The Fintech Times

JULY 31, 2024

Julie Cunningham, founder and CEO of Portend As Julie Cunningham , founder and CEO of due diligence platform Portend , explains: “Fintech impact platforms often grapple with complex regulatory landscapes. “Platforms must comply with AML and know-your-customer regulations to prevent illicit activities.

Compliance 64

Compliance AML Regulations Due Diligence 64

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. While internationally CDD can be seen as a key component of KYC compliance, within the U.S., That said, besides the legal and financial repercussions, there are ethical reasons to have a strong AML and KYC policy in place.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

Neopay

OCTOBER 3, 2024

As regulatory expectations rise, companies must ensure they have robust compliance frameworks in place, particularly when scaling rapidly. Compliance must keep pace with growth Starling’s rapid growth, from 43,000 customers in 2017 to 3.6 million in 2023, is impressive, but their compliance measures did not keep pace.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

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.

AML 65

AML Compliance Financial Crimes Automation 65

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

Seon

APRIL 11, 2024

Uniting fraud protection and prevention with AML checks and compliance allows for better collaboration across the historically siloed operations of teams dealing with distinct but related crimes – fraud and financial crimes, terrorist financing or other nefarious intentions.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

PYMNTS

SEPTEMBER 29, 2020

Jumio , known for its suite of artificial intelligence (AI)-powered identity verification and online know your customer (KYC) products, is beefing up its anti-money laundering (AML) powers. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. As a result, the cumulative financial crime compliance costs have now exceeded an impressive $206 billion.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. KYC onboarding is crucial: It is required by AML-obligated and/or fraud prevention-focused industries. KYC onboarding is, therefore, an act of customer due diligence and enhanced due diligence.

Process 52

Process Due Diligence AML Verification 52

FICO

MAY 20, 2021

In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift. Collect data from internal and external sources.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

PYMNTS

JUNE 17, 2020

million — “for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017,” Britain’s main bank regulator said in a news release on Wednesday (June 17). Firms should recognize that AML controls are vitally important to the integrity of the UK financial system.”.

AML 52

AML Due Diligence Money Laundering Authorization 52

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

Seon

JUNE 29, 2023

KYT is an anti-money laundering (AML) and counter-terrorist financing (CTF) requirement. As an AML and CTF operation, Know Your Transaction complements the process of Know Your Customer (KYC) by focusing on which transactions people are making, as opposed to just who is making them. KYT is a regulatory compliance requirement.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. A DIY Approach To AML/KYC. One of the problems that AML/KYC procedures face is lack of standardization.

AML 64

AML Money Laundering Due Diligence Fincen 64

PYMNTS

MARCH 14, 2019

However, despite the friction points that can get introduced into the process due to anti-money laundering (AML) and Know Your Customer (KYC) processes, FIs have no choice but to comply, or they risk fines and loss of customer trust. Around the AML/KYC World. To stay current, FIs are investing in AML strategies.

Money Laundering 73

Money Laundering Due Diligence AML Compliance 73

Fintech News

JULY 17, 2024

The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers. Monero transactions have risen steadily, with a notable spike in March 2024 due to a spam event called Black Marble.

Money Laundering 106

Money Laundering Law Enforcement AML Non-Bank 106

Fintech News

MAY 22, 2024

Over the past years, financial crime tech has risen to prominence, driven by increasing complexity and frequency of financial crimes, stricter regulations and compliance requirements, and technological advancements. For larger enterprises and the consultants assisting them, Arctic Intelligence offers the Risk Assessment Platform.

Financial Crimes 93

Financial Crimes Crime APACS Risk Assessment 93

Neopay

JUNE 27, 2024

To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models. Your senior team will all need to have understand the obligations on the firm and be able to prioritise regulatory compliance and its impact across the business.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

The Paypers

AUGUST 25, 2017

(The Paypers) CaseWare Analytics has announced that its CaseWare AML Compliance includes an updated API allowing onboarding systems to screen new customers in real-time during due diligence.

AML 28

AML Compliance Due Diligence API 28

PYMNTS

FEBRUARY 13, 2019

The move targets one of the largest pain points of Know Your Customer (KYC) compliance for businesses and their financial institutions (FIs): the complexity linked to corporations that use multiple banks across multiple jurisdictions. Payments messaging firm SWIFT announced on Tuesday (Feb. It’s serious legal liability for the driver.”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

FICO

FEBRUARY 14, 2017

In yesterday’s post, my colleague TJ Horan introduced the topic of artificial intelligence being applied to anti-money laundering (AML). I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. The AML Threat Score uses historic alerts and user decisions. But it’s still too high.

