Fintech News

FEBRUARY 6, 2024

It covers a broad range of topics, each crucial for understanding and combating financial crimes effectively: – Transaction monitoring fundamentals – Deep dive into red flags, alerts, documentation, and risk calibration – Collaboration between financial institutions and regulators – How to apply correct Know Your Customer (KYC) (..)

White Collar Crime 104

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

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. It involves reviewing a specific risk or target area, for example Enhanced Due Diligence, across several firms simultaneously.

AML 52

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

Stax

DECEMBER 4, 2023

It mandates ongoing monitoring of suspicious activity, recordkeeping, and submitting suspicious activity reports (SARs) to the government. Conduct ongoing employee training to recognize and handle suspicious activities. The USA Patriot Act lays down which entities are required to do so.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Seon

JUNE 29, 2023

As such, it is part of an organization’s due diligence. Transactions that can be linked to terrorist financing can be elevated from conventional AML due diligence to advanced AML due diligence. KYT is a regulatory compliance requirement.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

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. However, well-implemented models can have a significant difference in compliance activities, particularly when dealing with complex matching challenges.

Compliance 69

Compliance AI Process Suspicious Activity Report (SAR) 69

FICO

MAY 20, 2021

Automated data gathering for investigations Due diligence, transaction monitoring and/or sanctions. Automated Suspicious Activity Report (SAR) e-filing. Route alerts to differently skilled teams (or geographic location) based on alerts’ priority. Collect data from internal and external sources.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

Seon

MAY 10, 2024

Efficient case management systems can pre-populate SARs with information from custom fields, leveraging generative AI to write SAR narratives and direct filing with regulatory authorities. When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52