Neopay

MARCH 15, 2024

HM Treasury has initiated an open consultation aimed at refining the Money Laundering Regulations (MLRs) to bolster their effectiveness while reducing burdens on legitimate customers. System coordination: Strengthening coordination among various systems involved in combating money laundering and terrorist financing.

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The Paypers

FEBRUARY 5, 2024

Singapore-based anti-financial crime and AML company Tookitaki has announced the launch of its flagship Anti Money Laundering Suite to FinCense.

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Seon

JULY 11, 2024

trillion a year, and the current state of money laundering, which touches two to five percent of the global GDP, the financial impact of these crimes is staggering. The webinar recording – available to watch here – thoroughly examined the importance of collaboration between fraud prevention and anti-money laundering (AML) teams.

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Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses. These must be addressed.”

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FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24.

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Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

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FICO

MARCH 17, 2021

Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. However to set a context, we must first answer the question – what is trade-based money laundering? This study, together with the U.S.

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PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. By partnering with Featurespace, we’re providing our customers with a powerful AML solution that leverages the latest in machine learning to fight illicit activity and ensure compliance.”. Computer Services, Inc.

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The Fintech Times

MAY 12, 2024

Now, Sumsub is gearing up for a second iteration of its Advanced Transaction Monitoring Masterclass 2024 , which will help over 2,500 anti-money laundering (AML), anti-fraud, and compliance professionals in the fintech sector to boost their knowledge in combating financial crime issues facing their respective companies.

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The Paypers

JULY 8, 2024

European financial services group Nordea has been charged by Denmark’s Special Crime Unit (NSK) for breaching the country’s Anti-Money Laundering (AML) act between 2012 and 2015.

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Finextra

APRIL 24, 2024

Napier AI, the London-based financial crime compliance RegTech, is pleased to announce that Napier AI Continuum has been selected as the anti-money laundering and counter terrorist financing (AML/CTF) platform for world-leading impact asset manager, Finance in Motion.

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Seon

APRIL 11, 2024

Financial institutions worldwide are continuously evolving their strategies to combat fraud and money laundering, two threats that undermine the potential of our global financial systems. With the United Nations reporting that three to five percent of the global GDP is laundered annually and fraud costs worldwide reaching $5.13

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Fintech News

MAY 7, 2024

Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question.

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Neopay

JULY 26, 2024

This enforcement action marks the first use of the FCA’s new powers under the Electronic Money Regulations 2011, emphasising the regulator’s commitment to maintaining stringent financial crime controls within the cryptoasset industry. Firms like CBPL that enable crypto trading need to have strong financial crime controls.

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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. Today, we delve into these firms’ offerings, recent strides and contributions to the field.

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FICO

MARCH 24, 2021

In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. Plan for upticks in particular areas of AML compliance activity. Other Risk Considerations. Set clear and realistic priorities.

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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 fact, many do not think they are addressing the practicalities of modern AML operations as a result of current and upcoming AML regulations.

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Seon

MAY 10, 2024

Money laundering, the process through which criminals hide the origins of illicit funds, undermines global financial systems. Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income.

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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.

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Fintech News

JULY 31, 2024

Hawk, a provider of AI-driven fraud prevention and anti-money laundering (AML) technology, has secured additional Series B funding with Macquarie Capital. This new funding aims to enhance Hawk’s international growth as demand for its AI-powered anti-financial crime technology continues to rise.

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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. The financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed. The Palo Alto-based firm on Tuesday (Sept.

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Finextra

JANUARY 3, 2024

AMLYZE, a leading RegTech specializing in anti-financial crime solutions for FinTechs, banks and crypto businesses, is excited to announce a strategic partnership with TransactionLink, the Berlin-based no-code platform, in a move that will transform the landscape of Anti-Money Laundering (AML) and Know Your Customer (KYC) automation.

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The Fintech Times

JANUARY 17, 2024

Helping firms achieve this, Minerva , an anti-money laundering (AML) compliance technology provider, has launched a new channel programme to provide better accessibility to its services. The channel programme is ideal for organisations looking to resell, cosell, integrate, or refer Minerva’s AML solution to customers.

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FICO

FEBRUARY 15, 2021

Eurobank , one of the four Greek systemic banks, now performs real-time AML (anti-money laundering) and KYC (Know Your Customer) checks, with automation across digital and remote channels resulting in substantial efficiency improvements. . This is an excellent example of how banks can do more to fight financial crime.

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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. In fact, levels of tech investment have grown at twice the rate of employee-related costs.

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Neopay

MAY 31, 2024

The Financial Conduct Authority (FCA) significantly increased its anti-money laundering (AML) and counter-terrorist financing (CTF) supervision activity in 2022-23. full-time financial crime specialists, with a significant portion dedicated to supervising crypto-asset businesses. During this period, the FCA employed 52.8

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Finextra

FEBRUARY 7, 2024

Napier, the London-based global financial crime compliance RegTech, is pleased to announce that its award-winning Anti Money Laundering (AML) platform, Napier Continuum is now available through two new service offerings: Napier Continuum Live and Napier Continuum Flow.

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PYMNTS

MARCH 15, 2019

Money laundering is a major threat in the United Kingdom , one some watchdogs say is not being taken seriously enough. While the Financial Action Task Force (FATF), an intergovernmental body that develops policies to combat financial crime, recognizes the U.K. banks and their subsidiaries every year. “The Regulatory Weakness.

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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.

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The Paypers

JUNE 20, 2024

Belgium-based Discai and Harmoney have entered a collaboration to provide an integrated Anti-Money Laundering (AML) solution for financial institutions.

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PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

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PYMNTS

OCTOBER 15, 2020

When Jumio acquired anti-money laundering (AML) solutions platform Beam last week, the move was more significant than simply adding AML strength to its onboarding platform, Jumio ’s Chief Product Officer Philipp Pointner told PYMNTS in a recent conversation. “We The Pandemic Creates A Growing AML Need.

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PYMNTS

DECEMBER 22, 2020

Federal Reserve ordered Credit Suisse to boost its anti-money laundering (AML) policies, citing shortcomings in its U.S. operations, Reuters reported. Reuters reported that the order was reached via a joint agreement between the New York Department of Financial Services and the Fed.

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Neopay

NOVEMBER 27, 2023

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024.

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FICO

JUNE 12, 2020

Stopping financial crime in Australia is an age-old problem, but today’s criminals have become so sophisticated that long-standing anti-money laundering (AML) systems and processes are no longer keeping up. Stopping Financial Crime in Australia: Convergence Is “in” But Does It Go Far Enough? as well as the U.S.

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PYMNTS

MARCH 18, 2019

The term “money laundering” is believed to have originated as a result of infamous Chicago gangster Al Capone’s habit of channeling criminally obtained funds through laundromats, as their cash-heavy nature made it more difficult for the right side of the law to detect such money mixed in among legitimate payments.

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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.

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