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24 companies renounced Malta licence after FATF greylisting

Some 24 companies have renounced their licences to operate in Malta since the country was greylisted by the Financial Action Task Force, compounding uncertainty in the financial services industry, the Nationalist Party said on Monday. During a press conference outside the MFSA in Mrieħel, chief PN spokesperson Peter Agius,… Read More

Express Kidnappings in Brazil’s São Paulo Accelerate with Instant Pay App

By Ashley Pechinski, InSight Crime, 1 September 2021 InSight Crime — The increasing use of an instant money transfer app is driving express kidnappings in the Brazilian city of São Paulo – a crime that now requires no more than a password and a push of a… Read More

U.S. Securities Supervisor to Monitor Illicit Activity on DeFi Platforms

The U.S. Securities and Exchange Commission will monitor decentralized finance transactions, after contracting with the blockchain cybersecurity firm AnChain.AI, which confirmed the agreement over social media last week. Legal experts suggest this and other recent moves preview increased regulation of the decentralized finance space. The San Jose, California-based analytics… Read More

24th August 2021

PayPal launches its cryptocurrency service in the UK

PayPal is launching its cryptocurrency service in the U.K. The U.S. online payments giant said Monday it would let British customers buy, hold and sell digital currencies, starting this week. It marks the the first international expansion of PayPal’s crypto product, which first launched… Read More

16th August 2021

London court orders Binance to trace cryptocurrency hackers

London’s High Court has ordered Binance, one of the world’s largest cryptocurrency exchanges, to identify hackers and freeze their accounts after one user said it was the victim of a $2.6 million hack. In a judgment made public this week, a High Court judge granted requests by artificial intelligence (AI)… Read More

11th August 2021

Third of finance firms accelerate use of artificial intelligence to detect money laundering

Finance firms are stepping up their investments in artificial intelligence (AI) and machine learning (ML) as part of their anti-money laundering (AML) investments. Covid-19 and the disruption it brought to the global economy has triggered a sudden increase in financial crime, with money laundering a threat to society. The… Read More

2nd August 2021

Monzo under investigation by FCA over anti-money laundering rules

The UK’s financial watchdog has said it is investigating digital bank Monzo over potential breaches of anti-money laundering and financial crime rules. Monzo, which was founded in 2015 and is known for its hot coral bank cards, said it was cooperating with the investigation, which was in its early stages… Read More

27th July 2021

Payoneer to pay US Treasury $1.4 million fine over sanctions violations

The US Treasury Department said that Payoneer, a fintech startup founded by Israeli entrepreneurs, has agreed to pay a fine of some $1.4 million as part of a settlement for more than 2,000 apparent sanctions violations, by processing payments for parties located in Iran, Sudan and Syria among others,… Read More

26th July 2021

Challenger fintechs take aim at Australia’s big four banks’ ‘crypto hesitancy’

Challengers to Australia’s big banks have accused the major lenders of being too cautious towards cryptocurrencies and stifling innovation by denying the fintech sector vital services. As financial services faces a wave of disruption, a Senate inquiry has put the spotlight on simmering tensions over “de-banking,” where fintechs that compete with… Read More

22nd July 2021

5 reasons money launderers won’t worry about EU crackdown

Brussels has set its sights on dirty money. The European Commission on Tuesday unveiled a massive package of anti-money laundering initiatives to drive dirty money out of the bloc after repeated failures in supervision. The crowning feature of the four-pronged package is a plan to introduce a new… Read More

21st July 2021

ANZ breaks off innovation unit to appeal to fintechs

ANZ Bank has spun its innovation unit ANZi out of the group and renamed it 1835i, flagging its desire to partner more closely with fintechs and accelerate its own technology transformation. ANZ managing director Ron Spector will remain head of the unit, which will no longer formally be part of… Read More

19th July 2021

The UK’s great bank account shutdown

Innocent customers are having their accounts closed, funds frozen and large transactions blocked as panicking banks try to crack down on crime. Regulators have become increasingly concerned that criminals are taking advantage of weaknesses in bank systems. They want banks to be more robust in monitoring transactions, large money transfers… Read More

14th July 2021

Malta could take longer to get off the FATF grey list

Getting off the money-laundering grey list might take longer than Maltese authorities hope as it will be difficult to prove effective enforcement in certain “tricky” areas, a leading international expert has warned. Giuseppe Lombardo, who has evaluated several countries as a senior assessor for MoneyVal, told a conference of local… Read More

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