Fintech Finance

OCTOBER 11, 2024

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. AML program, broadly aligned to its existing remediation program, which is progressing steadily under the direction of its new U.S. AML leadership team. Formal oversight of the AML remediation through a Monitorship. balance sheet.

AML 98

AML BSA Money Laundering Financial Crimes 98

PYMNTS

SEPTEMBER 21, 2020

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. Gross negligence – or evidence of a battle waged by banks that requires new, high-tech weaponry?

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

Stax

DECEMBER 4, 2023

According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. trillion took place in 2020, accounting for about 2.7% of global GDP.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

FICO

MARCH 6, 2020

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. For more than two decades I have now been working in the financial services industry.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

The Payments Association

NOVEMBER 12, 2024

Whether financial institutions should build or buy financial crime management systems. As Financial crime grows increasingly complex, payment leaders face a critical choice: build an in-house financial crime management (FCM) solution or buy an established third-party system. Why is it important?

Financial Crimes 88

Financial Crimes Crime Fraud Prevention Compliance 88

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.

Financial Crimes 83

Financial Crimes Crime APACS Risk Assessment 83

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.

AML 104

AML Money Laundering Non-Bank Financial Crimes 104

PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. As criminals relentlessly target financial systems, organizations require cutting-edge technology for fraud detection and risk management,” said Kurt Guenther , CSI’s group president of business solutions. “By

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

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.

AML 97

AML Continuity Money Laundering Authentication 97

Finovate

DECEMBER 11, 2024

ThetaRay launched GenAI Financial Crime Detection Suite. The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators. Vice President Yina Arenas.

Financial Crimes 59

Financial Crimes Crime Money Laundering Risk Assessment 59

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.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

Fintech Review

OCTOBER 1, 2024

A new focus on digital identity verification As the financial landscape continues to evolve, the importance of Anti-Money Laundering ( AML ) and Know Your Customer (KYC) processes has never been more pronounced. These protocols are integral to combating financial crime and ensure regulatory compliance.

AML 98

AML Verification Research Consumer 98

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. and the philosophies that foster it. . Among the U.K.’s

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

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.

Financial Crimes 69

Financial Crimes Crime Money Laundering Deepfake 69

PYMNTS

SEPTEMBER 14, 2016

Regulators have taken money laundering to task with revamped Anti-Money Laundering legislation. But the problem is a global one, and money launderers are getting creative. Reports by InSight Crime on Tuesday (Sept. Credit card-related fraud is nothing new for consumers or businesses.

Money Laundering 73

Money Laundering Commercial Card Credit Cards Crime 73

PYMNTS

DECEMBER 10, 2020

Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others. How Money Launderers Exploit Cryptocurrency. Enforcing AML/KYC Compliance At Cryptocurrency Exchanges.

AML 88

AML Cryptocurrency Money Laundering Compliance 88

FICO

NOVEMBER 27, 2018

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. High false positives and inefficient processes are one reason that the vast majority of money laundering is going unstopped.

AML 77

AML Money Laundering Suspicious Activity Report (SAR) SARS 77

Neopay

DECEMBER 2, 2024

Those of you who were in the payments space pre-COVID, might remember my industry talks about ‘Why the World Needs Money Laundering’. A history of money laundering The concept of money laundering goes back to long before money itself existed. Even the 3 stages (placement (i.e. But it seems unlikely.

Money Laundering 52

Money Laundering Financial Crimes Crime Compliance 52

Fintech News

FEBRUARY 26, 2024

Flagright, an AI-native company specialising in Anti-Money Laundering (AML) compliance and fraud prevention, has announced its partnership with SALT, a financial platform aiming to support Small and Medium Enterprises (SMEs) in India and Asia.

Fraud Prevention 116

Fraud Prevention Compliance Money Laundering AML 116

FICO

JULY 14, 2016

The sheer scope of financial crime—money laundering, evasion of sanctions, financing of terror and other transgressions—is shocking. All of these crimes were years in the making, which makes me think there are many more still out there, still gestating. And follow me on Twitter @FraudBird.

