Fintech News

OCTOBER 8, 2024

The framework is designed to ensure compliance with international standards, particularly in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT). Additionally, the proposed regulatory framework includes guidelines on technology risk management and cybersecurity.

Service Provider 108

Service Provider Due Diligence AML Money Laundering 108

Stax

JANUARY 23, 2025

Ensure regulatory compliance by adhering to anti-money laundering (AML) laws and Know Your Customer (KYC) requirements. Step 4: KYC and AML Checks Compliance officers or automated systems integrated with KYC and AML verification services verify the identity of business owners and ensure compliance with anti-money laundering regulations.

Underwriting 68

Underwriting PCI DSS Money Laundering Processors 68

PYMNTS

SEPTEMBER 23, 2019

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release. “We are excited to announce our collaboration with Oracle today.

AML 65

AML Compliance Financial Crimes Automation 65

The Payments Association

JANUARY 13, 2025

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. Read More

Legal 88

Legal Stablecoins Cross-Border Due Diligence 88

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. A DIY Approach To AML/KYC. One of the problems that AML/KYC procedures face is lack of standardization.

AML 64

AML Money Laundering Due Diligence Fincen 64

Fintech News

JUNE 19, 2024

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.

Compliance 109

Compliance Due Diligence Fraud Prevention Money Laundering 109

Finovate

DECEMBER 2, 2024

The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF). This collaboration has yielded flexible, customized solutions to help FIs deal with challenges ranging from anti-money laundering (AML) to counter-terrorist financing (CTF).

Compliance 105

Compliance Acquirers Money Laundering AML 105

Stax

NOVEMBER 27, 2023

From EDD and eKYC to AML to CDD, we’re going to cover everything you need to know about KYC in this article. it’s the opposite: customer due diligence is an ongoing process that is a part of the KYC requirements, which in turn is part of the broader anti-money laundering (AML) regulations set in place for financial institutions.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

FICO

MARCH 6, 2020

By combining advanced AML analytics in scoring processes and robotics in alert and case handling you tremendously improve efficiency and effectiveness in compliance. In our experience these technologies can increase the number of SARs by 20% while at the same time producing efficiency gains of 30% in alert investigation and case management.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

PYMNTS

JUNE 20, 2019

But flipping through the latest edition of the PYMNTS AML/KYC Tracker, in collaboration with Trulioo , there is a lot of data to suggest that this is the situation in an awful lot of organizations. Which means the marketplace needs to evolve different when it comes to technology partnerships.

AML 66

AML Due Diligence Money Laundering Risk Assessment 66

Stax

DECEMBER 4, 2023

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.

Money Laundering 88

Money Laundering Compliance AML BSA 88

FICO

JULY 25, 2016

Anti-money laundering (AML) is a good example. Here are two examples of technology FICO has developed, and for which we’ve made patent applications: Machine learning (ML) for improved AML monitoring. We’re using variants of technology proven effective in other FICO products such as FICO® Falcon Fraud Manager.

AML 64

AML Money Laundering Financial Crimes Crime 64

Segpay

NOVEMBER 26, 2024

In this blog, we will explore the importance of digital identity verification, the technologies involved and the challenges it faces. Therefore, businesses, governments, and other organizations often rely on regulatory technologies (Regtech) to ensure that identities are verified quickly, accurately, and securely. The “2024 U.S.

Verification 111

Verification Identity Theft Money Laundering Due Diligence 111

Fintech Review

APRIL 19, 2025

Key regulatory areas include customer onboarding, data protection, anti-money laundering (AML), and transaction monitoring. This includes due diligence, auditing, and shared responsibilities with financial institutions. A security lapse, system outage, or compliance failure can destroy a platforms credibility overnight.

Finance 94

Finance Embedded Finance FinTech Payment APIs and Integration 94

Fintech News

NOVEMBER 20, 2024

Increasing anti-money laundering (AML) regulations further add complexity. Regulators only require ‘due diligence,’ but the definition of what constitutes adequate due diligence can vary.” “Regulators only require ‘due diligence,’ but the definition of what constitutes adequate due diligence can vary.”

Cross-Border Payments 131

Cross-Border Payments Cross-Border B2B Due Diligence 131

FICO

JANUARY 27, 2017

Technology can help banks make better decisions regarding de-risking: To treat customers as individuals it is vital that proper Know Your Customer (KYC) and Client Due Diligence (CDD) happens. The FCA has indicated that AML measures in themselves are not a reason to suspend or deny accounts.

AML 55

AML Risk Money Laundering Due Diligence 55

PYMNTS

JUNE 17, 2020

According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Australian bank Westpac Banking Corp. may stand as Exhibit A here. Crime, At Scale.

AML 75

AML Money Laundering Compliance Financial Crimes 75

FICO

DECEMBER 6, 2019

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.

