Tag: financial institutions

In financial crime compliance, regulators have set expectations for financial institutions to conduct thorough assessments of name screening alerts.

SaaS adoption in the financial and insurance services sectors is projected to grow significantly, reaching more than $130bn by 2027, up from $54bn in 2022.

As technology evolves, so does the network of bad actors who take advantage of it for illicit gains, leaving governments scrambling to modernise the way they regulate criminal activity.

Money laundering is the process of disguising the proceeds of criminal activity as legitimate funds in an effort to conceal their illicit origin.

The financial services industry is undergoing a transformation driven by artificial intelligence (AI) technologies, particularly machine learning (ML). These advancements are significantly enhancing anti-money laundering (AML), counter-financing of terrorism (CFT), and sanctions screening as part of customer lifecycle management (CLM).

The financial sector, including banks, payment firms, FinTechs, and wealth and asset managers, faces significant challenges in interpreting regulatory guidance and converting it into...

Know Your Business (KYB) and Anti-Money Laundering (AML) are critical parts of the compliance ecosystem, but how aligned are they? FullCircl, a SaaS platform renowned for eliminating regulatory and verification hurdles, recently delved into the role of KYB in the AML process. 

Velotix, a pioneering provider of an AI-driven data security platform, has announced a significant investment from Barclays Bank and Capri Ventures.

On 23 April 2024, the Organization for Economic Co-operation and Development (OECD) published a pivotal update, listing jurisdictions newly committed to the Automatic Exchange of Information (AEoI) and CRS Reporting. Taina Tech, which offers a fully automated FARCA and CRS validation platform, has recently commented on what these changes mean. 

AI is increasingly becoming a focal point of discussion, particularly in how compliance departments within financial institutions prepare to adopt AI technologies for client screening and align with necessary regulatory standards.