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Why banks must maintain FCC operations despite rollbacks of regulation
Regulatory change is nothing new in the banking and financial services world. However, under the Trump administration, the pace of deregulation has accelerated sharply,...
How the 3 stages of money laundering work and how to...
When criminal organisations generate illegal profits, they must clean or ‘launder’ the money before it can be safely used in the legitimate economy. This is typically done through a carefully structured three-stage process. Understanding these stages is vital for businesses implementing anti-money laundering (AML) strategies, as it can help identify potential criminal activity.
HKMA targets mule accounts with new fraud prevention measures
The Hong Kong Monetary Authority (HKMA), the Hong Kong Police Force (HKPF) and The Hong Kong Association of Banks (HKAB) have unveiled a raft...
Why automated AML verification is essential for modern financial crime prevention
Money laundering remains a significant threat to financial systems worldwide, not only as a crime in itself but also as a key enabler of serious criminal activities such as drug trafficking, human smuggling, and terrorism. Consequently, it is critical for all businesses handling substantial sums of money to implement robust AML procedures.
Australia revamps AML/CTF regime with tougher compliance rules and broader scope
Australia is moving to overhaul its anti-money laundering and counter-terrorism financing (AML/CTF) framework with a comprehensive new proposal aimed at aligning the country with global standards set by the Financial Action Task Force (FATF).
How to safeguard against fraud and enhance trust in the USA
In the US, KYB is not just a regulatory requirement but a fundamental practice critical for maintaining the integrity of financial operations and fostering trust within the business ecosystem.
91% of respondents have adopted AI in prioritising transaction monitoring alerts
600 senior compliance leaders from financial services and fintech firms shared insights on AI adoption in financial crime prevention
91% of firms are...
FinScan enhances payment screening for faster, safer transactions
FinScan, an anti-money laundering (AML) compliance solution from Innovative Systems, has enhanced its payment screening solution, FinScan Payments, to accelerate transaction workflows while strengthening...
UK firms lead European RegTech market raking in quarter of all...
Key European RegTech investment stats in 2024:
European RegTech deal activity halved in 2024 YoY
UK firms dominated the European RegTech marketplace completing a...
Understanding the 3 stages of money laundering: How AML integration protects...
Money laundering is a global issue, undermining economies and enabling illicit activities by disguising illegal funds as legitimate. This pervasive challenge affects financial institutions and high-risk industries, making Anti-Money Laundering (AML) measures essential to combat it effectively.
