Remove Continuity Remove Money Laundering Remove Suspicious Activity Report (SAR)
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How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

With the global economy moving online, corruption, fraud, trafficking, and other illicit activities continue to rise. According to a UN report, money laundering activities of about $1.6 Launderers usually funnel illicit money using an associate’s cash-generating business or inflating their invoices.

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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). As regulations become ever more demanding, the rules-based systems grow more and more complex with hundreds of rules driving know your customer (KYC) activity and Suspicious Activity Report (SAR) filing.

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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program. Capital One provided banking services to the group and became aware of compliance and money-laundering risks associated with the group’s customers. financial system.”.

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FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering

FICO

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. Rules-based Systems Continue to Underperform. by Scott Zoldi.

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Wells Fargo Settles With SEC Over AML Reporting

PYMNTS

Wells Fargo Advisors and the Securities and Exchange Commission (SEC) reached a settlement this week resolving charges that the bank dropped the ball in reporting suspect activities pertaining to money laundering for several years. According to a MarketWatch report published Tuesday (Nov.

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IdentityMind Integrates With CipherTrace

PYMNTS

If there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR), IdentityMind Global said in the press release. But for that growth to continue and scale significantly, it’s critical to identify the individual behind the digital transaction.

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Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud

PYMNTS

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Financial Companies’ Security And Regulatory Obligations . resources.