptocurrencies at that time.”
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Risk

North Korean hackers tied to massive global theft

“Over the past several years, North Korea has continued to perfect its hacker armies that have carried out some of the most devastating digital attacks around the world. Last month, the Justice Department unsealed charges against Park Jin Hyok for his part in the 2014 Sony Pictures hack as well as for aiding in the Bangladesh theft […]
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On The Wires

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Risk

Credorax Partners With Feedzai for Innovative Anti-Money Laundering Solution

“Today, licensed bank and smart payments provider, Credorax, and risk management platform Feedzai announced a new partnership to provide Credorax merchants with advanced anti-money laundering (AML) and anti-fraud capabilities, leading to increased payment security, reduced operational costs and an improved customer experience. The partnership between Credorax and Feedzai first began in 2018, when Credorax elected […]