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How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.

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Stopping Financial Crime in Australia

FICO

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.

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High-Risk Source of Application: How to Detect and Manage Them

Seon

We discuss what to look out for and share some best practices to help businesses stay alert. For instance, an Iranian or Russian IP may be flagged by automated AML systems. Make sure those you proceed with are filed in a suspicious activity report (SAR), which notifies government agencies of potential money launderering.

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New Frontiers in Using AI to Fight Fraud and Money Laundering

FICO

As Julie Conroy , director of Aite Group’s Fraud and AML practice, said at the Finovate conference last month, “While we’re meeting to discuss how to tackle fraud and financial crime, elsewhere the criminals are holding their own conferences to plan their attacks.” Fast to Deploy, Easy to Adapt.