article thumbnail

Money mules create a real-time AML problem: Here’s how to address it

The Payments Association

It takes AML teams weeks (if not months) of diligent analysis to escalate these activities to law enforcement. Additional outgoing transfers are stopped, and a Suspicious Activity Report (SAR) is filed within the regulatory deadline. Network analytics identify connections to other mule accounts.

AML 88
article thumbnail

Cracking the Code of White-Collar Crime with Sumsub

Fintech News

The battle against financial crime is an ever-evolving challenge requiring expert knowledge, cutting-edge technology, and continuous learning. The answer might be more intricate than anticipated, but companies like Sumsub are pioneering the movement to outwit these nefarious activities.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

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. Much of those revamped efforts come, perhaps not surprisingly, through advanced technologies.

Fincen 139
article thumbnail

Understanding PCI DSS, PSD2, and AML in Payment Processing: A Practical Guide

Finextra

Core AML requirements you must follow Here’s what you need to put in place: Know Your Customer (KYC) checks Real-time transaction monitoring Risk-based assessments Suspicious Activity Reports (SARs) These steps help you identify and stop illegal transactions before they harm your business.

PCI DSS 52
article thumbnail

AI Meets AML: How Smart Analytics Fight Money Laundering

FICO

In the last six months alone, I think I’ve read at least 1,000 Wall Street Journal articles on artificial intelligence (AI) and its technologic cousins: robots, drones and self-driving cars. Sophisticated criminals learn how to work around the transaction monitoring rules, avoiding known suspicious patterns of behavior.

article thumbnail

IdentityMind Integrates With CipherTrace

PYMNTS

1) that IdentityMind’s pioneering compliance, risk management and fraud prevention platform has integrated CipherTrace ’s digital currency risk assessment technology. If there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR), IdentityMind Global said in the press release.

article thumbnail

Ex-US Bank Risk Officer Fined For AML Failure

PYMNTS

His actions prevented the proper filing of many, many SARs, which hindered law enforcement’s ability to fully combat crimes and protect people,” said FinCEN Director Kenneth A. FinCEN encourages technological innovations to help fight money laundering, but technology must be used properly.” . The OCC also warned U.S.

AML 52