FICO

FEBRUARY 13, 2017

One of the places where AI can make a huge difference today is in anti-money laundering (AML). FICO has incorporated AI technology in our FICO® TONBELLER® AML solutions ; FICO’s Chief Analytics Officer, Dr. Scott Zoldi , recently articulated a number of AI’s important benefits to customers attending the FICO TONBELLER User Group.

Money Laundering 74

Money Laundering AML AI Suspicious Activity Report (SAR) 74

PYMNTS

MARCH 25, 2019

Consider the fact that, as noted in the most recent AML/KYC Tracker produced as a collaboration between PYMNTS and Trulioo , money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to $2 trillion-per-year problem, equivalent to 2 percent to 5 percent of the global GDP. The numbers are sobering.

AML 78

AML Financial Crimes Money Laundering Crime 78

The Payments Association

MARCH 19, 2025

Notably, the rise of cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) are transforming the digital payments landscape. This uncertainty creates serious compliance challenges, including: Non-compliance risks, with businesses potentially facing fines, legal scrutiny, or even banking restrictions.

Cross-Border 88

Cross-Border Reconciliation Compliance Payments 88

The Fintech Times

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous anti-money laundering (AML), counter-terrorism financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Visa Multi-Currency 59

FICO

FEBRUARY 15, 2017

For instance, Aite Group LLC in its 2015 report Global AML Vendor Evaluation noted that “increasingly, regulators recognize that rules alone are not an effective manner of detection and are pressuring banks to include more sophisticated analytics.” AML Threat Score: Using machine learning to detect and rank-order suspected AML cases.

AML 67

AML AI SARS Money Laundering 67

Fintech News

JULY 17, 2024

The far-reaching study encompasses both crypto-native and non-crypto native methods, as well as strategies for prevention. 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.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

PYMNTS

FEBRUARY 13, 2019

12) that it will now allow corporates to join its KYC Registry in an effort to facilitate the sharing of data between companies and their banks. ” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. .”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

Fintech Finance

JULY 16, 2024

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.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Consulting Regulations 98

Fintech News

OCTOBER 6, 2024

Singapore is enhancing its anti-money laundering (AML) framework with new recommendations from the Inter-Ministerial Committee (IMC). The IMC’s recommendations aim to adapt Singapore’s AML framework to counter increasingly sophisticated criminal methods.

Money Laundering 123

Money Laundering Law Enforcement Financial Crimes Due Diligence 123

Fi911

NOVEMBER 7, 2023

In the intricate world of banking and finance, maintaining the sanctity and security of transactions is paramount. A cornerstone of this mission is the concept of “AML,” or “Anti-Money Laundering” protocols. But, what does AML entail? As the name implies, the primary focus is on stopping money laundering.

AML 52

AML Compliance Money Laundering OFAC 52

PYMNTS

JUNE 17, 2020

In financial fraud, the breaches come when bank standards are lax. Australian bank Westpac Banking Corp. And that guiding principle is what leads fraudsters and bad actors to probe systemic vulnerabilities in banks’ compliance processes. may stand as Exhibit A here. There was no evidence of intentional wrongdoing.”.

AML 75

AML Money Laundering Compliance Financial Crimes 75

PYMNTS

NOVEMBER 30, 2020

In today’s top news in digital-first banking, Computer Services, Inc. Plus, Emirates National Bank Dubai (Emirates NBD) has rolled out its businessONLINE omnichannel platform for small firms. Emirates NBD Debuts Omnichannel Corporate Banking Program. CSI, Featurespace Team up to Fight Money Laundering. Computer Services, Inc.

AML 59

AML Money Laundering Non-Bank Liquidity Management 59

The Fintech Times

APRIL 8, 2024

This April, The Fintech Times is focusing on all things embedded finance, the integration of financial services into non-financial products and services. First, we turn our attention to the growth of Banking-as-a-Service (BaaS). “Do they have a banking licence that means their customers’ money is protected up to a certain level?

