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...
How can automation help to reduce money laundering fraud? Larry Gordon and Kathleen Gowin of the consultancy Endurance Advisory Partners describe how predictive KYC can help mitigate risks.
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
financial fraud.
Heightened risks made it harder to comply with requirements to combat financing terrorism...
Financial institutions can leverage network link analysis and dynamic segmentation to help in the fight against money laundering, says Colin Whitmore, senior analyst at Aite Group.
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
have...
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.
Alexander Vinnik, a Russian national who founded the now-defunct BTC-e cryptocurrency exchange, has been found guilty of money laundering in France and has been sentenced to five years in prison, according to media reports. He faces additional charges in the U.S. and Russia.
There's a lot of talk about advancing the anti-money laundering arsenal to the next level, sometimes referred to as next-generation AML, AML 2.0 or AML 3.0. Whatever you call the next wave of AML technology, it's about solutions that draw on such advances as robotics, semantic analysis and artificial intelligence...
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