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 financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed. The announcement comes on the heels of Jumio’s Sept.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

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. Fraud and Financial Crime Convergence: It’s Really Here! by TJ Horan.

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Financial Crimes Crime AML Fraud Detection 52

Bank Automation

JUNE 26, 2024

Zahra Gill, head of enhanced due diligence and financial crime strategy and change lead at Starling Bank, will speak at Bank Automation Summit Europe 2024 about the AI revolution in banking. The summit, taking place Oct.

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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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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

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. Collect data from internal and external sources.

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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., In the U.S.,

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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. And follow me on Twitter @FraudBird.

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Financial Crimes Crime Money Laundering Due Diligence 66

The Paypers

JULY 23, 2021

Varo Bank has selected financial crime investigation firm Quantifind ’s Graphyte platform to optimise its adverse media screening and investigations automation performance.

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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

The Paypers

JANUARY 14, 2021

Financial crime screening, payment services, and KYC solutions provider Accuity has announced the availability of Bankers Almanac Enhanced Due Diligence, according to the official press release.

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Due Diligence Risk Assessment Assessments Financial Crimes 28

PYMNTS

SEPTEMBER 4, 2018

Financial crime is drawing scrutiny — and fines — at large financial institutions. In its statement, the company said that it had uncovered “serious shortcomings” in its efforts to conduct customer due diligence at Dutch operations stemming from the period between 2010 to 2016.

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Due Diligence Money Laundering Law Enforcement Settlement 46

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!

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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.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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.

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Due Diligence Financial Crimes Crime Assessments 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. Our team is ready to assist your firm in reviewing and enhancing your financial crime prevention framework, systems, and controls.

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Risk Assessment Money Laundering Assessments Regulations 52

Fintech News

JANUARY 16, 2024

The acquisition also includes Blacksmith KYC, developed in 2017 at ING Labs Singapore, designed to optimise KYC processes within the financial industry. Blacksmith enables banks to tailor their Customer Due Diligence (CDD) requirements and streamline data collection for efficiency gains.

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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. The majority adopts a globally standardised approach with some differentiation in PEP levels.

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Risk Due Diligence Financial Crimes Crime 59

The Fintech Times

SEPTEMBER 19, 2024

Previously, the AML focus was primarily on conducting due diligence during the onboarding of new customers and periodically throughout the customer lifecycle. “Fintechs must vigilantly identify and monitor financial crime risks to identify potential sanctions violations and suspicious activity.

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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. Compliance with AML and Financial Crime Regulations AML and financial crime compliance is a top priority for the FCA.

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Financial Crimes Money Laundering Compliance Crime 52

Neopay

MARCH 15, 2024

The consultation, which closes on 9 th June 2024, seeks to address identified shortcomings in the current regulations while aligning with the broader objectives outlined in the Economic Crime Plan 2023-26. System coordination: Strengthening coordination among various systems involved in combating money laundering and terrorist financing.

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Neopay

DECEMBER 20, 2023

In a recent development, the National Crime Agency (NCA) has issued a warning to financial institutions and other members of the UK regulated sector regarding Russia’s intricate attempts to circumvent sanctions and procure restricted goods and services.

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Due Diligence End User Crime 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

Neopay

JANUARY 25, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. CASPs can be abused for financial crime purposes, including ML and TF.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Neopay

DECEMBER 6, 2023

These reviews mainly focused on areas related to financial crime, controls, risk management, and business conduct, prompting firms to proactively evaluate their practices in these domains. Financial crime, conduct of business, and client assets are frequent areas prompting such reviews.

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Audit Regulatory Compliance Financial Crimes Compliance 59

The Fintech Times

MARCH 27, 2024

Ted Datta , senior director, financial crime industry practice at Moody’s “In this case, the perpetrators manipulated the invoice system by setting up shell companies and falsifying invoices. Financial institutions must enhance their due diligence to scrutinise new business accounts for potential shell company red flags.

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Money Laundering Financial Crimes Crime Due Diligence 93

Finovate

AUGUST 13, 2024

Abrigo Abrigo has been trusted by 2,500+ financial institutions for over 20 years to fight financial crime. Features Diadem Capital helps investors and lenders streamline due diligence, showcasing only the top prospects. A look at the companies demoing at FinovateFall in New York on September 9 and 10.

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Credit Union Due Diligence Legal Non-Bank 59

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. With the United Nations reporting that three to five percent of the global GDP is laundered annually and fraud costs worldwide reaching $5.13

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Fraud Prevention AML Money Laundering Financial Crimes 52

Stax

DECEMBER 4, 2023

Learn More Understanding AML Basics With money laundering, perpetrators try to hide criminal activities ranging from small-time bribery or tax evasion to drug trafficking or organized crime. This can be a source of serious threats like global organized crime, terrorist financing, drug and weapons trafficking, and other financial crimes.

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Money Laundering Compliance AML BSA 88

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. .” Ensuring ‘a balance of both customer awareness and responsibility’ The key to combatting APP fraud is collaboration, and this potential Labour plan could be crucial in enhancing this.

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Scams Financial Crimes Due Diligence Crime 105

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

Finovate

SEPTEMBER 18, 2024

Notably, the ruling also emphasizes that banks must ensure that their third-party partners do not facilitate financial crimes. This week’s proposed rulemaking highlights two truths in financial services. Banks have long been subject to strict regulations and reporting requirements.

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Rules FDIC Non-Bank Money Laundering 52

FICO

SEPTEMBER 16, 2020

Rules-based compliance systems continue to the be the workhorse for banks in Asia Pacific when fighting financial crime. In fact, 20 percent of respondents picked this as their principal obstacle in meeting financial crime risk mitigation targets. Key drivers of financial crime strategy.

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Money Laundering Financial Crimes AI APACS 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

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.

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. Firms are encouraged to provide formal feedback to HM Treasury by 12 April 2024, to influence the final instrument and policy intent.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

Seon

JULY 10, 2024

Reducing financial crimes helps companies avoid substantial expenses related to investigating and rectifying them. Transaction monitoring systems often include this feature to prevent dealings with restricted entities, ensure compliance with regulatory requirements and reduce financial crime risk.

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Transactions Fraud Prevention Regulatory Compliance Payments 52