FinTech 116

FinTech BSA Regulatory Compliance Money Laundering 116

Fintech News

DECEMBER 11, 2023

This PoC involved executing real-time cross-border test transactions between various Central Bank Digital Currency (CBDC) systems. The project tested the feasibility of conducting multilateral cross-currency transfers through the UDPN, involving both Distributed Ledger Technology (DLT) and non-DLT-based CBDC technologies.

CBDC 113

CBDC Distributed Ledger Technology (DLT) Cross-Border Central Bank 113

FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. AML Threat Score: Reducing False Positives Amid Defensive SAR Filings.

Money Laundering 52

Money Laundering AML SARS AI 52

Fintech Review

FEBRUARY 18, 2025

Embedded finance is transforming industries by incorporating financial services directly into non-financial platforms. This integration allows businesses to offer banking-like services, enhancing customer experience and simplifying transactions. This shift is redefining traditional banking structures. What is Embedded Finance?

Embedded Finance 95

Embedded Finance Finance Payment APIs and Integration Non-Bank 95

Stax

APRIL 3, 2025

Its the bridge between an eCommerce website, its customers, and the bank. Its the third-party service that serves as the link between the payment gateway, acquiring bank, and issuing bank or card network. It works in tandem with the customers bank or credit card provider to verify and authorize the transaction.

Payment Solutions 88

Payment Solutions Payment APIs and Integration Payment Gateways Gateways 88

FICO

JANUARY 8, 2018

Here were the top 5 posts of 2017 in the Fraud & Security category: AI Meets AML: How the Analytics Work. AI Meets AML: How Smart Analytics Fight Money Laundering. Powerful customer segmentation: “Traditional AML solutions resort to hard segmentation of customers based on the KYC data or sequence of behavior patterns.

AML 53

AML Posting AI Suspicious Activity Report (SAR) 53

Fintech Finance

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 97

Cross-Border Payments Visa Cross-Border Multi-Currency 97

PYMNTS

SEPTEMBER 21, 2018

Switzerland is reportedly exploring ways to make it easier for blockchain companies to open corporate bank accounts as the government moves to prevent those innovators from leaving the country. There are 530 blockchain startup companies based in Switzerland’s Crypto Valley, and there are 250 banks in the country.

Blockchain 74

Blockchain Accounts AML Money Laundering 74

Fintech News

MAY 22, 2024

It includes a suite of financial and non-financial crime risk domains with hundreds of risk indicators and controls, though users can also integrate their own. The company’s clients span across 11 sectors, including banking, fintech, corporate services, and real estate, and 18 jurisdictions. Transparently.AI

Financial Crimes 103

Financial Crimes Crime APACS Risk Assessment 103

PYMNTS

MARCH 11, 2019

For example, the now shuttered ABLV bank in Latvia, along with the Estonian branches of Danske Bank and Swedbank, have all been implicated with Russian money that could have dubious origins. The lessening of deposits came around the same time that prosecutors started an investigation in July in the Danske Bank Estonia branch.

Money Laundering 59

Money Laundering AML Non-Bank Caps 59

FICO

FEBRUARY 7, 2018

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. Speed was an issue because the risk of non-compliance was high and their reputation had to be secured. Here's what they did.

AML 49

AML Rules Money Laundering Compliance 49

The Fintech Times

APRIL 10, 2025

Latvia-based BluOr Bank has selected Nets , part of the European paytech, Nexi Group , to leverage its payment card issuing services, offering an enhanced customer banking experience tobusiness and entrepreneurs in the Baltic region. This collaboration aims to enhance how businesses manage their expenses.

FinTech 59

FinTech AI Non-Bank Cybersecurity 59

PYMNTS

JANUARY 31, 2019

Failure to understand the risk of non-compliance with tightening regulations, like anti-money laundering (AML) and know your customer (KYC), is particularly dangerous considering the increased number and value of non-compliance sanctions. 91 percent of the total $26 billion in AML and KYC fines were issued upon U.S.

