iDenfy launches risk assessment tool
The Paypers
JUNE 19, 2024
Lithuania-based regtech provider iDenfy has announced the launch of its AI-enabled Customer Risk Assessment solution, completing its KYC/KYB/AML compliance suite.
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Takeaways from “Collaborating for Impact: The Benefits for Fraud Prevention and AML Detection”
Seon
JULY 11, 2024
Guest panelists included James Nurse, Managing Director at FINTRAIL; Hannah Becher, Lead of Fraud and AML Surveillance at Pleo; Matthew Tataryn, Director of Financial Crime Risk at Tide Platform; and Jeremy Doyle, Director of Growth, AML Solutions at SEON. We see synergies, especially in escalating high-risk cases.
Uniform Regulations and High End Talent Are Key to Successful AML Operations Reveals PwC
The Fintech Times
APRIL 26, 2024
PwC , the assurance, tax and advisory services provider, has published a new report revealing what factors impact effective anti-money laundering (AML) practices the most. In its report, titled EMEA AML Survey 2024: Spotlight on Effectiveness , PwC reveals that many organisations do not feel they have adequate AML operations.
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Romania’s Salt Bank Turns to Regtech Napier AI for Transaction Monitoring
Finovate
MAY 14, 2024
Financial crime compliance company Napier AI has partnered with Romania’s Salt Bank. Salt Bank will deploy Napier AI’s transaction screening solution to protect transactions against a variety of fraud risks. Napier AI made its Finovate debut at FinovateEurope 2018 in London.
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Impact Asset Manager Finance in Motion Partners with Financial Crime Regtech Napier AI
Finovate
APRIL 24, 2024
Impact asset manager Finance in Motion has teamed up with financial crime compliance specialist Napier AI. Finance in Motion will deploy Napier AI Continuum as its anti-money laundering and counter terrorist financing (AML/CTF) platform. London-based Napier AI made its Finovate debut at FinovateEurope in 2018.
AMLYZE: Is the Global Anti-Money Laundering (AML) System Broken?
The Fintech Times
APRIL 29, 2024
In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. Alexandre Pinot , co-founder and head of innovation and strategy at Vilnius, Lithuania, headquartered AMLYZE , the AML/CFT compliance firm explains where the gaps in the current AML system are.
AMLYZE Teams Up with Aura Cloud to Enhance Financial Crime Fighting Tools
Finovate
JUNE 4, 2024
AMLYZE Co-Founder and Head of Partnerships Jekaterina Govina praised Aura Cloud for its “commitment to agility and innovation” which Govina said “aligns perfectly with our mission to provide AML/CFT solutions, built by regulatory insiders who understand customer pain points from the inside out.”
Quantifind, Oracle Team To Offer AI Automation For AML Compliance
PYMNTS
SEPTEMBER 23, 2019
Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.
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BIS: Central Banks Need to Embrace the AI Era to Stay Ahead of Financial Efficiency
Fintech News
JULY 4, 2024
As artificial intelligence (AI) rapidly transitions from a nascent development to a ubiquitous technology accelerating advancements across the financial landscape, far-reaching implications for central banks worldwide are quickly emerging.
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Top 4 APAC Firms Leading The in The War Against Financial Crime
Fintech News
MAY 22, 2024
Arctic Intelligence (Australia) Headquartered in Sydney, Australia, Arctic Intelligence is a multi-award-winning regtech company specializing in financial crime risk assessment technologies. Founded in late 2015, the company provides regulated entities with tools to manage audit, risk, and compliance programs effectively.
How to automate insurance underwriting
Nanonets
SEPTEMBER 27, 2024
Traditional (manual) underwriting processes often struggle to keep pace with the growing complexity of modern risk assessment, data collection, and policy management. These include customer applications, financial records, medical reports, and external risk assessments such as geographic or weather-related data.
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AI Meets AML: How the Analytics Work
FICO
FEBRUARY 15, 2017
In the previous posts in this mini-series, TJ Horan noted that AI is the newest hope for compliance , and Frank Holzenthal explored the benefits that AI can bring to compliance officers. As Frank noted in his post, we have integrated two main AI components into our AML products.
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An AI Blueprint For More Profitable Portfolios In 2021
PYMNTS
DECEMBER 14, 2020
consumers think about artificial intelligence (AI) as it relates to their financial lives? Just ask them, as was done for the December 2020 How To Put AI In Your 2021 FI Business Plan Playbook , a collaboration with Brighterion. Better credit management is just one benefit AI can confer to banks, however,” per the Playbook.
