Reported by Gretchen Morgenson Federal financial regulators are exploring allegations by two whistleblowers that Cash App, the popular mobile payment platform, and entities providing transaction services to its users performed inadequate due diligence on customers, potentially opening the door to money laundering, terrorism financing and other illegal activities. While banks are required to know the true […]
Reported by The Economist Brazilians have long been early adopters of fintech. In 2017, EY, an accounting firm, found that two-fifths of Brazilians regularly used online banking, one of the highest rates worldwide. In 2020 44% of customers had a digital-only account, compared with less than 20% in the United States and Canada, according to […]
Reported by: Omar Faridi Featurespace, which claims to be the leader in machine learning fraud and financial crime prevention technology, has secured funding from UK and US governments “to build a new type of artificial intelligence (AI) system to help banks and payments service providers (PSPs) detect financial crime – whilst protecting data privacy.” The privacy enhancing […]
Reported by: Savannah Fortis The electronic payments provider ePayments is putting the final nail in the coffin of its operations. ePayments issued email notices to clients on Tuesday, stating that it is officially closing its business operations in light of local regulations. The financial services provider was one of the largest electronic payment providers in […]
Financial Crime News Briefs 