Latvian authorities have handed a €1m fine to Rigensis Bank for violating an array of financial crime laws, the latest direct action taken by the country as it seeks to implement a suite of...
A key architect of Facebook’s digital currency project, Libra, has attempted to reassure lawmakers that Libra will not be launched until regulators are happy user data is protected, the risk of...
On July 16, 2019, the Bank of Lithuania announced that it is seeking an innovative solution to the mandatory reporting scheme, under which all participants in the Lithuanian financial market are...
On July 12, 2019, the Egmont Group, a global body comprising 164 financial intelligence units (FIUs), released the summaries of two reports prepared by the Egmont Information Exchange Working Group...
A lawyer who slapped a suit on Société Générale over its processing of payments for Cuba’s state bank has said further action against European and Canadian financial institutions is imminent...
With Facebook scheduled to appear before U.S. Congress this week to make the case for its cryptocurrency project Libra, the social media giant faces an uphill struggle to convince wary legislators...
A foreign exchange and payment service provider has lost its bid to claim damages from Royal Bank of Scotland (RBS), after the UK lender terminated its business accounts on suspicion they were...
A New York gang of fraudsters has been indicted for allegedly running a prepaid gift card laundering ring that turned a profit of a million dollars per month.
On July 11, 2019, the Department of Finance of Canada published regulations amending certain regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act 2019 to...
The European Council has adopted a directive that provides measures to facilitate competent authorities' use of financial and other information for the prevention, detection, investigation or...
On July 10, 2019, the Danish Financial Supervisory Authority (FSA) issued a note on good practice regarding the use and application of artificial technology and, more particularly, supervised...
Financial institutions in the United States are still failing to grapple with ballooning payment fraud perpetrated by criminals using made-up identities, the Federal Reserve has warned.
Financial institutions are being urged to stem the flow of illicit funds from illegal wildlife trafficking, which drives as much as $23bn in revenue per year and is set to become an area of focus...
A coalition of European authorities has urged lawmakers to look at harmonising EU supervision across the financial services sector, warning that existing fragmentation can result in regulatory...
Facebook has responded to demands from the U.S. Senate Banking Committee for answers on the regulatory status of its cryptocurrency project Libra, although steered clear of calls to halt the...
UK payment providers have welcomed industry-led attempts to improve their access to bank account services, but called on government and regulators to give greater support to a sector still...

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