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Fixing Banks’ AML Achilles’ Heel — Before The Fraudsters Pounce

PYMNTS

According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Australian bank Westpac Banking Corp. may stand as Exhibit A here.

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Here Are All The Licensed Crypto Services Providers in Singapore

Fintech News

The move aims to protect against financial crime and loss, particularly in digital fraud, and includes broadening DPT service definitions and enhancing Anti-Money Laundering (AML) protocols such as Customer Due Diligence and transaction monitoring.