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 its report, titled EMEA AML Survey 2024: Spotlight on Effectiveness , PwC reveals that many organisations do not feel they have adequate AML operations.

AML 59

AML Regulations Financial Crimes Money Laundering 59

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

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

Seon

APRIL 11, 2024

As fraud gains in volume and velocity, so too will the need for fraudsters to launder their profits – and as cross-border financial crimes are here to stay, no institution or location is immune. Moving in the other direction, fraud teams can leverage traditional AML information to create more robust and refined risk rulings.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 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.

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AML Compliance Financial Crimes Automation 65

The Fintech Times

SEPTEMBER 19, 2024

By integrating risk assessments, controls, and regulatory obligations in real-time, and within a unified framework, institutions can proactively identify and mitigate risks associated with new regulations, such as operational resilience requirements. Failure to do so can lead to significant financial penalties.

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Neopay

JUNE 27, 2024

Many in financial services have been concerned that some elements of the FCA’s more stringent approach may not always be justified by reductions in financial crime and money laundering or consumer protection. These policies should include all aspects of compliance including complaints, financial promotions and wind down plans.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Neopay

MARCH 5, 2024

Here are the notable outcomes and strategic initiatives: Outcomes: Jurisdictional updates: Removal from increased monitoring: Barbados, Gibraltar, Uganda, and the UAE have been removed from increased monitoring following successful efforts to address strategic AML/CFT deficiencies identified during mutual evaluations.

AML 52

AML Risk Assessment Money Laundering Assessments 52

Stax

DECEMBER 4, 2023

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.

Money Laundering 88

Money Laundering Compliance AML BSA 88

Finovate

MAY 14, 2024

Financial crime compliance company Napier AI has partnered with Romania’s Salt Bank. Salt Bank will deploy Napier AI’s transaction screening solution to protect transactions against a variety of fraud risks. Romania’s first neobank, Salt Bank, has teamed up with financial crime compliance company Napier AI.

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AI Transactions Financial Crimes Crime 59

PYMNTS

FEBRUARY 1, 2021

million fine for violating anti-money laundering (AML) regulations, The Wall Street Journal reported on Monday (Feb. The bank was recently fined in a separate charge that it failed to comply with a 2015 request by the FDIC to improve its AML compliance. Manhasset, New York-headquartered Apple Bank For Savings will have to pay a $12.5

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AML FDIC Fincen Money Laundering 60

Fintech Finance

DECEMBER 13, 2023

Napier , the London-based financial crime compliance RegTech, is pleased to announce it has been selected as the anti-money laundering (AML) platform for noqodi , the leading Digital Wallet and Payments Solution based in the United Arab Emirates (UAE).

Digital Payments 52

Digital Payments Financial Crimes Security Payment APIs and Integration 52

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. Within the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

OCTOBER 16, 2019

The latest Digital Banking Tracker brings research and expert commentary from the FinTech and consumer banking space with a focus on anti-money laundering (AML) and solutions. Scandal and fraud tarnishing banks’ reputations aside, the impact that AML compliance controls have had on these banks’ bottom lines can’t be underestimated.

AML 49

AML Compliance Money Laundering Financial Crimes 49

Fintech Finance

AUGUST 2, 2024

Advanced Features and Capabilities Key features include support for SWIFT, SEPA, and ISO20022 payment formats, device fingerprinting, biometric authentication, real-time monitoring, and AML screening. AML Screening : Sanctions and watchlist screening, transaction pattern analysis for detecting money laundering activities.

Instant Payments 94

Instant Payments Transactions Payment APIs and Integration Compliance 94

Neopay

JULY 18, 2024

Industry-Specific Statistics Payment Institutions: In 2022, about 68% of European anti-money laundering supervisors identified significant risks in the payments industry. Common breaches included transaction monitoring and customer risk assessment.

Money Laundering 52

Money Laundering AML Crime Cryptocurrency 52

FICO

MARCH 24, 2021

Here are some quick tips to keep you focused on your priorities: Review Risk Assessments and adjust internal controls as needed. Plan for upticks in particular areas of AML compliance activity. To learn more about how FICO helps organizations fight financial crime visit our website and connect with me on LinkedIn.

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Money Laundering SARS Financial Crimes Fincen 98

FICO

FEBRUARY 15, 2017

The focus on financial crime, and the money laundering that funds terrorist attacks and other criminal activities, has forced the industry to look for smarter approaches. Now it’s my turn, and I’m going to explore the AI and machine learning technologies my team has integrated into the FICO TONBELLER Anti-Financial Crime Solutions.

AML 67

AML AI SARS Money Laundering 67

FICO

FEBRUARY 15, 2021

All Digital Transactions Monitored For High-risk Behaviour. 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. . New Regulatory Requirements.

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 52

The Fintech Times

JANUARY 25, 2024

While it is clear that organisations need to develop a risk-based approach to address PEP-related risks in the coming year, it is less obvious how they can begin to do this. Action will likely be taken where they spot deficiencies in PEP risk handling.

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Risk Due Diligence Financial Crimes Crime 59

The Fintech Times

DECEMBER 28, 2023

” Top priority Rory Doyle, head of financial crime policy, Fenergo Rory Doyle , head of financial crime policy at financial compliance software provider Fenergo, says fraud prevention must be prioritised by British financial institutions in 2024.

Fraud Prevention 81

Fraud Prevention Scams Fraud Detection Regulatory Compliance 81

Seon

APRIL 23, 2024

See Our Best Practices for Transaction Monitoring in AML Monitor your transactions to prevent fraudsters from exploiting the immediate nature of today’s payment systems to launder money, conceal activities and avoid detection.

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

PYMNTS

FEBRUARY 8, 2019

The emails were reportedly only sent to certain anti-money laundering (AML) contacts, leading some to question if the National Credit Union Administration (NCUA)’s non-public data had been accessed, Krebs On Security reported. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reportedly knows about the emails.

BSA 53

BSA Phishing NCUA Credit Union 53

FICO

MARCH 17, 2021

Department of Treasury report entitled the 2018 National Money Laundering Risk Assessment , identify TBML not only as one of the most used, but also as one of the most difficult to detect methods of money laundering. To learn more about how FICO can help you fight financial crime visit www.fico.com/anti-financial-crimes.

Money Laundering 98

Money Laundering Crime Financial Crimes Industry Trends 98

Finovate

MARCH 28, 2024

Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week. AI-powered fraud and risk platform DataVisor launched its end-to-end anti-money laundering (AML) solution this week. DataVisor made its Finovate debut at FinovateFall last September.

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AML Compliance AI Money Laundering 59

Seon

MAY 31, 2024

Costs Associated with Compliance Fraud and anti-money laundering compliance costs have been rising sharply, driven by factors like new regulations, evolving financial crimes and the need for enhanced due diligence and monitoring capabilities. In 2023, global AML fines reached beyond $5.8

Fraud Prevention 52

Fraud Prevention Fraud Detection Compliance Money Laundering 52

PYMNTS

MAY 25, 2016

While the FCA declared that there is “no doubt that banks are trying to do what they believe is expected of them” when it comes to taking a risk-based approach to anti-money laundering rules and reducing the threat of their financial services being used for financial crime, there can be unintended consequences in doing so.

FinTech 41

FinTech Financial Crimes Money Laundering Risk Assessment 41

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

FICO

FEBRUARY 9, 2021

IWT risk must be part of a bank’s risk framework and their AML risk assessment, e.g., by adding high-risk sources (Africa, South America), transit (EU), and destination countries (see above). by Erik Stretz.

Money Laundering 52

Money Laundering Crime Financial Crimes Due Diligence 52