Payments News

On The Web

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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 […]
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Risk

$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.”

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 […]