Financial Crimes 66

Financial Crimes Crime Money Laundering Due Diligence 66

PYMNTS

OCTOBER 21, 2018

According to Reuters , the Paris-based global AML watchdog revealed that jurisdictions around the world will be required to license or regulate cryptocurrency exchanges, as well as select firms providing encrypted wallets and firms providing financial services for ICOs. Last year, the U.K.

AML 79

AML Money Laundering Bitcoin Regulations 79

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.

AI 93

AI Financial Crimes Fraud Prevention Security 93

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. Like other advanced financial sectors, Australia has a complex and evolving regulatory environment.

Financial Crimes 52

Financial Crimes Crime Money Laundering AML 52

Finovate

DECEMBER 2, 2024

The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF). Belgian regtech Harmoney has acquired compliance specialist APPC, a subsidiary of the Forsides Group.

Compliance 105

Compliance Acquirers Money Laundering AML 105

PYMNTS

JANUARY 15, 2021

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.”.

Fincen 107

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 107

Bank Automation

OCTOBER 17, 2024

TD Bank is bolstering its anti-money-laundering practices with leadership changes and investment in data and technology following regulatory scrutiny resulting in major fines The Financial Crimes Enforcement Network fined the Toronto-based bank $1.3 billion and the U.S. Department of Justice levied $1.8

AML 64

AML Compliance Money Laundering Financial Crimes 64

PYMNTS

MARCH 25, 2019

When it comes to financial crime, it seems, the bad guys are getting away with financial murder. The implication, then, is that financial institutions are not doing what they could or should do to detect and prevent financial crimes. The numbers are sobering. Even staggering. The Crypto Factor.

AML 78

AML Financial Crimes Money Laundering Crime 78

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.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

Neopay

DECEMBER 5, 2024

The Financial Conduct Authority (FCA) has issued important updates to its Financial Crime Guide, following a public consultation on proposed changes. It also offers clarifications on the roles of the Money Laundering Reporting Officer (MLRO) and Senior Manager.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

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

FICO

FEBRUARY 9, 2017

Bank regulators in Latvia have increased scrutiny on banks suspected of allowing money laundering, resulting in record fines and more bank audits. One of FICO’s customers, Norvik Banka , is taking an early lead in this fight, using the FICO® TONBELLER® Compliance Solutions to fight money laundering and financial crime. “We

Money Laundering 58

Money Laundering AML Audit Financial Crimes 58

Finextra

DECEMBER 3, 2024

NICE Actimize, a NICE (NASDAQ: NICE) business, has been chosen by Creand Crèdit Andorrà to upgrade and modernise its anti-money laundering (AML) solutions strategy by integrating an advanced suite of NICE Actimize’s financial crime solutions into its operations to address the world’s AML regulations more effectively.

AML 52

AML Money Laundering Financial Crimes Crime 52

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.

Money Laundering 52

Money Laundering AML SARS AI 52

FICO

NOVEMBER 22, 2017

When the sheer computing power of AI meets the transactional complexity of AML, good things happen. This is a topic I am quite passionate about, as I firmly believe that eliminating the scourge of money laundering could make the world a significantly better place to live. AI Is the Future of AML.

AML 78

AML AI Money Laundering SARS 78

Fraud.net

AUGUST 16, 2024

Transform financial crime management, by shifting from transactions to entities to combat money laundering and enhance compliance.

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

FICO

MAY 28, 2020

It feels like we have been discussing the convergence of fraud and financial crime for at least a decade. I’ve certainly shared my views and predictions, including one of my recent blog posts Fraud and Financial Crime Product Strategy: C is for Convergence , but just in time for summer, the strategy is finally making a splash.

Financial Crimes 52

Financial Crimes Crime Money Laundering AML 52

Neopay

JULY 18, 2024

Money laundering is a pervasive issue, affecting economies and societies worldwide. This clandestine nature makes it challenging to quantify the exact amount laundered annually. The anonymity offered by cryptocurrencies makes them attractive for laundering illicit funds.

Money Laundering 52

Money Laundering AML Crime Cryptocurrency 52