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FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

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AMLYZE: Is the Global Anti-Money Laundering (AML) System Broken?

The Fintech Times

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.

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Financial Crime: Technology can Transform Compliance

FICO

In September 2019, Fico and Visma announced their partnership to Offer SaaS Anti Financial Crime Solutions in Western Europe. I also manage the partner channels and programs for our financial crime compliance solutions. In this excerpt from that article, Jürgen elaborates on the importance of compliance. .

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Jumio To Integrate Beam's AML Platform To Boost Financial Crime Detection Capabilities

PYMNTS

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.

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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan. According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program. financial system.”. financial system.”.

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Using AI and Machine Learning to Improve AML

FICO

When the sheer computing power of AI meets the transactional complexity of AML, good things happen. According to the United Nations Office on Drugs and Crime, the estimated amount of money laundered globally in one year is as much as 5% of global GDP, or $2 trillion. AI Is the Future of AML.

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Machine Learning for AML Gives Pros “Superhuman” Powers

FICO

Many anti-money laundering (AML) operations work hard to show that they are in compliance with rules and regulations, and struggle to maintain appropriate staff levels to work all the alerts. Machine learning for AML is dramatically improving the efficacy of compliance operations, today. Transactions may also be auto-actioned.

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