The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?

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Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. As a result, the cumulative financial crime compliance costs have now exceeded an impressive $206 billion.

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The Fintech Times

MAY 18, 2024

Crypto exchange, Binance has played a massive part in solving a major crypto-assisted money laundering case in Taiwan involving nearly NT$200million (approximately US$6million). It allowed our investigation team to further unravel the threads and piece together the full picture of the crime, ultimately bringing the suspects to justice.”

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Finextra

AUGUST 5, 2024

FinextraTV, Julia Thorn, Senior Marketing Manager, Financial Crime Compliance, LexisNexis® Risk Solutions and Robert Campbell, Programme Director of United for Wildlife, The Royal Foundation of The Prince and Princess of Wales, dive deep into their recently released report on how wildlife trafficking can be combatted with the power of collaboration.

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FICO

MARCH 17, 2021

Trade-based money laundering (TBML) is a growing risk, as seemingly legitimate transactions are exploited by criminal groups to launder funds and finance terrorist activity. However to set a context, we must first answer the question – what is trade-based money laundering? This study, together with the U.S.

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Money Laundering Crime Financial Crimes Industry Trends 98

Neopay

DECEMBER 20, 2023

Effective January 10, 2024, the Amended Money Laundering Regulations 2017 (No. In light of these changes, financial institutions are urged to review and adapt their risk management practices to ensure compliance. For a comprehensive evaluation of your financial crime prevention measures, contact us today.

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Neopay

JULY 26, 2024

This enforcement action marks the first use of the FCA’s new powers under the Electronic Money Regulations 2011, emphasising the regulator’s commitment to maintaining stringent financial crime controls within the cryptoasset industry. Firms like CBPL that enable crypto trading need to have strong financial crime controls.

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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.

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Finextra

APRIL 16, 2024

Watch this webinar on the intersection of document digitisation, anti-money laundering, compliance and fraud across the trade finance space.

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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.

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FICO

MARCH 24, 2021

In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. Maintain a strong Tone at the Top (“Culture of Compliance”). Plan for upticks in particular areas of AML compliance activity.

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Innovative Payments Association

AUGUST 29, 2024

However, one major challenge that cannabis businesses face is banking compliance. To navigate the complex world of cannabis banking compliance, businesses must develop a strong compliance program. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

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Neopay

MAY 7, 2024

The Financial Conduct Authority (FCA) is proposing significant updates to its Financial Crime Guide. The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. However, the proposed changes don’t stop there.

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Financial Crimes Crime Risk Assessment Money Laundering 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.

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The Paypers

DECEMBER 4, 2023

Lithuania-based Viena Saskaita has partnered with AMLYZE , a regtech company specialising in anti-financial crime, to provide money-laundering prevention and compliance solutions to its clients.

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PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. By partnering with Featurespace, we’re providing our customers with a powerful AML solution that leverages the latest in machine learning to fight illicit activity and ensure compliance.”. Computer Services, Inc.

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The Fintech Times

FEBRUARY 26, 2024

Two fifths of regulated firms are reporting a rise in financial crime attempts, while more than a quarter admit to being victims, according to a recent survey by SmartSearch, a UK provider of anti-money-laundering software.

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Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

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The Fintech Times

JULY 21, 2024

UK financial services firms currently spend over £21,000 per hour fighting financial crime and fraud through onboarding and compliance screening processes, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions. Technology-related roles also now, for the first time, account for over half (52.4

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The Fintech Times

FEBRUARY 18, 2024

NICE Actimize introduces three advanced generative AI-based solutions aimed at combating financial crime and streamlining investigations and reporting processes. “Generative AI is a powerful tool in fighting financial crime,” said Craig Costigan , CEO, NICE Actimize.

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Financial Crimes Crime Suspicious Activity Report (SAR) AI 59

FICO

FEBRUARY 15, 2021

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. . For its achievements, Eurobank won a 2021 FICO® Decisions Award for regulatory compliance.

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Finovate

APRIL 24, 2024

Impact asset manager Finance in Motion has teamed up with financial crime compliance specialist Napier AI. Finance in Motion will deploy Napier AI Continuum as its anti-money laundering and counter terrorist financing (AML/CTF) platform. London-based Napier AI made its Finovate debut at FinovateEurope in 2018.

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FICO

NOVEMBER 15, 2022

Siron Financial Crime Solutions Are Moving from FICO to IMTF. FICO is transitioning its Siron ® compliance business to IMTF, a Swiss global leader in regulatory technology, and a partner in the Siron business for more than 20 years. It provides end-to-end governance, risk & compliance solution including: . . FICO Admin.

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The Fintech Times

SEPTEMBER 12, 2024

This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer. “Challenge one: who determines if there is a breach of compliance?

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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.

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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. banks and their subsidiaries every year. “The A Slap on the Wrist.

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Money Laundering AML Non-Bank Regulations 65

Neopay

OCTOBER 3, 2024

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in the e-money and payments industry. Compliance must keep pace with growth Starling’s rapid growth, from 43,000 customers in 2017 to 3.6

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Financial Crimes Crime Due Diligence Compliance 59

Finextra

AUGUST 19, 2024

Unit21, a global risk and compliance leader that proactively mitigates risks tied to fraud, money laundering, and other financial crimes, today announced a new bundle of features for Automated Clearing House (ACH) transactions.

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Fintech Finance

OCTOBER 11, 2024

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. “Money laundering is a serious global threat, and our U.S. Head of Financial Crime Risk Management and BSA/AML Officer, with proven leadership and experience. The Bank and certain of its U.S. The Bank and certain of its U.S.

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Finextra

FEBRUARY 7, 2024

Napier, the London-based global financial crime compliance RegTech, is pleased to announce that its award-winning Anti Money Laundering (AML) platform, Napier Continuum is now available through two new service offerings: Napier Continuum Live and Napier Continuum Flow.

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PYMNTS

MARCH 18, 2019

The term “money laundering” is believed to have originated as a result of infamous Chicago gangster Al Capone’s habit of channeling criminally obtained funds through laundromats, as their cash-heavy nature made it more difficult for the right side of the law to detect such money mixed in among legitimate payments.

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FICO

AUGUST 12, 2021

Financial Institutions’ compliance officers and teams should be concerned that Open Banking may render their existing AML/CTF and KYC compliance programs inadequate. AML compliance has not traditionally focused on monitoring this type of network. Open banking is evolving around an ecosystem of third-party providers (TPPs).

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Finextra

APRIL 25, 2024

Nearly 70% of the 600 fraud-management, anti-money laundering, and risk and compliance officials sur.

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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. by Scott Zoldi.

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PYMNTS

FEBRUARY 18, 2019

Governments around the world have a new front in their fight against money laundering: real estate. Money laundering through real estate is about $1.6 trillion a year, reported Mansion Global, citing data from Accuity, a global risk and compliance company.

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FICO

FEBRUARY 13, 2020

Timothy Choon explains in his blog that, “while the nature of compliance and its raison d'être has not changed, its priority and position within an organization has changed.” Due to technology, money laundering is becoming more diverse and difficult to trace, forcing anti-money laundering systems to upgrade as well.

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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. Stopping Financial Crime in Australia: Convergence Is “in” But Does It Go Far Enough? as well as the U.S.

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