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

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

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. It can have severe legal and financial consequences for all parties involved.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

Seon

JULY 10, 2024

In contrast, payment transaction monitoring ensures regulatory compliance and the proper processing of legitimate transactions. However, the two often overlap, as both contribute to an organization’s overall risk management and compliance efforts. What’s the Role of Machine Learning in Fraud Monitoring?

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

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

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

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

Neopay

JUNE 27, 2024

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. Additionally, firms should stay updated on regulatory changes and developments in the payments industry.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Neopay

DECEMBER 6, 2023

Skilled person reviews are an integral component of the FCA’s regulatory toolkit, initiated to obtain an independent and expert assessment of a firm’s activities. These reviews play a crucial role in identifying potential risks, ensuring regulatory compliance, and safeguarding the integrity of financial markets.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

PYMNTS

FEBRUARY 13, 2019

.” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. ” However, the tactic exposes companies like Uber and Airbnb to massive KYC and AML non-compliance risks as well.

Money Laundering 64

Money Laundering AML Economy SWIFT 64

Finovate

APRIL 10, 2024

Banks need to ensure that their partners comply with data protection regulations and stay up-to-date on regulatory changes. To verify ongoing compliance, banks need to implement vendor management practices to oversee the compliance efforts of their BaaS providers and mitigate risks on both sides.

Due Diligence 52

Due Diligence Privacy Compliance Regulatory Compliance 52

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.

AML 40

AML Compliance AI Money Laundering 40

FICO

SEPTEMBER 16, 2020

FICO’s Integrated AML Compliance Survey has revealed that while the vast majority of banks in more than 11 countries around the Asia Pacific region believe that AI will strengthen anti-money laundering efforts, many remain unsure how to operationalize the advanced technology. Key drivers of financial crime strategy.

Money Laundering 52

Money Laundering Financial Crimes AI APACS 52

FICO

JULY 21, 2020

Compliance teams want to: Be compliant with anti-money laundering regulations to protect their reputation and avoid fines. Apply the appropriate level of due diligence, taking into account if the customer is a Politically Exposed Persons (PEPs) or a subject of adverse media or offshore leaks. by Frank Holzenthal.

Compliance 52

Compliance Money Laundering Regulatory Compliance Due Diligence 52

Seon

SEPTEMBER 23, 2024

Compliance with anti-money laundering (AML) regulations is now a legal obligation. Payment screening helps ensure transactions comply with AML laws and international sanctions, protecting financial institutions, fintechs, payment providers, and igaming companies from fines and legal issues.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

The Fintech Times

SEPTEMBER 19, 2024

This approach not only improves compliance efficiency but also strengthens the institution’s ability to adapt swiftly in a dynamic regulatory landscape. Previously, the AML focus was primarily on conducting due diligence during the onboarding of new customers and periodically throughout the customer lifecycle.

Risk 59

Risk Financial Crimes AML Risk Management 59

FICO

MARCH 6, 2020

By combining advanced AML analytics in scoring processes and robotics in alert and case handling you tremendously improve efficiency and effectiveness in compliance. Our Anti-Financial Crime solutions suite consistently follows the risk-based approach according to FATF and supports the compliance process with integrated modules.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

Nanonets

APRIL 30, 2024

Due Diligence: Automating the extraction of data from corporate documents, regulatory filings, and financial statements to conduct due diligence during mergers, acquisitions, or investment transactions.

AI 52

AI Due Diligence Automation Use Case 52

EBizCharge

JULY 29, 2024

Compliance with industry standards and investment in secure payment technology are necessary to mitigate these risks. Compliance requirements: Local and international regulations, such as anti-money laundering (AML) and knowing your customer (KYC) laws , can complicate B2B transactions.

Product 52

Product Payments Electronic Funds Transfer (EFT) Compliance 52