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PayrNet, a U.K. electronic money institution whose Lithuanian affiliate lost its license last year for systematically breaching anti-money laundering rules, has emerged as Britain's top destination for funds derived from authorized push-payments—APP—scams, so called because the victims authorize the payments that defraud them. In a 37-page report Thursday, the U.K. Payments Systems Regulator, or PSR, for the second year running provided a snapshot of how well banks and other AML-regulated institutions performed against APP scams, which use social engineering and other means to trick individuals and businesses into transferring funds to accounts controlled by the perpetrators. The PSR linked more...