Remove AML Remove Money Laundering Remove SARS
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Challenges in Countering Trade-Based Money Laundering

FICO

In part 1 of the series on trade-based money laundering (TBML) , we established a definition of the term, explored some recent studies and highlighted some typical techniques employed by the criminals. The graph below shows the trend of TBML-related SARs filed with FinCEN between 2014 and 2018. Financial institutions in the U.S.

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AMLYZE: Is the Global Anti-Money Laundering (AML) System Broken?

The Fintech Times

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken?

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AI Meets AML: How Smart Analytics Fight Money Laundering

FICO

One of the places where AI can make a huge difference today is in anti-money laundering (AML). These benefits include: More effective than rules-based systems: AML systems are overwhelmingly rules-based. The post AI Meets AML: How Smart Analytics Fight Money Laundering appeared first on FICO.

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SEON Unveils AML Compliance Suite to Help Compliance Teams With AI-Powered Functionality

The Fintech Times

Digital fraud prevention company SEON is launching its expanded Anti-Money Laundering (AML) Compliance suite, introducing a range of AI-powered capabilities to provide enhanced support to fraud and compliance teams. We see the significant value of having one system that can help teams operate more efficiently and effectively.”

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FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. The agencies offered a bit more transparency in identifying politically exposed persons to aid in AML efforts.

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How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. trillion took place in 2020, accounting for about 2.7% of global GDP. Let’s get started.

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Money mules create a real-time AML problem: Here’s how to address it

The Payments Association

To address the money mule problem, organisations must combine elements of fraud prevention, cyber threat intelligence, and anti-money laundering capabilities. Is AML a real-time problem? It takes AML teams weeks (if not months) of diligent analysis to escalate these activities to law enforcement.

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