AML 52

AML Checks Due Diligence Money Laundering 52

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. This includes robust regulatory frameworks, advanced technological solutions, and enhanced global cooperation.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

Open Banking Excellence

NOVEMBER 7, 2023

The scene is now set for the UK to adopt a digital identity scheme underpinned by the government-backed Digital Identity and Attributes Trust Framework (DIATF) and Open Banking’s real-time technology infrastructure for exchanging personal data with customer consent. This bank-centric form of digital identity already exists in the UK.

Due Diligence 130

Due Diligence Ubiquitous Governance Government 130

FICO

MAY 20, 2021

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. Collect data from internal and external sources.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Since the global financial crisis, AML fines totaled $56 billion, with US-based financial institutions incurring $5 billion in fines for related infractions in 2022.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Fintech News

MAY 22, 2024

Over the past years, financial crime tech has risen to prominence, driven by increasing complexity and frequency of financial crimes, stricter regulations and compliance requirements, and technological advancements. The study, which surveyed nearly 50,000 people from 43 countries, found that 25.5%

Financial Crimes 104

Financial Crimes Crime APACS Risk Assessment 104

PYMNTS

JANUARY 21, 2021

Cohen likened The Floor’s approach to building an “app store” of digital technologies that can be deployed as banks can improve their internal tech stacks with a range of new integrations. Can you imagine Google, Apple or … Amazon taking a year and a half, or even more to implement a new technology?” Cohen asked. It’s unthinkable.”.

Payment APIs and Integration 121

Payment APIs and Integration Due Diligence On-Demand Money Laundering 121

The Payments Association

MAY 9, 2025

These regulations create a comprehensive global framework, but enforcement remains inconsistent, and many institutions struggle to keep pace with data quality and technological demands. million for persistent failures in AML controls, including deficiencies in correspondent banking due diligence and transaction monitoring.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

JANUARY 30, 2019

Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks. The Software-as-a-Service (SaaS) tool also looks to streamline client onboarding and improve the accuracy of customer due diligence. A press release on Tuesday (Jan. ”

Due Diligence 46

Due Diligence Automation Money Laundering Fincen 46

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

PYMNTS

OCTOBER 13, 2016

As technology advances, the threat to digital security and identity protection becomes greater, forcing regulations to quickly adapt. Madhu explained that there are two segments of KYC — customer due diligence and enhanced due diligence. But in a space that’s constantly changing, how can anyone really keep up?

Compliance 76

Compliance Due Diligence Money Laundering Procedures 76

Fintech News

FEBRUARY 18, 2024

The platform’s capabilities—ranging from ID Verification, Liveness and Face Match, to PoA and Ongoing AML Monitoring—were instrumental in transforming dtcpay’s operational landscape. This flexibility, alongside advanced features and constant AML monitoring has been central to dtcpay’s efforts to streamline its operations.

Verification 120

Verification Travel Rule Multi-Currency Compliance 120

PYMNTS

JANUARY 30, 2019

So the idea that the money laundering directive in Europe would mandate beneficial ownership as a part of enhanced customer due diligence “is, in some ways, the logical next step,” Gaddy said. Forex companies, in particular, move money as they change it from different currency types.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

Seon

APRIL 11, 2024

Uniting fraud protection and prevention with AML checks and compliance allows for better collaboration across the historically siloed operations of teams dealing with distinct but related crimes – fraud and financial crimes, terrorist financing or other nefarious intentions.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

PYMNTS

OCTOBER 25, 2016

The partnership will strengthen compliance automation with real-time enhanced due-diligence (EDD) analytics and transactional decision making based on IdentityMind’s Trusted Digital Identities, Neoway’s data and their combined data analytics capabilities.

Due Diligence 72

Due Diligence Fraud Prevention Money Laundering Compliance 72

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). Based on the categorization, the right level of due diligence is being applied, with riskier customers getting more due diligence. But it’s still too high.

AML 40

AML Compliance AI Money Laundering 40

Finovate

DECEMBER 6, 2023

Intelligent compliance technology company Napier has teamed up with client lifecycle management platform KYC Portal. Intelligent compliance technology company Napier and client lifecycle management platform KYC Portal have announced a new partnership. KYC Portal made its most recent Finovate appearance at FinovateEurope in 2019.

Due Diligence 59

Due Diligence Compliance Money Laundering AML 59

Seon

JUNE 29, 2023

KYT is an anti-money laundering (AML) and counter-terrorist financing (CTF) requirement. As an AML and CTF operation, Know Your Transaction complements the process of Know Your Customer (KYC) by focusing on which transactions people are making, as opposed to just who is making them. Ask an Expert What Does KYT Mean for AML Compliance?

Transactions 52

Transactions Due Diligence Money Laundering AML 52

Finovate

JUNE 20, 2024

The technology automatically contacts customers whose checks have been flagged as suspicious, and provides a user-friendly digital inquiry process to help customers resolve issues in seconds. Refine Intelligence has introduced its Digital Customer Outreach for Check Fraud Prevention solution.

Fraud Prevention 59

Fraud Prevention Checks Financial Crimes Due Diligence 59