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Sumsub ’s Anti-Money Laundering (AML) Transaction Monitoring solution delivered a 272% return on investment (ROI) over three years. The finding comes from a Total Economic Impact (TEI) study conducted by Forrester Consulting and commissioned by Sumsub. ” said Andrew Sever, Co-founder and CEO at Sumsub.
” – Head GRC Consultant for Europe & APAC, Finance Advisory at EPAM Systems (CH) GmbH “Incredible lineup of speakers with so many different topics of discussion; innovation, the way the future of payments looks! Great organisation – it’s the place to be if you want to know what’s happening in the industry.”-
September 25th 2025 15:00 BST | 16:00 CEST | 10:00 EDT Online Join this Webinar How can banks scale AML compliance in an increasingly complex and high-risk environment without compromising the commercial client experience? How do banks move beyond throwing people at the problem?
The Financial Stability Board (FSB) published today, for public consultation, its proposed recommendations to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers. For questions, please contact the FSB ( fsb@fsb.org ).
Patricia previously served as VP of Technology Operations and Delivery at Zopa, where she led risk management and process improvements, and Senior Director of Software Engineering at LexisNexis Risk Solutions, spearheading AML and compliance technology initiatives.
While emphasising the importance of robust anti-money laundering (AML) measures, the FCA has consistently advocated against indiscriminate de-risking. Banks continue to sever ties with MSBs like PFS without individualised assessments, often citing AML concerns or geopolitical risks associated with countries like Iran.
The Monetary Authority of Singapore (MAS) has released a consultation paper , inviting public feedback on its proposed regulatory framework for Digital Token Service Providers (DTSPs). The consultation paper outlines MAS’ proposed approach to licensing and regulating DTSPs.
The FCAs consultation closed in December 2024, with final rules expected in mid-2025. Although we must wait until the final policy proposals to determine the final rules, the FCAs consultation indicates that future regulatory scrutiny on safeguarding will be significantly more stringent than before.
ID-Pal’s product news comes a month after the firm announced a partnership with UK-based financial services consultancy, Albany Beck. The partnership will combine Albany Beck’s AML/KYC Academy with ID-Pal’s identity verification and AML screening technology.
Improved Fraud Prevention & Compliance PSD3 will tighten controls on remote onboarding, with stricter anti-money laundering (AML) protocols to combat rising cyber threats. Timeline & Implementation Outlook While PSD3 is still in the drafting phase, stakeholders across the EU are participating in consultations to shape its final form.
In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift.
Morgan Andres Betancourt, Vice President, AML Sanctions Canada & International Advisory at PNC Bank Andrew Eichel, VP of Payments & Compliance at Lotto.com Inc. Lisa Lechner, Chief Compliance Officer at SpotOn Matt Shustrin, CCO (Chief Compliance Officer), BSA/AMLOfficer, Sr.
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.
The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024. The deadline for the submission of comments is 26 February 2024.
FYST , the one-stop payments consultancy for ecommerce businesses, has today launched its Acquiring Matters report. The post Leading Payments Consultancy FYST Launches Report to De-mystify Acquiring appeared first on Fintech Finance.
Nonetheless, Monzo has an opportunity to show other firms how to ensure anti-money laundering (AML) can be done correctly now. If Monzo has truly rebuilt its compliance infrastructure, there’s every reason to believe it can lead the sector in doing AML the right way.
HM Treasury has initiated an open consultation aimed at refining the Money Laundering Regulations (MLRs) to bolster their effectiveness while reducing burdens on legitimate customers. To read the Improving the effectiveness of the Money Laundering Regulations consultation document, click here.
In 2021, DBS Bank launched Client Connect, an all-in-one, AI- and data-driven customer relationship management (CRM) platform to help frontline managers and investment consultants prioritize their call lists based on data and algorithms.
The 2018 FATF mutual evaluation report of UK anti money laundering (AML) practices highlights a problem that to many is still surprising – when you set up a business in the UK, very little is done to establish the identity of the owners of that business, whether those are individuals or other businesses.
Meeting the separate AML compliance requirements of multiple countries can be a nightmare, not only because of differences in rules but differences in data sources. A technical consultant to work on data interfaces during onboarding – how to integrate Siron®KYC into the existing application process. Here's what they did.
Sumsub’s platform will enable banks to streamline user onboarding, perform anti-money laundering (AML) screenings, verify business clients, and monitor transactions for fraud with the option to adopt and manage all features through a single platform. We are pleased to partner with Sumsub, following a rigorous due diligence process.
Whether it’s simple online purchases or banking, or more complex areas like cryptocurrency or money laundering, Trevor Wingert , a senior know your customer (KYC) and anti-fraud solutions consultant for GeoGuard , told PYMNTS that rapidly changing use cases and technology highlight gaps in the current security approaches being used.
Doing so, the bank noted, will streamline and enhance a range of payment-related workflows, including sanctions screening, anti-money laundering (AML) checks, reporting and reconciliation. Although blockchain technology company HashCash Consultants did not name the FI, the company revealed it is collaborating with a bank in the U.S.
