How Technology Is Changing the Fight Against One of the Biggest Financial Crimes by Andrea Frosinini and Viktoria Soltesz Trade-based money laundering (TBML) is one of the most significant and difficult-to-detect threats in global financial crime where criminals use the complexity of international trade to move illicit funds on a large scale. Every day, trillions of dollars in goods cross borders through complex documents and multiple jurisdictions, giving criminals an effect

Visa recently introduced a requirement for domestic e-commerce transactions in Belgium, Luxembourg, and France, mandating that merchants include specific identification data in both authorization and clearing messages. For Belgium and Luxembourg, this means the Tax Identification Number, and for France, the SIRET number. At first glance, this appears to be a simple technical adjustment but this assumption is exactly where most businesses go wrong. If this data is missing or

In a recent interview at Fintech Garden , Viktoria Soltesz spoke with Igor Tomych about the mistakes merchants make when setting up their payment and banking structure, and why these decisions often cost far more than expected. Cheap Is Rarely Cheap Many merchants choose providers based on low fees but the cheap is always more expensive on the long term. Payment and banking today impact customer experience, risk management, technology, product development, data security, co

Companies own their revenue, their customer relationships and their data and the resulting payment flows. Thats what we think. But do they, really? Banks and payment providers operate under a different layer of responsibility, as they are required to protect the financial system as a whole. This includes enforcing KYC, AML, sanctions screening, fraud prevention and rules against tax evasion. These obligations are built into the very fabric of the system, where every single en

Viktoria Soltesz 's article at the GameChangers Magazine Issue 54 Trading companies operate in fast-moving markets and are considered as high risk which means they face continuous payments and banking issues. While clients expect instant deposits and fast withdrawals, the actual process runs through multiple payment menthods, banks, card schemes, and providers, each adding checks, delays, and friction. Maintaining account stability, reasonable fees and technical efficiency a

Payment and banking today impact customer experience, risk management, technology, product development, data security, compliance, finance, sales and growth and more. It should be considered a standalone function, an essential element of the business strategy, not just a part of finance. But the ones who manage payment and banking tasks are not adequately trained to do so. Key areas, such as how payments and banking affect technology, UX, compliance, and other essential aspec