Tag: AML

OneID, the UK's leading digital identity service, has reached a new milestone in the field of Identity Verification for Know Your Customer (KYC) and Anti-Money Laundering (AML).

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

Flagright recently took the opportunity to explain how financial firms can navigate the complexities of AML data integrity. 

The European Parliament and Council have reached an agreement on the establishment of an Anti-Money Laundering Authority (AMLA).

Flagright, a global leader in AI-powered AML and fraud prevention solutions, has proudly announced its newest customer, Aforti.

Refine Intelligence, a FinTech company specialising in Financial Crime Greenflagging, announced its launch, marking a significant advancement in anti-money laundering (AML) practices.

Fraud in the UK has become a significant concern, with 40% of crimes being fraudulent. Money muling is at the forefront, where fraudsters utilise synthetic or real mule accounts for financial gain. The UK government, recognizing the seriousness, plans to publish an action plan to combat this issue. 

2023 has brought forward unique challenges and trends in the KYC (Know Your Customer) and AML (Anti-Money Laundering) landscape, as revealed in a survey...

Proliferation Financing (PF) is becoming an increasingly important aspect of the compliance landscape, akin to well-known areas like anti-money laundering (AML) and counter-terrorism financing (CTF). Recently, regulators, particularly in the UK, have begun implementing stricter measures to help businesses identify and mitigate PF risks.

In 2022, Fenergo's annual research survey of global investment banks highlighted a labor-intensive environment in Know Your Customer (KYC) processes. These processes were costing banks as much as $35m annually.