Fineksus Insights March 2024
Stay ahead of the curve with the latest developments in anti-money laundering, fintech, and compliance with our LinkedIn newsletter. Get access to our expertly curated content, from insightful blog posts to the latest industry news. Here's what you'll find in this edition:
AML and Payments News
The ever-evolving nature of the financial world and regulations to keep up with the technological trends and new methods of financial crimes caused high levels of increase in the anti-money laundering (AML) related fines imposed on the financial institutions and other organizations from different industries. Read More.
Cross-border payments play a vital role in the seamless operation of the international economy, and their significance continues to rise as the world’s economies become increasingly interlinked through digital means. These payments have been growing at a compound annual growth rate of 5%, and this growth persisted even during the challenging times of the Covid-19 pandemic. Read More.
Uzbekistan is not on the FATF List of Countries. So it is not identified as having strategic AML deficiencies. In 2023, a Mutual Evaluation Report was completed regarding Uzbekistan’s adherence to AML criteria. And Uzbekistan was found to be compliant with 8 of the 40 FATF Recommendations and mostly compliant with 26 of them. Read More.
领英推荐
Charles Ponzi is the one who gives The Ponzi scheme its name. He was a fraudster who told investors that their money would be doubled in ninety days. Even if he was successful in the beginning, the scheme’s fast growth in debt became unsustainable when investors started to withdraw their funds after learning of Ponzi’s bankruptcy. Read More.
?? Industry Insights
Irish central bank sets new payments strategy as country lags rest of Europe
The Central Bank of Ireleand has outlined a new multi-year payments strategy amid concerns that banks are failing to grasp the opportunities presented by instant payments.
Mastercard offers issuers open banking-based account opening
Mastercard has launched a programme that uses open banking to streamline the account opening process for some US debit and prepaid products. Read More.
Papara's growth continues with T-Bank acquisition
Papara's latest expansion follows several recent acquisitions and its rollout of world-first voice-activation fintech. Read More.
Banks migrate from mainframes to AI-driven cloud tech
Generative AI is decisively facilitating the transition of banking applications to the cloud, according to nearly two-thirds of industry players surveyed by NTT Data. Read More.