The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

Neopay

OCTOBER 10, 2024

Customer Due Diligence (CDD) controls at onboarding and ongoing monitoring The effectiveness of Customer Due Diligence (CDD) controls remains critical, especially when onboarding new clients. We also provide ongoing compliance support to keep your processes up to date. Why does this matter?

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Due Diligence Fraud Prevention Financial Crimes Compliance 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.

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Money Laundering Compliance AML Due Diligence 88

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. In the U.S., million ($47.3

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Due Diligence Money Laundering AML Financial Crimes 88

Neopay

MARCH 7, 2024

Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses. Governance and training: Lack of resources dedicated to financial crime, insufficient training on financial crime matters, and an absence of clear audit trails for financial crime-related decision-making have been noted.

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AML Financial Crimes Crime Risk Assessment 52

PYMNTS

SEPTEMBER 29, 2020

Jumio said it plans to integrate Beam’s AML screening and transaction monitoring services into its KYX platform to help flag financial crime and streamline regulatory compliance. The announcement comes on the heels of Jumio’s Sept. As part of the deal, Beam employees in the U.S. will move into Jumio’s Palo Alto headquarters.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

FICO

JANUARY 18, 2019

Despite advances in customer due diligence, including the addition of advanced analytics to compliance officers’ toolkits, the scandals of 2018 confirmed that many banks are struggling to bring their operations up to regulators’ standards, to say nothing of best practices. Watch this space for more on financial crime compliance!

Financial Crimes 40

Financial Crimes Crime Compliance Due Diligence 40

FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. In case you missed it, FICO World 2022 was a very welcome return to in-person learning and networking for the global fraud detection and financial crime-fighting community. Have lunch with your counterpart in fraud or compliance. by TJ Horan.

Financial Crimes 52

Financial Crimes Crime AML Fraud Detection 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

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. Source: FICO customer case study.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

FICO

FEBRUARY 11, 2019

APC Intelidat, the credit bureau in Panama, will soon provide regulatory compliance capabilities to its customers and fight financial crime in Panama with a FICO solution. This is the beginning of our relationship with FICO, which is known worldwide for its risk management and financial crime compliance solutions.

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

Fintech News

FEBRUARY 6, 2024

The battle against financial crime is an ever-evolving challenge requiring expert knowledge, cutting-edge technology, and continuous learning. As white-collar criminals tirelessly innovate their methods to commit financial crimes, the question arises: How can one step ahead in this high-stakes game?

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White Collar Crime Crime Suspicious Activity Report (SAR) Financial Crimes 104

The Fintech Times

JANUARY 28, 2024

Moody’s new Shell Company Indicator analyses over 485 million companies, entities, and individuals to flag behaviours that indicate a shell company may require further due diligence to assess its potential for involvement in illicit financial activity.

Due Diligence 59

Due Diligence Financial Crimes Crime Assessments 59

Neopay

JANUARY 2, 2024

In an exclusive interview with Neopay’s Consultancy Manager, Margita Layne, we delve into the pivotal role of internal and external monitoring in ensuring regulatory compliance within the financial services sector. This involves reviewing existing plans or assisting in creating a new compliance monitoring plan (CMP).

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Regulatory Compliance Compliance Audit Procedures 59

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. Financial Reporting: Implement robust financial reporting systems that provide accurate and timely financial information.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Neopay

MARCH 15, 2024

Key themes of the consultation include: Proportionate customer due diligence: Streamlining and enhancing customer due diligence processes to strike a balance between effectiveness and proportionality. Clarity on scope: Providing clearer guidance on the scope of the MLRs to facilitate better compliance.

Money Laundering 52

Money Laundering Consulting Treasury Regulations 52

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.

Financial Crimes 66

Financial Crimes Crime Money Laundering Due Diligence 66

The Fintech Times

JANUARY 25, 2024

Given this backdrop, things are about to become a lot more complex for banks and financial service providers as they seek to onboard new customers and maintain due diligence on existing ones. As such, the level of nuance institutions take to dealing with PEP risks varies dramatically.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

Neopay

DECEMBER 20, 2023

The explanatory note further specifies that the extent of enhanced customer due diligence measures applied to domestic PEPs should generally be less stringent than those for non-domestic PEPs. In light of these changes, financial institutions are urged to review and adapt their risk management practices to ensure compliance.

