Payments News

On The Web

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Risk

Capital One Fined $290M for ‘willful’ Anti-money-laundering Failures

“Capital One Financial has been hit with a $290 million penalty after admitting to the U.S. Treasury Department that it willfully violated anti-money laundering requirements between 2008 and 2014. The problems, which involved a unit that served cash-checking businesses and has since been shut down, were first revealed years ago. But documents released Friday by […]
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Risk

Money Laundering Via Author Impersonation on Amazon?

“Patrick Reames had no idea why Amazon.com sent him a 1099 form saying he’d made almost $24,000 selling books via Createspace, the company’s on-demand publishing arm. That is, until he searched the site for his name and discovered someone has been using it to peddle a $555 book that’s full of nothing but gibberish.”
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Risk

U.S. Congress bans anonymous shell companies

“The U.S Senate on Friday passed a bill overhauling anti-money laundering rules and banning anonymous shell companies, a victory for law enforcement and rights groups which have long sought changes to make it easier to police illicit money flows. The bill requires most companies to report their true beneficial owners to the government, allows greater […]
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Risk

BitMEX Founders Charged With Failing to Prevent Laundering

“Founders of the pioneering crypto-derivatives exchange BitMEX were charged with skirting U.S. laws preventing money laundering and hit with civil sanctions as well, abruptly sending the price of Bitcoin down.    Arthur Hayes, Benjamin Delo and Samuel Reed were indicted in New York, where federal prosecutors claim the digital-asset exchange served American customers while flouting […]
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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 […]

On The Wires

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Deals

Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime

“Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin , an industry pioneer in anti-financial crime management solutions, today announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75 billion in cash, subject to customary adjustments. The agreement will combine Verafin’s comprehensive suite of anti-financial crime management products with Nasdaq’s reach and […]
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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 […]