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The Finovate Podcast: Best of Show Conversations with Bloom Credit and Kobalt Labs
Finovate
JUNE 24, 2024
Most recently, Greg Palmer sat down with Kalyani Ramadurgam, CEO of Kobalt Labs , to discuss third-party regulations, the rise of AI, and the broader regulatory environment for fintechs, banks, and financial services companies. At FinovateSpring this year, Kobalt Labs demoed its AI-powered co-pilot that streamlines this process.
ComplyTek Introduces Advanced Transaction Screening for Instant Payments
Fintech Finance
AUGUST 2, 2024
Leveraging machine learning and AI, the platform offers comprehensive monitoring and fraud detection capabilities. ComplyTek’s advancements in AI have significantly contributed to its recent industry recognition. AML Screening : Sanctions and watchlist screening, transaction pattern analysis for detecting money laundering activities.
AML Compliance Controls Can Be Costly
PYMNTS
OCTOBER 16, 2019
The latest Digital Banking Tracker brings research and expert commentary from the FinTech and consumer banking space with a focus on anti-money laundering (AML) and solutions. Scandal and fraud tarnishing banks’ reputations aside, the impact that AML compliance controls have had on these banks’ bottom lines can’t be underestimated.
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NEW REPORT: The Banks’ How-To Guide To Using AI To Manage Credit Risk
PYMNTS
DECEMBER 9, 2020
There are countless technologies banks are employing to help them in this task, but none are as effective as artificial intelligence (AI). The practical applications for AI extend far beyond credit risk assessment and detection, however.
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Identity Risk Management: Strategic Approaches to Mitigate Risk
Seon
JUNE 24, 2024
It prevents issues such as payment fraud, account fraud (and misuse), loan fraud, and conducting business with high-risk individuals , as well as a stipulated practice for anti-money laundering (AML) compliance. AI-powered solutions also enable dynamic adaptation to evolving cyber threats in real time.
noqodi partners with Napier to secure Digital Payments in the UAE
Fintech Finance
DECEMBER 13, 2023
Napier , the London-based financial crime compliance RegTech, is pleased to announce it has been selected as the anti-money laundering (AML) platform for noqodi , the leading Digital Wallet and Payments Solution based in the United Arab Emirates (UAE).
Fraud Risk Management: How to Implement It & Advanced Technologies
Seon
APRIL 23, 2024
Modern fraud risk management systems aim to proactively identify and thwart fraudulent activities before they occur or at the earliest juncture possible, ensuring the integrity of transactions without hindering the user experience – an approach that aligns with the growing expectations for seamless and secure digital transactions.
Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud
PYMNTS
SEPTEMBER 12, 2019
Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018. This month’s Deep Dive examines the struggles and strategies involved in securing the FinTech and digital banking space and how AI may be able to help. .
Know Your Customer (KYC): What It Is and How to Comply
Stax
NOVEMBER 27, 2023
From EDD and eKYC to AML to CDD, we’re going to cover everything you need to know about KYC in this article. it’s the opposite: customer due diligence is an ongoing process that is a part of the KYC requirements, which in turn is part of the broader anti-money laundering (AML) regulations set in place for financial institutions.
2024 Fraud Predictions With Confide, SEON, Fenergo, SAS, ComplyAdvantage
The Fintech Times
DECEMBER 28, 2023
With the Economic Crime and Corporate Transparency Act having received royal assent on 26 October, financial institutions must ensure they up their game and deliver sophisticated risk assessments over the coming months. Any legislation around fraud and the application of AI should take this into account.”
How loan automation can improve loan origination and overall operational efficiency
Nanonets
APRIL 11, 2023
The need to minimize risk and maintain loan portfolio quality : In a volatile economic environment, lenders must carefully manage risk to protect their loan portfolios and maintain financial stability. This ensures that the lender stays compliant and minimizes the risk of fines or penalties.
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Challenges in Countering Trade-Based Money Laundering
FICO
MARCH 24, 2021
However, financial institutions should also consider the introduction of machine learning and artificial intelligence (AI) as well as other new technologies, to go beyond simple red-flag indicators to appropriately detect the complex behavior associated with trade transactions. Plan for upticks in particular areas of AML compliance activity.
Understanding Risk Management Strategies as a PayFac
Stax
AUGUST 22, 2024
In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.
