Natural disasters, war and other emergencies can force people to evacuate their communities and flee their homes. Individuals rushing to escape danger may not have the time or presence of mind to grab birth certificates, Social Security cards and driver’s licenses, yet they may face...
Knowing what fraud risks challenge a merchant sector in the U.S. is not enough to safeguard that sector in other markets — and that could hurt payments processors operating on a global scale. Different social norms and customer-merchant expectations impact what fraud looks like in...
Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. Fines related to noncompliance increased 160% between September 2018 and December 2019, in fact. This year also kicked off the implementation of the Fifth...
The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank, a subsidiary of U.S. Bancorp, with a $450,000 civil penalty for his negligence in failing to intercept breaches of the Bank Secrecy Act (BSA), FinCEN announced on...
Payments companies are stepping into increasingly important roles as the global payment processing solutions market is slated to hit $62.3 billion by 2024. Such firms cannot grow safely without robust security measures blocking fraud and other abuses from their offerings. Payment providers must ensure that...
The world of eCommerce fraud changes so unpredictably that merchants often struggle to defend against all possible lines of attack — rendering old-school tactics like rules engines ineffective. But artificial intelligence (AI)-based behavioral analytics can take over where legacy methods fall short. In this month’s...
The European Union’s long-anticipated 5th Anti-Money Laundering Directive (5AMLD), which modernizes security rules to reflect the needs and threats facing today’s economy, took effect in mid-January, and its impacts are already being felt across the payments space. 5AMLD’s impacts include strengthening anti-money laundering (AML) and...
A Swedish regulator has opened an investigation into SEB, one of Sweden’s largest banks, over an increasingly volatile money-laundering scandal that has adversely affected the reputation of the region’s banking industry, according to a report by the Financial Times. The probe is being done by...
European Union finance ministers on Thursday (Dec. 5) agreed on strategy for anti-money laundering (AML) reforms and countering the financing of terrorism, Reuters reported. The European Council called for enhancements to AML rules and for the legislation to become national law. The EU also backed...
