Tag: Anti-Money Laundering

Romance scams, particularly in the form of sextortion, have experienced a sharp increase, with Moody’s identifying 1,193 new entities and individuals globally with potential...

The implementation of the 6AMLD on June 3, 2021, marked a significant escalation in the accountability of financial institutions across European Member States.

In the complex landscape of financial crime prevention, MLRO's stand as pivotal figures within financial institutions.

Money laundering is a global issue, undermining economies and enabling illicit activities by disguising illegal funds as legitimate. This pervasive challenge affects financial institutions...

The FBI has recently highlighted an alarming trend: cybercriminals are increasingly employing AI to conduct their nefarious activities. According to an FBI public service...

Money laundering activities in the United States alone are estimated to total $300bn annually. In 2023, penalties for anti-money laundering (AML) violations in the U.S. exceeded $5bn—a 69% rise from the previous year. These figures underline the urgent need for a more effective approach to combatting financial crime.

Amid the rapid evolution of banking, digital-first banks like Starling and Metro Bank are facing increased regulatory scrutiny, particularly around AML controls. According to Corlytics,...

Customer classification plays a pivotal role in the AML strategies of businesses, especially within banking, finance, and gaming sectors. According to Alessa, customer-type ratings...

As financial institutions navigate an increasingly complex regulatory environment, many are finding that cloud technology offers a reliable solution for future-proofing compliance efforts. The move to cloud-based financial crime compliance not only enhances agility but also helps institutions meet stringent regulatory requirements more effectively.

TD Bank has been slapped with a staggering $3bn penalty for breaches of the BSA marking a record-setting moment in U.S. financial regulatory history.