Neopay

JULY 4, 2024

One of the current focusses is enhanced due diligence – right through the process, so for example risk assessments, operational processes, monitoring and reviews, its effectiveness in practice. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new. No problem.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

Seon

MAY 10, 2024

If it’s determined a SAR needs to be filed, all the information needed can be found within case details, populated and filed directly with the regulatory authorities. A component of CDD beyond identification and verification, Know Your Customer (KYC) checks and assesses a client’s potential risks for illegal intentions.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Seon

JUNE 29, 2023

Part of staying compliant with KYT – and thus avoiding fines – involves assessing how effectively your organization has implemented the process. As such, it is part of an organization’s due diligence. It achieves this through transaction and behavior monitoring, risk assessment, and alert generation.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

Stax

DECEMBER 4, 2023

An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff. It mandates ongoing monitoring of suspicious activity, recordkeeping, and submitting suspicious activity reports (SARs) to the government.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

The Fintech Times

SEPTEMBER 14, 2024

“This improves customer due diligence by concurrently cross-referencing many databases to verify identities with potential clients and any risks associated with them. The impact is profound, as AI-driven automation reduces costs, minimises human error, and enhances the speed and accuracy of compliance tasks.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

Neopay

JANUARY 2, 2024

While firms are responsible for implementing effective internal monitoring and oversight controls, conducting independent external assessments of compliance with regulatory requirements and internal processes is considered of great importance. For instance, this may include assessing the quality of the Annual MLRO Report.

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59

FICO

JULY 14, 2016

Here are two key capabilities we will bring to the compliance/AML arena: Prioritize investigative efforts – By tailoring analytics to help determine the likelihood of specific customer actions resulting in an SAR filing, we can ensure that investigators are reviewing the right situations. We can also cut down on false-positives.

Financial Crimes 66

Financial Crimes Crime Money Laundering Due Diligence 66