DataVisor Unveils its AI-Powered End-to-End AML Compliance Solution
Finovate
MARCH 28, 2024
Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week. AI-powered fraud and risk platform DataVisor launched its end-to-end anti-money laundering (AML) solution this week. DataVisor made its Finovate debut at FinovateFall last September.
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Filtering customers in the lending process with automation
Nanonets
APRIL 5, 2023
Increased accuracy - automation can eliminate the risk of human errors in data entry and processing, resulting in more accurate customer filtering. Better risk assessment - automation can provide lenders with more detailed financial information on potential borrowers, enabling them to make better risk assessments.
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ComplyAdvantage and FullCircl: Mastering PEP Risks in a Year of Political Change
The Fintech Times
JANUARY 25, 2024
While it is clear that organisations need to develop a risk-based approach to address PEP-related risks in the coming year, it is less obvious how they can begin to do this. Action will likely be taken where they spot deficiencies in PEP risk handling.
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What is a bank extract and why is it important?
Nanonets
APRIL 24, 2023
Bank extraction software can be used to extract this information and use it for loan approvals and risk assessments. Loan approvals: The data extracted from bank statements and other financial documents can be used to assess a customer's creditworthiness and make informed decisions about loan approvals.
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The Total Opportunity Cost of Fraud is Bigger Than You Think
Seon
MAY 31, 2024
While some market solutions integrate machine learning (ML), artificial intelligence (AI), and automation to streamline review processes and minimize reliance on manual intervention, many businesses operate with fragmented workflows, where separate departments are isolated, leading to gaps and weaknesses.
Illegal Wildlife Trade: What Banks Must Do
FICO
FEBRUARY 9, 2021
IWT risk must be part of a bank’s risk framework and their AML risk assessment, e.g., by adding high-risk sources (Africa, South America), transit (EU), and destination countries (see above). AI models can uncover the relevant behaviours – including identifying outlier behaviour never seen before.
How A Local Lens For Risk Analysis Can Fight Global Money Laundering And Fraud
PYMNTS
MARCH 12, 2020
Merchants at high risk of BOPIS fraud — and the payment providers that support them — can fight these threats by scrutinizing customers who are using new accounts or cards, for example. AI and ML have really seen a massive resurgence in the past few years,” he explained. The card industry’s 3D Secure 2.0
The Role of Risk Orchestration in Enhancing Financial Institution Agility Against Emerging Threats
The Fintech Times
SEPTEMBER 19, 2024
By integrating risk assessments, controls, and regulatory obligations in real-time, and within a unified framework, institutions can proactively identify and mitigate risks associated with new regulations, such as operational resilience requirements. For fraud, the focus was historically on customer identity.
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Generative AI in Banking and Adult Entertainment
Segpay
MARCH 20, 2024
8 minute read Artificial intelligence (AI) has revolutionized many industries, with Generative AI emerging as a transformative force in the vast world of content creation. Deploying generative AI will be a dual-edged sword, presenting exciting opportunities and significant risks. Look at the Bright Side!
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FinovateEurope 2024 Sneak Peek Series: Part 4
Finovate
FEBRUARY 8, 2024
Corsound AI Corsound AI utilizes innovative technology to verify customers’ identities for financial institutions, leveraging over 200 patents to detect AI scams and voice fraud. Finerative Finerative is a Gen-AI native startup bringing generative technology to the financial space. Direct to consumer fintechs.
Financial Crime: Technology can Transform Compliance
FICO
MARCH 6, 2020
FICO brings AI and advanced analytics to risk management, fraud detection, collections and much more. Here at FICO, AI is in everything we do. By combining advanced AML analytics in scoring processes and robotics in alert and case handling you tremendously improve efficiency and effectiveness in compliance.
Master SOX Compliance: A Comprehensive Guide for 2023
FloQast
DECEMBER 13, 2023
Risk Assessment Risk assessment is the process of identifying and evaluating the risks that could impact achieving a company’s objectives. A risk assessment typically involves: Identifying risks Assessing the likelihood and impact of the risks Prioritizing the risks Developing risk mitigation strategies 3.
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Finovate Global Israel: Identity Verification, Data Privacy, and an Introduction to New Alums
Finovate
MARCH 29, 2024
The report revealed an “eight-month-long coordinated identity fraud ‘mega attack’ consisting of organized criminals executing more than 22,000 separate fraudulent onboarding efforts using AI-generated variations on a single passport. More than 500 SaaS platforms have integrated to MineOS’ no-code API.
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