Fintech News

NOVEMBER 27, 2024

The bank plans to act as a Euro and US dollar settlement bank on Partior’s platform, aligning with its dbX initiative—a correspondent banking ecosystem launched to optimize financial institution client services. Established in 2021 and backed by DBS Bank, J.P.

Cross-Border 116

Cross-Border SARS Multi-Currency Correspondent Bank 116

Fintech News

JULY 14, 2024

Traditional cross-border payments encounter various challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.

Cross-Border 109

Cross-Border Correspondent Bank Multi-Currency Settlement 109

Fintech News

MARCH 26, 2024

These partners include: AlipayHK (Hong Kong SAR, China), ANEXT Bank (Singapore), BigPay (Malaysia), bKash (Bangladesh), DANA (Indonesia), GCash (the Philippines), Hipay (Mongolia), Kakao Pay (Republic of Korea), MPay (Macao SAR, China), TNG Digital (Malaysia), TossPay (Republic of Korea), TrueMoney (Thailand), and Zalopay (Vietnam).

APACS 104

APACS SARS FinTech Authorization 104

FICO

NOVEMBER 22, 2017

Each bank has dedicated large teams whose sole purpose is to monitor financial and non-financial transactions and identify and create suspicious activity reports, or SARs. They rely on a Know-Your-Customer process, and use gaggles of transaction rules to identify SARs. Auto-Encoders for Unsupervised Anomaly Scoring.

AML 78

AML AI Money Laundering SARS 78

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. SAR and high-risk client backlogs : TD Bank faced delays in reviewing suspicious activity and closing high-risk accounts.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Seon

MAY 10, 2024

If it’s determined a SAR needs to be filed, all the information needed can be found within case details, populated and filed directly with the regulatory authorities. They can also analyze suspects, linked events and monetary movement while also uploading documents and adding notes to capture all pertinent details for a given case.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

FICO

DECEMBER 23, 2020

So will high-risk products/services such as correspondent banking and trade finance transactions. Despite the enormous efforts banks put into AML monitoring, the effectiveness of the overall system to combat financial crime is disappointingly low: for example, only 4% of SARs prompt law enforcement inquiry.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52