PYMNTS

SEPTEMBER 21, 2020

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. Risk factors include monitoring the volume/nature of the transactions and government responsibilities.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

The Fintech Times

SEPTEMBER 14, 2024

. “Currently, the adoption of AI centres around assisting with often mundane tasks: that is, for example, using a large language model to help speed up written tasks such as reports and filings; using AI to help score and prioritise surveillance alerts; and looking for patterns and relationships across large volumes of unstructured data.

Compliance 106

Compliance AI Process Suspicious Activity Report (SAR) 106

Stax

DECEMBER 4, 2023

It mandates ongoing monitoring of suspicious activity, recordkeeping, and submitting suspicious activity reports (SARs) to the government. PayFacs must also monitor their transactions continuously for any suspicious behavior and report them to the authorities immediately.

Money Laundering 88

Money Laundering Compliance AML BSA 88

Seon

SEPTEMBER 23, 2024

While PEPs require enhanced due diligence , regulated entities typically don’t screen individual payments against PEP lists due to the risk of excessive false positives. Instead, PEP screening is conducted during customer onboarding and periodic reviews.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

Neopay

JULY 4, 2024

One of the current focusses is enhanced due diligence – right through the process, so for example risk assessments, operational processes, monitoring and reviews, its effectiveness in practice. It involves reviewing a specific risk or target area, for example Enhanced Due Diligence, across several firms simultaneously.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

FICO

MAY 20, 2021

RPA is essential for this transformation to achieving efficiency by automating repetitive, high-volume processes with many manual tasks and data collection and thus allow their human resources to focus on other high-value tasks. Automated data gathering for investigations Due diligence, transaction monitoring and/or sanctions.

Financial Crimes 52

Financial Crimes AML Crime Automation 52