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.

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 52

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.

Money Laundering 98

Money Laundering Crime Financial Crimes Industry Trends 98

Finextra

NOVEMBER 30, 2023

Global money laundering is estimated to account for a staggering two to five per cent of the world’s.

Regulatory Compliance 52

Regulatory Compliance Money Laundering Compliance AI 52

Fi911

NOVEMBER 7, 2023

A cornerstone of this mission is the concept of “AML,” or “Anti-Money Laundering” protocols. AML: An Overview Anti-Money Laundering refers to a comprehensive framework employed by banks and other financial entities to prevent illicit financial activities. But, what does AML entail?

AML 52

AML Compliance Money Laundering OFAC 52

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.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

The Fintech Times

APRIL 8, 2024

While BaaS solutions offer a lot of potential, many have concerns regarding the regulatory compliance of providers and the third parties that use them. To find out more about the regulatory hurdles the BaaS space possesses, we reached out to industry leaders and asked them which regulatory challenges fintechs should be most aware of.

FinTech 116

FinTech Regulatory Compliance BSA Money Laundering 116

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

The Fintech Times

JUNE 19, 2024

By leveraging the Fenergo software-as-a-solution solution, First Abu Dhabi Bank hopes to speed up client onboarding and enhance its anti-money laundering ( AML ) compliance processes.

AML 59

AML Compliance Money Laundering Regulatory Compliance 59

The Fintech Times

SEPTEMBER 4, 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. We asked industry experts to find out. Keeping up with this can be a true headache.”

Compliance 64

Compliance Rules Regulations Cybersecurity 64

The Fintech Times

SEPTEMBER 14, 2024

2024 is proving another standout year for the regulatory space, finding itself under the spotlight, for better and worse reasons. Having already explored compliance challenges, penalties and solutions, we now turn our attention to the technology of the moment: AI.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

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.

Money Laundering 72

Money Laundering Automation AML Compliance 72

The Fintech Times

JULY 31, 2024

. “Issues such as data privacy, cross-border transactions, and adherence to stringent anti-money laundering (AML) protocols require constant vigilance and adaptation. Collaborative efforts between industry leaders and regulators are essential to streamline compliance processes without stifling innovation.”

Compliance 64

Compliance AML Regulations Due Diligence 64

PYMNTS

FEBRUARY 13, 2019

The move targets one of the largest pain points of Know Your Customer (KYC) compliance for businesses and their financial institutions (FIs): the complexity linked to corporations that use multiple banks across multiple jurisdictions. International Monetary Fund (IMF) estimations pointed to a total money laundering volume of $2.1

Money Laundering 64

Money Laundering AML Economy SWIFT 64

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. Model management continues to present financial institutions with new compliance obstacles.

Regulatory Compliance 49

Regulatory Compliance Best Practices Compliance Financial Crimes 49

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

Fintech News

FEBRUARY 14, 2024

Hawk AI, a Germany-based provider of artificial intelligence technology for fraud detection and anti-money laundering efforts, has announced Robin Lee as the new General Manager for its Asia-Pacific (APAC) operations. He brings deep expertise in regulatory compliance and outstanding knowledge of the anti-financial crime sector.

APACS 109

APACS AI Financial Crimes Money Laundering 109

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. Investment in compliance technology.

Money Laundering 52

Money Laundering Financial Crimes AI APACS 52

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.

Money Laundering 52

Money Laundering Posting Financial Crimes Crime 52

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. To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

PYMNTS

JUNE 11, 2018

Change across the regulatory compliance landscape is de rigueur, and global in scope. Crime, too, is global in scope, as fraudsters seek to perfect new end runs around efforts to staunch money laundering and other nefarious acts.

Money Laundering 40

Money Laundering Regulatory Compliance Community Banks Regulations 40

The Fintech Times

OCTOBER 18, 2024

Law and regulation risks : The risk of financial, reputational, or litigation damage resulting from a failure to monitor, control, and reduce regulatory compliance risks. Financial crime risks : Risks associated with the failure to prevent financial crimes such as money laundering and market abuse.

