Many e-money and payments firms still aren’t carrying out the audits expected by regulators. That puts them at risk — not just of non-compliance, but of missed issues, poor customer outcomes, and reputational harm. Most regulators expect e-money and payments firms to have the following three core audits in place: • Financial Crime Audit • [...]
The Bank of Canada has issued a reminder to all payment service providers (PSPs) registered under the Retail Payment Activities Act (RPAA) of their ongoing reporting obligations. The Bank states that these requirements are critical to its supervision of PSPs under the RPAA and support the safety, soundness, and integrity of Canada’s retail payments [...]
AML fines often dominate headlines, with regulators across the globe issuing increasingly large penalties for failures in financial crime controls. But while these figures attract attention, they rarely tell the full story. In reality, AML failures have consequences beyond financial penalties. Firms often face operational disruption, heightened regulatory scrutiny, and lasting damage to reputation [...]
The Financial Crimes Enforcement Network (FinCEN) has released its Fiscal Year 2025 Year in Review, summarizing its activities, priorities, and results in protecting the financial system from illicit activity. FinCEN’s mission is to protect the financial system from illicit activity, combat money laundering and terrorist financing, and promote national security by strategically using financial [...]
Launching a card or e-wallet program offers significant opportunities, but many fintechs underestimate the complexity involved. Securing an issuing bank, completing due diligence, and coordinating multiple partners can cause even well-funded programmes to stall before launch. In this interview, Reiner Vanooteghem, Chief Commercial Officer at Neopay Global, shares his insights. With over 20 years [...]
What this means for US Financial Industry Firms FinCEN has significantly increased its remote monitoring of AML controls for MSBs, Payments and E-Money Firms, using powerful computing and AI methods to identify shortcomings. Recent actions include a $3.5 million penalty on Paxful and a record $1.3 billion against TD Bank as well as action [...]
Protect against potential costly FinCEN fines and penalties. Contact Neopay Global’s AML experts today to review your AML compliance program. Treasury deploys cutting-edge technology to target potential money laundering breaches US Treasury Secretary, Scott Bessent, has issued a serious video warning to MSB's, Banks and all Financial Institutions, cautioning that potential cartel related money [...]
For many organizations, Anti-Money Laundering (AML) training is just another requirement. It’s mandatory, often repetitive, and usually focused more on theory than on real-world application. But effective AML training shouldn’t hold your teams back. It should help them become stronger, more confident, and better prepared to protect your business. Across North America, regulators such [...]
FinCEN’s latest Financial Trend Analysis highlights the continuing impact of ransomware on the financial system, identifying more than $2.1 billion in reported ransomware payments between 2022 and 2024, with financial services emerging as the most targeted industry by value. Unlike previous reports that focused on when activities were filed with FinCEN, this analysis looks [...]
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued guidance to promote appropriate, voluntary sharing of information across borders between financial institutions, including foreign financial institutions. The guidance clarifies that while financial institutions are prohibited from sharing Suspicious Activity Reports (SARs) or information that would reveal the existence of a [...]