Risk Assessment 52

Risk Assessment Money Laundering Assessments Regulations 52

PYMNTS

AUGUST 14, 2019

More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S. and around the world. This includes offering sports betting through a mobile app.”.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

Neopay

DECEMBER 6, 2023

These reviews play a crucial role in identifying potential risks, ensuring regulatory compliance, and safeguarding the integrity of financial markets. Focus areas of recent reviews Financial crime : One of the primary focuses of recent skilled person reviews has been on evaluating a firm’s framework for combating financial crime.

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Audit Regulatory Compliance Financial Crimes Compliance 59

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

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. Bridge the Gap Learn how FRAML fosters collaboration between fraud and compliance teams, breaking down siloes for a more robust defense.

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Fraud Prevention AML Money Laundering Financial Crimes 52

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

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Money Laundering Law Enforcement AML Non-Bank 106

FICO

JULY 21, 2020

As my colleague TJ Horan says in his post , the worlds of fraud and compliance are moving closer together. The objectives of the fraud department are different from those of the compliance team and traditionally they have come at the thorny issue of accurately identifying and understanding their customers from different angles.

Compliance 52

Compliance Money Laundering Regulatory Compliance Due Diligence 52

Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. For regulatory compliance, they meet AML requirements by monitoring transactions above certain thresholds.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

Seon

MAY 31, 2024

What typically sat under legal’ purview for risk and compliance is now becoming an issue that permeates all aspects of business functionality, including product, marketing and customer success. Globally, the total expenditure of financial crime compliance surged to approximately $274 billion in 2022.

Fraud Prevention 52

Fraud Prevention Fraud Detection Compliance Money Laundering 52

Neopay

APRIL 8, 2024

Extended Due Diligence : More time for conducting due diligence checks on suspected fraudulent transactions leads to a stronger evidence base for rejection.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

Finovate

SEPTEMBER 18, 2024

Annual compliance and validation Under the new rule, FDIC-insured, BaaS-enabled banks will be required to conduct an annual, independent validation to verify that their third party partners are maintaining accurate deposit records. This week’s proposed rulemaking highlights two truths in financial services.

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Rules FDIC Non-Bank Money Laundering 52

FICO

DECEMBER 17, 2020

Anti-financial crimes regulations require banks to enact robust risk management frameworks, including extensive KYC due diligence, integrated safeguards for AML transaction monitoring, and sanctions screening. To hear more about my thoughts on cryptocurrency and financial crime, connect with me on LinkedIn.

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Cryptocurrency Risk Financial Crimes Crime 52

FICO

MARCH 31, 2016

As FICO’s premiere client conference, FICO World 2016 , heads to the nation’s capital at the end of next month, it is not surprising that regulatory compliance strategies and solutions will be a hot topic of discussion. Financial crime poses one of the most significant threats to financial institutions.

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Regulatory Compliance Best Practices Compliance Financial Crimes 49

The Fintech Times

JULY 3, 2024

It’s not just about updating financial controls; it’s about strengthening the digital infrastructure on which scammers thrive. These are not just recommendations – they are imperatives.

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Scams Financial Crimes Due Diligence Crime 105

FICO

FEBRUARY 14, 2017

I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering. In the fast-changing world of financial crime, this isn’t good enough.

AML 40

AML Compliance AI Money Laundering 40

Seon

MAY 10, 2024

This is where AML transaction monitoring and case management comes into play, offering a systematic and efficient approach for analysts to execute meticulous investigations, ensure adherence to compliance standards, streamline reporting processes and enhance the ability of financial institutions to respond proactively to threats.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

PYMNTS

JULY 18, 2017

In parallel, smaller institutions will benefit from industry-agreed standards and best practices in Know Your Customer compliance. The report uses aggregated data from SWIFT and analyzes correspondent banking activity to pinpoint potential areas risk for the purpose of KYC compliance and due diligence. This year, the U.S.

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SWIFT Office of the Comptroller of the Currency Due Diligence Correspondent Bank 40

Fintech Labs Insights

MARCH 24, 2016

You say you wanna revolution in due diligence, but would love to see the plan? OutsideIQ has leveraged its strengths in cognitive computing and natural language processing to deliver an automated due diligence solution, DDIQ. Finovate: What problem does OutsideIQ solve? Finovate: How does DDIQ solve the problem better?

Due Diligence 14

Due Diligence Audit Regulatory Compliance Automation 14

PYMNTS

AUGUST 5, 2019

One of the toughest parts of Know Your Business (KYB) compliance is understanding that the bad guys mimic what the good guys already do. That means, Cohen said, that the fight against such crime begins, well, at the beginning. How do we appropriately verify the due diligence of organizations that are deeply complex and international?”

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Due Diligence Money Laundering Best Practices Payments 65