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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.
How secure collaboration is transforming financial crime detection
Money laundering activities in the United States alone are estimated to total $300bn annually. In 2023, penalties for anti-money laundering (AML) violations in the...
Five key benefits of moving financial crime compliance to the cloud
As financial institutions navigate an increasingly complex regulatory environment, many are finding that cloud technology offers a reliable solution for future-proofing compliance efforts. The move to cloud-based financial crime compliance not only enhances agility but also helps institutions meet stringent regulatory requirements more effectively.
