Tag: AML

Navigating the EU AI Act: A strategic guide for AML and...

The upcoming Artificial Intelligence (AI) legislation, notably the European Parliament's Artificial Intelligence Act, is poised to redefine the regulatory landscape for financial institutions. Touted...

Navigating AI hype: Precision LLMs transforming risk management

In the rapidly evolving sectors of finance and governance, managing risk amidst vast, global networks of individuals and organizations is crucial. Leaders tasked with overseeing institutional risk exposure are increasingly looking towards innovative solutions to balance growth and risk management effectively. Enter Large Language Models (LLMs) like GPT-4 – the new frontier in AI, sparking a revolution in fields such as natural language processing (NLP). Despite the inherent risks associated with emerging technologies, the potential of LLMs to significantly contribute to future risk assessment products is becoming increasingly evident.

Onfido unveils compliance suite: Streamlining global identity verification

Onfido, a global pioneer in automated identity verification, has launched the Compliance Suite to address the pressing need for a unified identity verification solution.

How EU’s latest AML laws impact HNWIs and property ownership

Flagright recently took the opportunity to explain how the new AML laws in the EU will impact high net worths and luxury ownership.

The pivotal roles of governance and risk assessment in BSA/AML and...

Governance and risk assessment are not regulatory checkboxes but the bedrock of a robust BSA/AML and OFAC compliance program.

The future of KYC: Adapting to new challenges in the banking...

Fenergo's recent webinar, 'KYC, AML, & Onboarding in 2023 – Were Lessons Learned or Do Old Habits Die Hard?', brought together compliance experts to delve into findings from research on over 1100 executives from global banks. This study, encapsulated in the report 'KYC in 2023', reveals a significant 17% rise in the average cost of KYC (Know Your Customer) reviews, accompanied by an 11-day increase in their duration over the past year.

Harnessing data retention for enhanced AML compliance strategies

In the battle against money laundering, the significance of data retention in anti-money laundering (AML) compliance is often underestimated. It serves as a fundamental...

Unveiling the shadow world: How art money laundering masks illicit wealth

Art money laundering refers to the concealment of the origins of illegally obtained funds through the purchase and sale of art.

US regulatory priorities in 2023 & the coming years

In recent years, United States financial regulators have established themselves as global leaders in enforcement. In 2022, they imposed $3bn in fines, nearly three...

Navigating the complexities of adverse media screening in AML efforts

In a recent post by Moody's Analytics, the company explained how firms can uncover hidden risks with adverse media screening.

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