Tag: Consilient

Cross-border money laundering thrives where rules diverge. Criminals exploit the inconsistencies in supervision, disclosure, and enforcement across jurisdictions, flowing funds through loosely monitored entities,...

Smaller financial institutions are facing mounting structural challenges in meeting anti-money laundering (AML) requirements, despite being held to the same regulatory standards as their...

As financial crime grows more complex and voluminous, traditional AML systems are struggling to keep up. In 2023 alone, financial institutions in the US...

Ripping out and replacing anti-money laundering (AML) systems is no longer a practical option for most financial institutions. According to Consilient, deeply embedded legacy...

In the rapidly evolving financial security world, transaction monitoring stands as a critical defence against fraud and illicit activity. However, the persistent challenge of...

Customer Risk Ratings (CRRs) have long been integral to anti-money laundering and counter-terrorist financing (AML/CFT) frameworks. According to Consilient, despite their importance, many financial institutions...

Consilient has introduced a product tailored to transform the field of correspondent banking, a key component in global trade and cross-border payments. The inception of...

Founded in 2020, Washington DC-headquartered Consilient brings together next-gen technology and best-in-class AML and CFT knowledge to power a more secure, dynamic and effective solution for financial institutions.

Traditional AML systems are proving inadequate, struggling to keep pace with the evolving sophistication of financial crime.

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.