” A proactive way of tackling fraud Jonathan Shiery , partner, payments modernisation and digital assets, Guidehouse , the consulting firm, notes how AI can be utilised to stop crime in real-time. Addressing these issues is essential for the sustained expansion and modernisation of cross-border payment systems.”
However, PSPs must ensure their systems and processes support this capability, which may involve implementing blockchain analytics tools and strengthening compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. Secondly, firms should actively engage with industry bodies and regulatory consultations.
The first acronym, AML, stands for “anti-money laundering,” and it’s everywhere — the laundering part, that is. To be sure, AML has been taking up space in the headlines, with the subject front and center following a Senate hearing late last year on modernizing laws. Switch the acronym a bit. Manual processes abound. The end result?
These issues seem to be universal across the banking industry, as an Ovum survey of those that work in AML at UK banks found: 83% say a major business concern is the risk of reputation damage from failures to tackle financial crime. Diagram courtesy of MK2 Consulting Solving the Problem Requires Analytic Accuracy.
Capitalising on new technology Martin Hartley, group CCO of emagine Consulting According to Martin Hartley , group CCO of emagine Consulting , a high-end business consultancy firm specialising in the financial services sector, the secret for fintech funding’s revival lies in the technology being offered.
The European Banking Authority (EBA) has launched a public consultation on its new guidelines on cooperation and information exchange in anti-money laundering and countering the financing of terrorism.
The FCAs financial crime guide outlines expectations for firms regarding anti-money laundering (AML) and fraud prevention. Engaging with legal and compliance consultants, such as law firms and compliance specialists, can assist in implementing robust fraud prevention strategies tailored to a businesss size and risk exposure.
For larger enterprises and the consultants assisting them, Arctic Intelligence offers the Risk Assessment Platform. Founded in late 2015, the company provides regulated entities with tools to manage audit, risk, and compliance programs effectively.
By combining advanced AML analytics in scoring processes and robotics in alert and case handling you tremendously improve efficiency and effectiveness in compliance. Our analytics-driven AML solution monitors transactions for unusual behavior and offers advanced link analysis, pattern recognition, profiling based detection. In the U.S.
As a result, anti- money laundering (AML) has been occupying the headlines as of late. The financial industry has paid $321 billion in fines just through the end of last year, as estimated by Boston Consulting Group. Legacy AML Approaches Are Ineffective. Next-Generation Compliance and AML Solution.
The experiment was carried out in partnership with Thales, Secretarium, and Consult Hyperion, demonstrating both the technical plausibility and the layered complexities of enabling a central bank digital currency (CBDC) to function without internet connectivity.
The justice department forced the bank to hire consulting firm Exiger, which reported to the government, to make sure the bank made steps to better catch suspicious activity in the future. The penalties were over the bank’s failure to notice at least $881 million in drug money laundered through its U.S.
Vinnik has denied the allegations, saying he was merely a consultant to the BTC-e platform and unaware of any illegal activity, according to the AP. Prosecutors allege Vinnik operated BTC-e without anti-money laundering (AML) controls and policies, which resulted in criminals laundering proceeds derived from illegal activities.
The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority ( HKMA ) jointly issued a public consultation paper on 27 December 2023 regarding a new legislative proposal for implementing the regulatory regime for stablecoin issuers in Hong Kong.
Here are the notable outcomes and strategic initiatives: Outcomes: Jurisdictional updates: Removal from increased monitoring: Barbados, Gibraltar, Uganda, and the UAE have been removed from increased monitoring following successful efforts to address strategic AML/CFT deficiencies identified during mutual evaluations.
To that end, Broadridge Financial Solutions said this past week that it has partnered with Hamburg, Germany-based payments consultancy and supplier PPI and debuted a Payments-as-a-Service (PaaS) initiative in Europe. Anti-money laundering (AML) and know your customer (KYC) are optional elements to the PaaS.
Previously, the AML focus was primarily on conducting due diligence during the onboarding of new customers and periodically throughout the customer lifecycle. “This necessitates a complementary risk identification and mitigation effort involving AML and fraud. For fraud, the focus was historically on customer identity.
This update follows a comprehensive multi-firm review, a public consultation (GC24/4), and recent amendments to the 2017 Money Laundering Regulations. The FCA’s message is clear: proportionality, documentation, and risk-based judgment must be at the heart of your AML controls. It expresses the views and opinions of the author.
Vendors are selling it, top tier consultants are excitedly selling that they can integrate it, and customers seem to be either cautiously curious or waiting for the hype to settle. " Let’s cut through the noise, baseline the nomenclature at least if not real world implementations or consultant and vendor echo chambers.
Fenergo , the AI-powered solution provider for Know Your Customer (KYC), Anti-money laundering (AML) transaction monitoring and Client Lifecycle Management (CLM) has joined forces with PwC to accelerate the delivery of its AI-powered CLM and KYC solutions to financial institutions across multiple territories.
The discussion focused around 6 main areas, namely: (i) regulatory and market developments and financial stability outlook, (ii) banking and anti-money laundering (AML), (iii) sustainable finance (iv) capital markets (v) asset management, and (vi) digital finance and artificial intelligence (AI).
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