Tag: AML 2023

Financial institutions play a pivotal role in preventing money laundering. Over the past 18 months, government bodies have frequently highlighted shell companies as significant red flags in anti-money laundering (AML) activities. Consequently, one must ask, is your institution actively identifying shell companies in its transactions? More importantly, can it detect shell companies with tangible sanctions and watchlist links?

Banks, money services businesses, and other financial institutions are bound by U.S. laws to establish anti-money laundering (AML) procedures. Implementing identity verification, regulatory reporting, and risk management can be intricate, lengthy, and costly.

In a recent post by Moody's Analytics, the firm asked three key questions about driving efficiency with AI-powered screening.

Deutsche Bank has been hit with a fine of $186m by the Federal Reserve Board due to deficient AML practices and other violations.

The ACAMS Annual AML & Anti-Financial Crime Conference in Hollywood, Florida, is a high-profile event in the anti-money laundering sector, serving as an annual...

Facing the interconnected and complex financial ecosystems of today, financial institutions are grappling with regulatory compliance and financial crime prevention.