Faster Payments 73

Faster Payments Money Laundering Same Day ACH AML 73

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

The Paypers

JANUARY 16, 2025

Hungary’s central bank, MNB , has fined OTP and MBH Bank HUF 43 million (USD 106,183) for non-compliance with AML and CTF regulations.

AML 36

AML Compliance Non-Bank Central Bank 36

The Payments Association

MARCH 20, 2025

Complaers no-code fraud prevention engine puts compliance teams back in control, delivering real-time, hyper-personalised AML/CTF strategies without engineering support. Fraudsters are exploiting AI, automation, and regulatory gaps faster than evermaking real-time fraud prevention non-negotiable. Complaer is changing that.

Fraud Prevention 88

Fraud Prevention Compliance Automation Cross-Border 88

PYMNTS

MARCH 15, 2019

As a major player in cross-border banking and global finance, the country doesn’t just need to combat domestic financial crimes: It is also at risk of becoming a hub for transmitting and investing criminal funds obtained overseas. . banks and their subsidiaries every year. and the philosophies that foster it. . Regulatory Weakness.

Money Laundering 65

Money Laundering AML Non-Bank Regulations 65

PYMNTS

OCTOBER 30, 2020

It cannot be overstated how integral non-cash payments are to the global economy, with the United States processing more than 174.2 Slow compliance checks and sluggish processing times are commonplace, especially on the legacy systems still used by many banks around the world. billion of these payments in 2018 alone for a total of $97.04

Automation 91

Automation Process Disputes AML 91

The Fintech Times

SEPTEMBER 14, 2024

Fintech in Taiwan In 2019, Taiwan’s financial industry spent over $700million on fintech research and development (R&D), as well as AI, AML, biometrics, blockchain, cloud services, cybersecurity, payment and regtech solutions. Fintechs in Taiwan cover a wide range of subsectors, including crypto-focused firms WOO and Coolwallet.

Innovation 119

Innovation FinTech Payment APIs and Integration Non-Bank 119

PYMNTS

MARCH 20, 2020

Sweden’s oldest retail bank will face a hefty $386 million fine for a scandal that erupted last year over the bank’s poor handling of money laundering issues in the Baltic region, according to Reuters Thursday (March 19). Now, it is the largest bank in Estonia. million in transactions that violated U.S.

AML 55

AML Money Laundering Non-Bank Breach 55

The Fintech Times

MAY 13, 2025

Astra Tech s flagship platform Botim has partnered with Mbank , a digital bank in the UAE, to introduce the nations first fintech-integrated Jaywan card scheme. Appointments Moneybox, the wealth management platform, has welcomed Melissa Birge as an independent non-executive director to its board.

FinTech 59

FinTech Participant Non-Bank Money Laundering 59

FICO

MARCH 6, 2020

A partnership aimed at helping banks, payment providers and fintechs meet the ever stronger regulatory demands while reducing effort and expense. . We serve corporates, insurance companies, and banks – be it a retail, private, wealth management, automotive or telecom bank, tier 1 or tier 3 bank. What do you do?

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

PYMNTS

JANUARY 26, 2021

In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.

Wire Transfer 97

Wire Transfer Blockchain Wires Wire 97

PYMNTS

MAY 6, 2020

Irish bitcoin ATM operator Boinnex found itself facing roadblocks from Allied Irish Banks (AIB), which shut down its account and said it didn’t want to deal with an unregulated form like cryptocurrency, according to CoinDesk. Cryptocurrency still isn’t recognized by the Central Bank of Ireland as a legitimate form of payment.

Bitcoin 70

Bitcoin Cryptocurrency AML Money Laundering 70

PYMNTS

MARCH 14, 2017

As banks and payments companies endeavor to meet anti-money laundering (AML) regulations to avoid hefty fines for non-compliance, easily identifying customers in the digital channel becomes paramount to their success. Why Good Processes Alone Can’t Make AML Stick. In the U.S.

AML 44

AML Verification Money Laundering Authentication 44