America's top gathering of FinCrime prevention, Onboarding, Fraud and Compliance leaders and innovators
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 …
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 …
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. …
In early February 2024, the US Treasury, under the guidance of Secretary Janet Yellen, announced its intention to strengthen the financial system’s defenses against money laundering. Recently, Fenergo took the time to explain why FinCrime regulation is imminent for US investment advisors. The Treasury Department is set to propose new rules enforcing anti-money laundering (AML) …
Australian RegTech firm Arctic Intelligence recently outlined the seven key steps for an independent review of their AML/CTF program. Developing a strong AML/CTF compliance programme is pivotal for successful independent reviews. Essential components of this programme include coherent and integrated policies, logical and defendable risk assessments, competent employee training, established transaction monitoring systems, and board-level governance. A …
