Fintech News
JUNE 4, 2024
ORO Bank, touted as Asia’s first full-reserve digital bank, leveraged global financial software provider Finastra’s SaaS core banking solution to launch its cloud-based platform within six months. The Bhutanese bank had launched last week.
FICO
NOVEMBER 22, 2017
To tackle this menace, regulators have slapped fines on banks who fail to stop money laundering. It’s not that banks haven’t put in controls to tackle this menace. 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.
The Fintech Times
SEPTEMBER 14, 2024
Taiwan, along with South Korea, Hong Kong SAR, and Singapore, forms the group known as the ‘Four Asian Tigers,’ renowned for their rapid industrialisation since the 1960s. Additionally, nearly 80 per cent of these banks utilise blockchain technology, particularly for certifying letters of credit.
FICO
FEBRUARY 13, 2017
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. Using Bayesian learning , we take customers’ banking transactions in aggregate and generate “archetypes” of customer behavior.
FICO
FEBRUARY 15, 2017
For instance, Aite Group LLC in its 2015 report Global AML Vendor Evaluation noted that “increasingly, regulators recognize that rules alone are not an effective manner of detection and are pressuring banks to include more sophisticated analytics.” The weights of the model are either expert-driven or based on limited SAR data.
FICO
JUNE 9, 2022
FICO’s new Anti-Money Laundering (AML) Threat Score and AML Soft-Clustering Misalignment Score, respectively, help large global banks and financial institutions to achieve a 50%+ reduction in alert false positives , and reveal outlier transactions that are highly likely to be money laundering, and otherwise not alerted.
The Fintech Times
AUGUST 17, 2024
The US subsidiary of a Canadian bank was issued a fine of $65million for unsafe practices related to operational, compliance, and strategic risk management controls. The bank was ordered to pay the fine to resolve investigations by The Office of the Comptroller of the Currency (OCC), an independent bureau of the US Department of the Treasury.
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