Risk 87

Risk FinTech Risk Management Cybersecurity 87

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).

Financial Crimes 52

Financial Crimes Compliance Crime Risk 52

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

PYMNTS

MARCH 13, 2019

They must remain fully compliant with regulatory standards and combat fast-learning fraudsters while maintaining a frictionless customer experience. How AI is Adding to AML Tools and Techniques. AI pulls from a number of public data sources to help connect the dots, and can [make those connections] in ways a human could never think about.”.

Money Laundering 53

Money Laundering AI AML Regulatory Compliance 53

Neopay

DECEMBER 6, 2023

Skilled person reviews are an integral component of the FCA’s regulatory toolkit, initiated to obtain an independent and expert assessment of a firm’s activities. These reviews play a crucial role in identifying potential risks, ensuring regulatory compliance, and safeguarding the integrity of financial markets.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. The FCA remains steadfast in its commitment to providing guidance and support to firms, fostering an environment of compliance and integrity.

AML 52

AML Financial Crimes Crime Risk Assessment 52

Fintech Finance

JANUARY 30, 2024

They will also ensure compliance in an increasingly complex regulatory landscape. “In This helps firms subject to Money Laundering regulations bolster their AML 5 processes when onboarding customers by detecting accounts linked to financial crime.

Payee 52

Payee Money Laundering Non-Bank Checks 52

Fintech Finance

AUGUST 2, 2024

ComplyTek introduces an advanced transaction screening solution for instant payments , designed to ensure compliance and mitigate fraud within the critical 10-second processing window. AML Screening : Sanctions and watchlist screening, transaction pattern analysis for detecting money laundering activities. Faisal I. ,

Instant Payments 94

Instant Payments Transactions Payment APIs and Integration Compliance 94

PYMNTS

OCTOBER 16, 2019

Money laundering has always troubled financial institutions, but today’s digital banking system creates additional complexities as fraudsters around the world take advantage of financial technologies. The Cost of Compliance.

AML 49

AML Compliance Money Laundering Financial Crimes 49

The Payments Association

OCTOBER 4, 2024

Cross-border payments also face heightened scrutiny regarding anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. Regulatory compliance The industry operates under stringent regulatory frameworks that vary across regions.

Cross-Border Payments 88

Cross-Border Payments Online and Mobile Banking Cross-Border Alternative Payment Methods 88

Seon

JUNE 20, 2024

As industry players brace for implementing these regulations, the focus remains on balancing regulatory compliance with operational efficiency. European Fintechs Transitioning to Full-Service Financial Institutions One prominent theme at Money 20/20 was the significant evolution of European fintechs.

Fraud Prevention 52

Fraud Prevention Regulatory Compliance AML Instant Payments 52

The Fintech Times

OCTOBER 5, 2024

In 2021, the FCA investigated Starling and identified serious concerns with its anti-money laundering and sanctions framework. A fine alone won’t ensure compliance; the bank must demonstrate an internal commitment to strengthening compliance, oversight, and improving AML systems. million in 2023.

Financial Crimes 52

Financial Crimes Crime Compliance Money Laundering 52

PYMNTS

FEBRUARY 22, 2019

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance. On Wednesday (Feb.

OCC 43

OCC AML Office of the Comptroller of the Currency Compliance 43

Payments Source

AUGUST 30, 2017

A data-driven approach to money laundering prevention can help increase profits and improve regulatory compliance, writes Edmund Tribue, risk and regulatory practice leader at NTT Data Services.

Money Laundering 60

Money Laundering AML Regulatory Compliance Compliance 60

Segpay

OCTOBER 18, 2023

Money Laundering: The payments processed through the legitimate merchant’s system are used to launder money generated from illegal activities. Criminals try to launder their criminal money through the merchant’s accounts.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

Neopay

JULY 4, 2024

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to expect if they do. He has shared his insight and experience to assist firms with the changes to the FCA’s approach to AML supervision. No problem.

AML 52

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

Seon

MAY 10, 2024

Money laundering, the process through which criminals hide the origins of illicit funds, undermines global financial systems. Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52