Tagged: anti money laundering

Financial Infrastructure Developer Banking Circle Reveals it’s Now Fully Cloud based, Shares Other Fintech Industry Updates

The team at Banking Circle, a leading financial infrastructure developer, notes that as the first quarter of 2021 comes to an end, anti-money laundering or AML measures have been “a key focus in the industry.” The company writes in a blog post that following the… Read More

Banking Circle Survey: 42% of Senior Bankers Say Outdated Tech Is Major Hurdle in Adopting AI to Improve AML Processes

Banking Circle, a financial infrastructure developer, notes that the rapid and widespread digital adoption by banking clients, and the accelerated digitalization across financial services following the COVID-19 outbreak have “expanded the opportunity for fraud.” Criminals are increasingly exploiting “gaps” found between digital solutions or platforms,… Read More

Money Laundering via Global Financial System Estimated at Up to $2T Annually, AI Models May Address Issues, Banking Circle Explains

Banking Circle, a financial infrastructure developer, notes that McKinsey has found that around $800 billion to $2 trillion has been laundered annually via the international banking system. Banking Circle reveals that criminals keep using more sophisticated methods to launder funds, which may put the reputations… Read More

European Banking Authority Publishes Document Addressing Crowdfunding and Money Laundering, Terrorist Financing Risk

The European Banking Authority has published a document that addresses anti-money laundering (AML) and counter-terrorist financing (CFT) when it comes to crowdfunding. The guidelines for crowdfunding platforms are incorporated into the Final Report “on customer due diligence and the factors credit and financial institutions should… Read More

Accuity and LexisNexis Risk Solutions to Merge Operations, Will Provide Global Financial Crime Compliance Solutions

Accuity and LexisNexis Risk Solutions have confirmed that they’re planning to merge their business operations. Accuity will reportedly become a part of the LexisNexis Risk Solutions Group which currently operates in over 100 different countries. Both companies are a part of RELX, a multinational provider… Read More

Digital Transformation Specialist Fenergo Reveals that Malaysia, Singapore, Hong Kong Ranked Highest for Issuing Fines for Financial Crimes

A new study by Fenergo, provider of digital transformation, customer journey and client lifecycle management (CLM) software, has revealed that Malaysia ranked the highest for data privacy fines in the Asia-Pacific (APAC) region. Fines from Malaysian authorities totaled nearly $4 billion this past year. Neighboring… Read More

Philippines Reserve Bank Updates Regulatory Framework for Virtual Currency Exchanges as Crypto Industry Continues to Expand

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has reportedly reviewed and approved the applicable guidelines for virtual asset service providers (VASP) and other entities that facilitate financial services by using VASPs (also referred to as cryptocurrencies). The new guidelines have updated the… Read More

Crypto Transactions have AML Capabilities that are Almost Impossible to Replicate in Traditional Investigations: CipherTrace

Blockchain security firm CipherTrace notes that during her confirmation hearing on January 19, Dr. Janet Yellen, US President Joe Biden’s pick for Secretary of the Treasury, had said that “many” virtual currencies remain “a particular concern” when it comes to terrorism and criminal financing (and… Read More

New Law Increases Anti-Money Laundering Efforts Including Digital Assets

The [William M. (Mac) Thornberry] National Defense Authorization Act for Fiscal Year 2021 (HR 6395) was signed into law at the beginning of this month. While the title of the law is pretty accurate as the bulk of the legislation addresses defense issues, buried within… Read More

Hong Kong Monetary Authority Releases Regtech Adoption Report for Improving AML/CFT Activities

A recent report released by the Hong Kong Monetary Authority (HKMA) has outlined various case studies and insights from banking institutions that have implemented different technologies to improve the overall efficiency and effectiveness of their AML/CFT requirements. The HKMA’s report identifies key opportunities that regulatory technology… Read More

Regtech Firm Silent Eight to Work with HSBC to Enhance Bank’s Compliance and Related AML / CFT Processes

