Financial Crime/Fraud Prevention

In an age of heightening tension where sanctions are being imposed globally, being able to decode and identify politically exposed persons is becoming more and more vital.

Since the onset of Covid-19, financial crime and fraud has continued to rise in number and stature – which criminals riding the great wave of the mass migration online.

New Zealand-based RegTech platform First AML has reportedly nabbed £15.6m in its Series B funding round alongside its launch in the UK.

As more and more people move online, financial crime is increasing – subsequently increasing the opportunities for cases of money laundering. As industry players continue to search for the silver bullet to tackle financial crime, RegTech firm Lucinity is focused on helping to clean up the financial world.

In a world that is continuing to become more connected and less restricted by place, there are growing challenges surrounding the increasingly fluid nature of financial crime. Prior to 2020, financial crime in the digital world was already growing. However, with the onset of the pandemic, this practice was set to skyrocket.

Over 90% of European FinTech companies plan to adopt AI-enabled risk decisioning to combat fraud, according to a study by risk decisioning software developer Provenir.

Cloaked, a company looking to support data privacy on platforms, has secured $25m in early-stage funding.

Global payments firm Worldline has established a partnership with Microsoft Dynamics 365 Fraud Protection to curb online fraud.

The value of AML fines is falling as regulators turn their attention to cryptocurrency, according to a study by RegTech firm Kroll.

NICE Actimize has launched its X-Sight Entity Risk SaaS solution, which produces a single risk score that enables a financial institution to get a deeper understanding of clients.