europos is proud to announce a partnership with Form3, the leading Payments-as-a-Service platform, to enhance their sanctions screening and security for cross border payments. Form3 brings a fresh approach to payments technology, streamlining processing and customer experience and needed a trusted AML data…
Is HSBC Stopping Terrorist Money Laundering? Whistleblower Urges Federal Reserve to Reopen $1.9 billion Settlement
In 2012, HSBC paid a record $1.9 billion fine to settle money-laundering accusations. Yet in a letter to the Federal Reserve, which he publicised this September, ex-employee Everett Stern (among a number of other weighty allegations) accused HSBC of ongoing…
The Fourth AML Directive: Filling the Silence
Although the Fourth Anti Money Laundering Directive is now “set in stone”, the UK does still have some degree of flexibility in how it implements the European requirements. This was what the Head of Financial Crime at the FCA (Rob…
Money in Terrorist Hands: What FinTech Firms Should Fear
It recently emerged that online lender Prosper made a $28,500 collateral-free loan to Syed Rizwan Farook in mid-November, just a few weeks before he and his wife massacred guests at an office holiday party in San Bernardino, with Federal Officials…
Halting the Torrent of Stolen Money Finding a Safe Haven in the UK
In a report titled “Don’t Look, Won’t Find” released on 23rd November, Transparency International UK found the country’s AML supervision to be “fragmented”, “inadequate” and riddled with a “lack of transparency”, allowing “billions” of pounds in corrupt funds to flow…
Regulators Focus Their Efforts On RegTech: FCA Call for Input
In a call for input, the FCA has just affirmed that innovative technology has a key role to play in enabling financial services to meet regulatory requirements and invited businesses to have their say in how it should “refine and…
Is searching OFAC enough?
At the time of writing, the OFAC SDN list contains 5,466 entities. This list proscribes the entities that on a statutory basis, companies and individuals can not deal with. However, it is apparent that regulators and counter-parties alike do not consider this enough….