America's top gathering of FinCrime prevention, Onboarding, Fraud and Compliance leaders and innovators
In the intricate landscape of anti-money laundering (AML) compliance, the concept of beneficial ownership is pivotal. According to SmartSearch, this term defines the individuals or groups who ultimately own or control an asset, despite it perhaps being registered under another name. Often obscured by criminals to facilitate illicit activities such as money laundering, terrorist financing, or …
Money laundering poses a grave global threat, enabling criminals to legitimise proceeds from illicit activities. According to FullCircl, this undermines economies, bolsters criminal enterprises, and compromises the integrity of the financial system. To counteract this menace, financial institutions and businesses in high-risk sectors must implement robust Anti-Money Laundering (AML) strategies. AML integration embeds compliance tools and …
As we begin 2025, we can look back at 2024 as another transformative year for the RegTech sector. With artificial intelligence and automation continuing to play a growing role and regulatory challenges leading firms to demand solutions that meet their needs, RegTech is offering the answer. In the first part of a two-part series, FinTech Global recently …
AI is making significant strides in the realm of financial crime compliance. Coined as ‘agentic AI’ or autonomous AI, these AI systems are designed to function independently with minimal human oversight. According to Workfusion, AI agents, as they’re known, can decide, plan, and adapt to fulfill predefined objectives effectively. WorkFusion, a pioneer in this field, launched …
Customer classification plays a pivotal role in the AML strategies of businesses, especially within banking, finance, and gaming sectors. According to Alessa, customer-type ratings categorize individuals and entities by risk potential, considering their business nature, financial history, and relationship duration with the financial institution. For instance, an individual with stable employment and regular transactions is deemed …
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. According to FullCircl, as global security landscapes evolve, the significance of maintaining a robust sanctions screening process has never been more critical. Sanctions are punitive or …
AML compliance encompasses a range of international and national regulations aimed at preventing criminals from disguising illegal funds as legitimate income. According to AIPrise, ensuring compliance is crucial for detecting and reporting suspicious activities, which may involve money laundering, terrorism financing, or other financial crimes, especially within the financial services sector. The AML compliance framework guides …
With the challenges of financial crime increasing with an ever-growing digital presence for firms and threat actors alike, there is a growing desire in the industry for more real-time management of such threats. What are the challenges and opportunities for such technologies? According to Holly Sais Philippi, CEO of RegTech firm Alessa, real-time AML compliance is …
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 …