AML 40

AML Compliance AI Money Laundering 40

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. However, several complex types of risks come along with this. Let’s get started.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

The Fintech Times

JULY 21, 2024

UK financial services firms currently spend over £21,000 per hour fighting financial crime and fraud through onboarding and compliance screening processes, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions. These figures suggest that, annually, the sector now spends a huge £38.3billion on compliance.

Financial Crimes 64

Financial Crimes Crime Compliance AI 64

PYMNTS

OCTOBER 13, 2016

Regulation and compliance can be a tough space for many to wrap their heads around. Sunil Madhu , founder and CEO of Socure , joined Karen Webster to give context to some of the compliance concepts trending in the industry and also share his thoughts on what’s coming next down the regulatory pipeline. Compliance Decoded.

Compliance 76

Compliance Due Diligence Money Laundering Procedures 76

Segpay

OCTOBER 18, 2023

To combat transaction laundering, businesses and financial institutions must implement robust anti-money laundering (AML) and fraud prevention measures, regularly monitor transactions, and report suspicious activities to authorities. Regulatory Fines: Violations of financial regulations and compliance standards can lead to heavy penalties.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

PYMNTS

JUNE 20, 2019

But flipping through the latest edition of the PYMNTS AML/KYC Tracker, in collaboration with Trulioo , there is a lot of data to suggest that this is the situation in an awful lot of organizations. If the risk experts aren’t feeling confident — it is hard to know how anyone else in an organization is going to.

AML 66

AML Due Diligence Money Laundering Risk Assessment 66

Neopay

MARCH 15, 2024

Key themes of the consultation include: Proportionate customer due diligence: Streamlining and enhancing customer due diligence processes to strike a balance between effectiveness and proportionality. Clarity on scope: Providing clearer guidance on the scope of the MLRs to facilitate better compliance.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

PYMNTS

MARCH 5, 2019

As a result of the investigations, the agency found that Countrywide did not conduct proper due diligence, adding that it had broken rules concerning “proper record-keeping.” In addition, HMRC implemented a £68,595 fine for online estate agency Tepilo , which shut down in December.

AML 53

AML Money Laundering Due Diligence Legal 53

FICO

DECEMBER 6, 2019

The 2018 FATF mutual evaluation report of UK anti money laundering (AML) practices highlights a problem that to many is still surprising – when you set up a business in the UK, very little is done to establish the identity of the owners of that business, whether those are individuals or other businesses.

AML 52

AML Checks Due Diligence Money Laundering 52

PYMNTS

JANUARY 30, 2019

Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks. The Software-as-a-Service (SaaS) tool also looks to streamline client onboarding and improve the accuracy of customer due diligence. A press release on Tuesday (Jan.

Due Diligence 46

Due Diligence Automation Money Laundering Fincen 46

The Fintech Times

JANUARY 25, 2024

Given this backdrop, things are about to become a lot more complex for banks and financial service providers as they seek to onboard new customers and maintain due diligence on existing ones. As such, the level of nuance institutions take to dealing with PEP risks varies dramatically.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. For regulatory compliance, they meet AML requirements by monitoring transactions above certain thresholds.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

Fintech News

FEBRUARY 18, 2024

This collaboration helps dtcpay balance speed and compliance as they expand across Asia and beyond. Moving fast without compromising compliance As a Major Payment Institution licensed by Singapore’s Monetary Authority, dtcpay operates in a complex regulatory environment.

Verification 115

Verification Travel Rule Multi-Currency Compliance 115

The Paypers

FEBRUARY 11, 2018

(The Paypers) Shyft has rolled out an open and unified blockchain framework for the standardization of regulatory, compliance, and due diligence mandates for KYC and AML.

AML 28

AML Due Diligence Blockchain Regulatory Compliance 28

PYMNTS

JUNE 10, 2019

In addition to the check issues, Deutsche Bank is looking into other “critical” and “significant” failings found by auditors, including client due-diligence name list screening practices in Hong Kong, Singapore and India, and staff sending sensitive information over WhatsApp or personal emails.

AML 55

AML Money Laundering Process Due Diligence 55

Neopay

DECEMBER 6, 2023

These reviews play a crucial role in identifying potential risks, ensuring regulatory compliance, and safeguarding the integrity of financial markets. This includes assessing the effectiveness of anti-money laundering (AML) measures, fraud prevention, and adherence to relevant regulations.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

PYMNTS

SEPTEMBER 7, 2018

Following scandals at European lenders, the European Central Bank (ECB) wants the European Union (EU) to step up enforcement of anti-money laundering (AML) rules. As of now, the central bank is tasked with looking over the compliance of banks to capital standards as well as other financial stability-related regulations.

AML 43

AML Money Laundering Due Diligence Financial Crimes 43