There’s no question: 2020 brought unanticipated changes and challenges for financial services. The notable surge in consumers’ use of websites and mobile apps for their banking transactions exposed critical gaps in our digital identity and authentication methods. Keith Swanson of SAS Institute outlines techniques...
An Ohio man has pleaded guilty to operating an illegal bitcoin "mixer" service to launder more than $300 million in cryptocurrency for users of darknet marketplaces, according to the Justice Department. Larry Dean Harmon faces up to a 20-year federal prison sentence.
The COVID-19 pandemic has led to an uptick in financial crimes, a sudden rise in digital banking activities and resources working from home. As a result, the AML landscape has become more challenging for Financial Institutions and other AML regulated entities.
How has the AML regulatory climate shifted most...
Is your approach to financial crime tactical or strategic?
Changing regulatory expectations, new and emerging technologies and criminal event typologies and an abundance on under-utilised data are resetting the operational model for anti-money laundering. When these factors are considered against changed economic...
Can your organization provide a seamless digital experience with immediate account access, and stand up to the highest standards in safeguarding customers’ assets?
When consumers fall victim to fraud, they expect their financial services organization (FSO) to help them resolve the issue. And when the firm...
Crypto banks need to develop new ways to track suspicious activities, such as money laundering, says James Wester, research director, worldwide blockchain strategies, at IDC, a technology research and analysis provider.
How can crypto banks mitigate the risks of money laundering, synthetic ID fraud and mule accounts? Aaron Lint, CISO at Anchorage Digital Bank, says biometrics and "repeatable cryptography, especially in the form of digital signatures,” can play key roles.
The combination of governmental financial support driven by “high unemployment, business insolvency, and disruptions in global
trade patterns” + increased online and remote banking has led to a spike in
Heightened risks made it harder to comply with requirements to combat financing terrorism...
Juniper Research forecasts that the annual cost of
data breaches will increase from $3 trillion in 2019 to $5 trillion in 2024. For financial institutions,
the costs of risk mitigation are well known: 6-14% of annual IT budgets, or around 0.2% to 0.9%
of company revenue.
Most in the financial industry
As the financial payments landscape shifts, and as fraudsters employ new technologies and techniques, institutions are deploying a next generation of anti-money laundering defenses. David Stewart of SAS defines next-gen AML and how to embrace it.
How could technology now in development potentially help fight against money laundering schemes that leverage the cryptocurrency Monero, which cybercriminals value for its privacy attributes? David Jevans of CipherTrace describes efforts to earn patents on fraud-fighting tech.