Tag: Financial Crime 2023

A recent study conducted by RedCompass Labs has revealed a concerning lag in how U.S. banks are keeping pace with criminals.

The UK's financial services sector is set to reap significant benefits from the FCA's enhanced performance in its authorisation processes.

Sibos 2023 concluded under the amiable autumn skies of Toronto, bringing together financial leaders, such as Victor Dodig from CIBC and others from Santander, State Bank of India, DBS, CLS, and EY, to discuss the resilience of banks and financial institutions amidst geopolitical disruptions. Fenergo attended the panel to understand how some of the big financial leaders are handling financial crime. 

Leveraging global media for a more proactive stance on risk is the future of financial crime prevention. Traditional methods often involve manual searches across various applications to identify potential threats in customer and counterparty relationships. While this may have been the standard practice in the past, advancements in technology are reshaping the landscape.

Regulatory fines slapped on global financial institutions saw a staggering 88% dip in H1 2023 compared to the same period last year. This significant decline was unveiled in a report from Fenergo, the top-tier provider of digital solutions in client lifecycle management (CLM).

PEPs are a key topic of discussion right now. Fenergo recently took the chance to dip deeper on PEPs and the fight against financial crime. 

Hawk AI, the leading provider of artificial intelligence (AI) based AML surveillance technology for banks, FinTechs, and payment firms, has announced a strategic partnership with Fourthline, a pioneering RegTech company specialising in AI-powered, compliant KYC and AML solutions.

Acuminor recently described how its Risk Assessment Pro platform helped to change a bank's financial crime risk management. 

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