Remove Due Diligence Remove Suspicious Activity Report (SAR) Remove Volume
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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. Risk factors include monitoring the volume/nature of the transactions and government responsibilities.

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Using AI to Streamline Compliance Processes: The Future or Could Too Much go Wrong?

The Fintech Times

. “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.

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How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

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.

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Payment Screening: What Is It, How It Works and Its Importance

Seon

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.

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What’s happening with the FCA and AML?

Neopay

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.

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RPA for AML and KYC – Automate Financial Crime Investigations

FICO

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.