Tag: financial institutions

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...

According to recent analyses, such as a report from NASDAQ, financial crime continues to funnel a staggering $3.1 trillion through the global financial system annually.

The RegTech sector has gained significant traction in the financial industry over the past few years, with global adoption accelerating. According to market projections,...

Global Screening Services (GSS), a prominent RegTech innovator, has published its 2024/2025 Sanctions Survey, revealing key insights into how financial institutions are adapting to the evolving sanctions landscape.

Sanctions screening is an integral aspect of AML practices, ensuring organisations do not inadvertently engage with entities or individuals subject to international or national sanctions, thereby avoiding facilitating unlawful activities.

The recently implemented CS3D established by the European Commission on July 25, 2024, mandates a radical shift in how financial institutions handle their operations and global value chains.

Bitsight, a global leader in cyber risk management, has announced its $115m acquisition of Cybersixgill, a prominent cyber threat intelligence (CTI) provider.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.

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.

Fraud protection and resolution are becoming essential components of the customer experience in banking, particularly as financial fraud rates continue to rise.