Anti-Fraud

FinTech Global recently spoke to multiple industry players to get their insights on whether financial institutions are keeping up with modern sanction/PEPs lists monitoring requirements. The first part can be read here. In this second half, FinTech Global asked the industry leaders to outline some of the best practices they have seen in the market and how to stay on top of the lists.

The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape.

In today's business landscape, marked by extensive regulatory demands and significant operational hazards, establishing strong GRC (Governance, Risk Management, and Compliance) frameworks is crucial for maintaining organisational integrity and achieving success.

CIBC Innovation Banking, a Canadian financial institution, has recently announced a significant financial commitment to CertifID, a pioneering company in the sphere of wire fraud prevention.

In an era where regulatory oversight of the wealth and asset management sector is intensifying globally, the stakes for compliance have never been higher. This sector, pivotal to national economies, plays a crucial role in helping consumers manage their assets and achieve their financial goals. However, its significance also makes it a potential target for misuse by malicious entities aiming to launder money.

In the ever-evolving landscape of financial crimes, firms across the globe are grappling with the challenge of safeguarding their operations and reputation. Among the myriad of schemes that threaten the integrity of financial institutions, Business Email Compromise (BEC) stands out for its cunning simplicity and potentially devastating impact.

In an era where digital transformation is paramount, asset managers are recognising the indispensable role of automating Anti-Money Laundering (AML) processes.

In the face of a burgeoning global fraud epidemic, the financial world is grappling with an ever-escalating threat that undermines the very fabric of our economies and societies.

Last week, UK Finance, the banking trade association, issued a cautionary advisory to financial institutions regarding approximately 800 suspicious filings concerning 190 companies submitted to Companies House. These filings purportedly revolve around the erroneous discharge of registered charges.

Feedzai, a frontrunner in the application of AI to combat financial crime, has linked with UK Finance for the second year running on a report.