Finextra

JUNE 6, 2025

Compliant exchanges implement robust Know Your Customer ( KYC ) procedures and Anti-Money Laundering ( AML ) protocols. State-level money transmitter licenses. FinCEN registration as Money Services Businesses.

Cryptocurrency

Fintech News

MAY 22, 2024

Data analytics company LexisNexis estimates that the cost of financial crime compliance in APAC will approach the US$45 billion mark in 2023, showcasing the substantial investment required to meet stringent compliance requirements. Today, we delve into these firms’ offerings, recent strides and contributions to the field.

Financial Crimes

Fintech News

OCTOBER 22, 2024

In Asia-Pacific (APAC), fraud is becoming an increasingly serious challenge for financial institutions, an issue that has been exacerbated by the rapid adoption of digital transactions and online banking. A year later, Kathmandu-based NIC Asia Bank suffered a major heist, with hackers managing to make about US$4.4

APACS

Fintech News

JUNE 3, 2024

The Asia-Pacific (APAC) region faces significant challenges in combating money laundering due to its diverse economies, large volume of cross-border trade, and varying levels of regulatory enforcement across different countries — the trends of money laundering in Asia Pacific are constantly evolving.

Money Laundering

Fintech News

JULY 10, 2024

Governments in these countries have responded by tightening regulations in the KYC (know-your-customer) and AML (anti-money laundering) sectors. Sumsub established its first APAC headquarters in Singapore in July 2023. The post Sumsub Bolsters Presence in Southeast Asia with New Partnerships appeared first on Fintech Singapore.

Identity Theft

Fintech News

OCTOBER 23, 2024

Banks are facing mounting pressure to offer seamless and convenient digital experiences while also adapting to changing regulatory frameworks surrounding know-your-customer (KYC) and anti-money laundering (AML), he said. Legacy technologies are hindering this adaptation, prompting increased investments in digital solutions.

Finance

Fintech News

JUNE 11, 2024

Hawk, a German regtech company with a presence in the APAC region , has announced the extension of its Series B funding round. According to Hawk, the new funding will support its accelerated international expansion plans, driven by the growing demand for its AI-powered anti-financial crime technology. The sum was not disclosed.

Financial Crimes

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. Key drivers of financial crime strategy.

Money Laundering

FICO

APRIL 23, 2019

AI AML Models: Solving a Big Problem. Lexis Nexis reports that the average cost of compliance for financial institutions in APAC is as high as $1.5 AI AML Models: Reducing 90% of False Positives. AI AML Models: Adding Scores To What You Have. Money never sleeps, as they say.

AML

FICO

JUNE 12, 2020

Stopping financial crime in Australia is an age-old problem, but today’s criminals have become so sophisticated that long-standing anti-money laundering (AML) systems and processes are no longer keeping up. Convergence—that is, bringing together fraud and AML functions—will be key, as well as moving on from rule-based AML systems.

Financial Crimes

PYMNTS

OCTOBER 14, 2019

dollar as their currency of choice on the black market, which means American banks must alter their anti-fraud and AML strategies — especially as regulatory fragmentation divides the U.S. FIs need AML strategies that can respond to these larger trends while maintaining quick service for businesses and consumers.

AML

Fintech News

SEPTEMBER 9, 2024

There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. Digital identity represents a major shift in how we interact with the digital world, paving the way for enhanced user experience and security.

Deepfake

FICO

JANUARY 30, 2019

As business volumes and data complexity increase exponentially, AML compliance has taken on a bigger role. 3) AI in AML: AI has been a long-discussed topic, but in 2019 there is a race among lenders to tangibly apply it and operationalize it. However, that has evolved in recent times.

AML

Finovate

JUNE 11, 2024

Hawk will use the additional capital to fuel international growth and to help the firm meet growing demand for its AI-powered anti-financial crime solutions. In fact, the company’s AI-powered technology delivers a 3x to 5x increase in risk detection and a 70% average reduction in the number of false positives.

Financial Crimes

The Fintech Times

JUNE 20, 2024

This integration will enable banks to onboard new users swiftly, perform anti-money laundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform. Last year, the APAC region saw a spike in reported fraud crimes.

Compliance

Finovate

MARCH 20, 2024

The move comes in the wake of a report from the digital fraud detection innovator that noted rapidly growing incidents of financial cybercrime in the APAC region. Third, BioCatch Connect leverages predictive intelligence using AI models to validate user motivation and identify the risk of potentially fraudulent activity.

Fraud Prevention

FICO

FEBRUARY 27, 2019

Most respondents (62%) said that a lack of resources was the biggest reason APAC banks remained exposed; 25 percent cited a lack of expertise while 13 percent indicated it was political constraints imposed by government. Asian Money Laundering Scandals: AML Solution Capabilities. It is a large problem to solve.

Money Laundering

PYMNTS

MARCH 17, 2020

To that end, Vincent Caldeira, chief technologist for FSI in APAC for Red Hat told PYMNTS, FIs — especially incumbent FIs — are facing rapid changes in payments that demand they modernize payments processing, embedding new functionality along the way.

Cross-Border

FICO

JANUARY 30, 2017

APAC Fraud Forum : At this FICO customer meeting in the Philippines, my presentation highlighted FICO’s advances in mobile analytics and cyber analytics. North American Risk Leadership Meeting : Today’s news is absolutely overflowing with developments and conjecture about artificial intelligence (AI). The tour continues.

Best Practices

Fintech Finance

JUNE 6, 2024

Globally, various new regulations and updates to existing policies have been implemented across the past year, including PSD3, CESOP, the EU AML/CFT Package and more. In congruence, almost half (48%) of respondents perceived AI to have had the biggest impact on the payments space in the past year.

Instant Payments

Finovate

FEBRUARY 6, 2024

” LIberis will gain access and integrations to a global network of more than 190 data sources to streamline KYC, KYB, and AML operations and stop financial crime. Alloy processes millions of identity decisions daily for the world’s top banks and fintechs in 40 countries across North America, EMEA, Latin America, and APAC.

Risk Management

Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. In contrast, APAC’s (Asia-Pacific) compliance costs are 25.5% compared to the USA and Canada. .”

Financial Crimes

Finovate

DECEMBER 20, 2024

In this week’s Finovate Global interview, I talk with Lewis Ide , Vice President for 10x Banking , about the opportunities in high-growth markets in APAC and Africa. He has a 13-year career in financial services technology with leadership roles in payments, financial infrastructure, and AML platforms.

APACS

Fintech News

OCTOBER 28, 2024

Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. The scammers used AI technology to create fictitious female identities for online dating, altering their appearances and voices.

Verification

Fintech News

MAY 28, 2025

SEON has announced growth across the Asia-Pacific (APAC) region. The company attributes this expansion to an increased demand for unified, real-time fraud detection and Anti-Money Laundering (AML) solutions. SEON has recently added new clients in the APAC region, including Salmon Group Ltd, CryptoGaming.com, and Forever Network.

APACS

Fintech News

FEBRUARY 2, 2025

Indonesia has emerged as an attractive destination for digital businesses in Asia-Pacific (APAC), showcasing a strong and expanding digital economy. Key AML/CFT regulations in Indonesia include Law No. Rules and standards are also changing to keep pace with shifts in how customers behave and interact with organizations.

AML