Financial technology-based firms in Europe have largely failed to participate in the Black Wallet Project, a government-led consultation that may influence how anti-money laundering rules apply to them going forward, a senior official told ACAMS moneylaundering.com.
Lithuania's primary anti-money laundering regulator warned banks Thursday to refrain from automatically rejecting financial technology firms, or fintechs, as clients, based solely on the perception that they inherently present a high risk of financial crime.