Singapore-based Silent Eight, a Regtech firm that leverages AI to prevent money laundering and terrorism financing activities, has revealed that it has agreed to a multi-year partnership with HSBC which aims to assist the bank with improving its compliance measures and related operations. HSBC chose… Read More

Nasdaq listed Regtech NICE Actimize to Leverage Biometric Risk Screening Engine and Facial Recognition Tech from FACEPOINT

Nice Actimize, a NICE company (Nasdaq: NICE) business offering autonomous financial crime management solutions, has revealed that FACEPOINT, which introduced a biometric risk screening engine, has now joined the X-Sight Marketplace, bringing its facial recognition tech for Know-Your-Customer (KYC) and watch list risk screening to… Read More

New AML Compliance Certification Program for Fintechs Launched by ACAMS and FINTRAIL

ACAMS has introduced a certification program for Fintech firms that aim to fulfill regulatory guidelines or requirements in an “evolving” market environment. The new Regtech solution from ACAMS has been developed with assistance from specialist consultancy FINTRAIL. Referred to as the Certified (anti-money laundering) AML… Read More

Singapore’s UOB Claims its AI enabled AML Tech has Been Quite Effective at Identifying Potentially Fraudulent Transactions

United Overseas Bank (UOB) has revealed that its artificial intelligence (AI)-powered anti-money laundering (AML) technology has been quite effective at assisting the Singapore-based bank with analyzing large volumes of transactions to identify suspicious or potentially fraudulent financial activities. The UOB, a multinational banking organization with… Read More

Daniel Polotsky: CEO at CoinFlip Says Company Plans to have Over 3,000 Bitcoin ATMs in the US by 2021

We recently connected with Daniel Polotsky, CEO at CoinFlip, a leading Bitcoin ATM operator in the US. Polotsky talked about how his company has grown since it was launched back in 2014. He also discussed CoinFlip‘s plans for next year while explaning how the company… Read More

Regtech Firm Hummingbird CEO Joe Robinson Explains that Fintechs are Focusing on Front End as Banks Handle Compliance Requirements

Joe Robinson, Co-Founder and CEO at Hummingbird, a modern platform for anti-money laundering (AML) that makes investigations “agile and intelligent,” says that it took some time before traditional banks began to view Fintech firms as legitimate business partners that could help them with their digital… Read More

US State of Wyoming Partners with Chainalysis to Prevent Money Laundering and Illicit Activities Involving Cryptocurrencies

Chainalysis, the leading blockchain analysis firm, has teamed up with the State of Wyoming’s Division of Banking, the banking regulator that’s tasked with the chartering and supervision of Wyoming state banks, trust companies, mortgage firms, money transmitters and other non-bank financial service providers. The State… Read More

Retail Focused Central Bank Digital Currencies are “More Advanced” where Informal Economy is Larger: BIS Report

The Bank for International Settlements (BIS), a global financial institution owned by reserve banks that aims to support international monetary and financial cooperation and acts as a bank for central banks, has noted that central bank digital currencies (CBDCs) are now “in the limelight.” However,… Read More

US SEC Awards Contract to CipherTrace because it’s the “Only Known” Blockchain Forensics Tool that can Track Binance Chain Transactions

The US Securities and Exchange Commission (SEC) revealed on July 29, 2020 that it’s planning to award a single-source contract to blockchain security firm CipherTrace, a Menlo Park, California based business that recently introduced real-time predictive risk scoring for cryptocurrencies. The SEC said that CipherTrace… Read More

Monero (XMR), Zcash (ZEC), Stellar (XLM) to be Delisted by Liquid Exchange so it can Prepare to Acquire Payment Services License in Singapore

The Electric Coin Company (ECC), which supports the development of Zcash (ZEC), a privacy-oriented cryptocurrency, recently revealed that Liquid will be delisting ZEC along with 28 other digital currencies or tokens because the Japanese crypto trading platform is planning to apply for a license to… Read More

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