Fintech News

JULY 17, 2024

The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements.

Money Laundering

FICO

FEBRUARY 14, 2017

In yesterday’s post, my colleague TJ Horan introduced the topic of artificial intelligence being applied to anti-money laundering (AML). The AML Threat Score uses historic alerts and user decisions. Scott Zoldi will go deeper into the analytic technologies being used in AML. Operational Benefits of New Analytic Technologies.”.

AML

PYMNTS

FEBRUARY 13, 2019

Government Accountability Office described how some banks along the border are closing branches because of the challenges of complying with AML regulations. What’s more, “an estimated 80 percent (+/- 11 percent margin of error) of Southwest border banks terminated accounts for BSA/AML risk reasons.”. -Mexico border.

Money Laundering

FICO

DECEMBER 23, 2020

We predict a continued expansion in the use of AI/machine learning in financial services in such key risk areas as cybersecurity, customer onboarding, sanctions screening, transaction monitoring, etc. The final rule extending AML regulatory requirements to banks lacking a federal functional regulator is just one such example.

Financial Crimes

The Fintech Times

SEPTEMBER 19, 2024

By continuously monitoring for emerging threats and vulnerabilities, organisations can take swift action to mitigate risks before they escalate into a full-blown crisis. Previously, the AML focus was primarily on conducting due diligence during the onboarding of new customers and periodically throughout the customer lifecycle.

Risk

PYMNTS

APRIL 27, 2020

“It’s not realistic to manage 20 million retail bank accounts” at the Fed, contended Cagney, especially with the infrastructure needed to support robust know-your-customer (KYC) and anti-money laundering (AML) activities. That’s a nightmare waiting to happen with the amount of fraud that could occur there.”.

Blockchain

PYMNTS

MARCH 15, 2019

206, a resolution I have introduced to inform the Congress and the American people about the persistent money laundering loopholes and problems that continue to plague the American financial system,” said Waters, who is the Chairwoman of the House Financial Services Committee. “I rise in strong support of H. This must stop.

Money Laundering

FICO

JANUARY 8, 2020

In 2020 I expect that growth to continue, from a combination of FICO’s efforts with the Chamber, efforts of others in the industry, and the regulatory intensification we’ve seen on companies’ culpability for data breaches stemming from third parties. Industry forecasts project the global TPRM market to grow from $3.2 billion in 2019 to $6.8

Compliance

PYMNTS

AUGUST 14, 2019

He went on to note that their AML obligation and suspicious activity reporting obligations remained unchanged and that to aid in their efforts at enhanced compliance FinCen has recently updated its SAR reporting forms to include “cyber-indicators” of potentially problematic transactions. Let me assure you, this is not the case.

Fincen

FICO

JUNE 23, 2021

FCPA enforcement actions continue to be a high priority area for the SEC and the Department of Justice , not to mention under the Biden Administration (the SEC is expected to be aggressive in bringing enforcement actions against alleged corporate wrongdoers). The Fraud Section credited the disgorgement paid to the SEC. . In Closing.

BSA

FICO

DECEMBER 15, 2020

BSA/AML Reforms Are on their Way - Even With a Looming Presidential Veto. The legislation includes nearly 200 pages of the most significant reforms to the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws since the USA PATRIOT Act of 2001. Even by Washington standards, this bill is massive topping 4,500 pages.

BSA