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Solaris, Germany's largest fintech, has been fined €6.5 million after failing to promptly report potentially illicit transactions to the country's financial intelligence unit, the Federal Financial Supervisory Authority, also known as BaFin, disclosed Thursday. "The institution has systematically ...
Germany's primary anti-money laundering regulator has warned banks and payment services providers to stop weakening their controls for combating the financing of terrorism, also known as CFT, by folding and subordinating them into their AML programs. After determining that dozens of banks and paymen...
The European Parliament adopted a regulation that ensures payment service providers (PSPs) process money transfers swiftly, and also considers sanctions implications. The legislation specifies that during instant credit transfers, a payer's PSP is not required to check whether the payer or payee is subject to sanctions. Instead, the regulation allows
Germany's financial regulator has vowed to keep playing hardball with fintechs out of concern that their anti-money laundering programs have not kept pace with their rapid growth. In "Risks in Focus," a 46-page annual report, Germany's Federal Financial Supervisory Authority, or BaFin, on Tuesday on...
If implementing an unprecedented volume of financial and commercial restrictions against Russia posed the greatest challenge for European financial institutions in 2022, in 2023 they felt the added pressure of intensifying efforts by Western governments to enforce them. 2023 was also marked by a con...
The European Banking Authority (EBA) launched a public consultation covering proposed guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing (ML/TF) purposes. These so-called Travel Rule Guidelines outline steps that payment servi...
Most financial intelligence units in Europe recorded another numerical increase in suspicious transaction reports in 2022 despite the spectacular fall of reporting volumes in Finland, data reviewed by ACAMS moneylaundering.com indicates. After hundreds of thousands of reports filed by cryptocurrency...
Speakers gathering for The Assembly Canada had plenty to talk about as they headed to the two-day annual conference in Toronto hosted by ACAMS, with a national beneficial ownership registry in the works and a new financial crime agency on the drawing board. When they arrived, they got even more
The Financial Conduct Authority has imposed severe restrictions on Dzing Finance, an electronic money institution, or EMI, based in London, days before another U.K. regulator identified the company as a major facilitator of authorized push-payment fraud schemes. On Friday, the FCA barred Dzing Finan...
The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) released a joint opinion on the proposed regulation for the digital euro, a type of central bank digital currency (CBDC). The new form of payment would allow individuals to make electronic payments both onli...