America's top gathering of FinCrime prevention, Onboarding, Fraud and Compliance leaders and innovators
Choosing between building your own anti-money laundering (AML) screening or monitoring tools and buying from a provider is not as straightforward as it might seem. According to Salv, who recently put together an ebook on the topic of building your own AML screening or monitoring tools, while creating internal solutions may appear to offer greater control and …
From traditional methods to advanced AI technologies, anti-money laundering (AML) compliance has experienced significant transformation. According to Consilient, traditional approaches, reliant on (heuristic) rules-based transaction monitoring, often generate a plethora of false positives by flagging legitimate transactions that simply meet certain predefined criteria, such as transfers exceeding or are close to $10,000. These systems struggle with …
Enhanced Due Diligence (EDD) represents an advanced level of scrutiny, serving as a crucial component beyond basic KYC checks. According to AIPrise, this process meticulously examines high-risk customers or significant transactions, delving into the source of wealth, business activities, and connections to high-risk jurisdictions. Unlike standard Customer Due Diligence (CDD), which only captures basic information, EDD …
In today’s rapidly evolving FinTech landscape, the capacity to effectively manage a growing volume of financial transactions is paramount, particularly with the rise in digital transactions. According to Napier AI, in 2022 alone, digital transaction volume soared by 22% to reach $2.2 trillion USD, with an increasing number transacted in small amounts or via new methods. …
