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Weekly Roundup: Wells Fargo Faces US AML Probe, Britain Cites Fintechs Over Weak Fraud Controls, and More

Wells Fargo disclosed in a regulatory filing that it is being investigated by U.S. authorities over suspected deficiencies in its anti-money laundering and sanctions compliance programs, Reuters reported. More Britain's Payment Systems Regulator identified PayrNet, a U.K. electronic money institution, and several other fintechs as the country's top destinations for funds derived from authorized push-payments scams in 2023, ACAMS moneylaundering.com reported. More The regulator in a report also noted that despite overall reimbursement rates rising, some U.K. lenders, including online bank Monzo, Danske Bank and AIB, are returning money lost by customers to authorized push payment fraud in less than...

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