anti-money-laundering
Research ReportsGlobal transaction monitoring market to reach $43.2 billion by 2034 amid rising AML & KYC compliance needs
HeadlinesTrafigura and former executive found guilty of bribing angolan official
HeadlinesExclusive-French police probe death threats against judge and prosecutors trying le pen
Top StoriesSwiss corruption case involving trafigura and former executive opens
Britain’s watchdog fines metro bank $20 million for control failings
Date: November 12, 2024
By Lawrence White LONDON (Reuters) -Britain’s Financial Conduct Authority (FCA) has fined Metro Bank 16 million pounds ($20.51 million) for failings in its anti-money laundering controls, in the latest blow to the struggling mid-sized lender. The bank failed to have the right systems and controls to adequately monitor more than 60 million transactions, with avalue...
The role of effective KYC in strengthening customer trust and protecting business reputation
Date: September 30, 2024
Know Your Customer (KYC) practices are fundamental to establishing and maintaining trust between businesses and their customers. At its core, KYC involves verifying the identity of customers to prevent fraud, money laundering, and other illicit activities. By implementing effective KYC procedures, businesses demonstrate their commitment to security and integrity, which significantly enhances customer trust. Customers...
Fighting financial crime: How the property sector can keep up with evolving regulations
Date: August 23, 2024
By Phil Cotter, CEO, SmartSearch Selling and buying property is an ideal cover to carry out money laundering, with criminals investing £6.7bn of suspicious funds into UK property since 2016. Data from HM Land Registry also shows the number of attempted property frauds has increased by 70% in the last five years. The property industry’s...
Beyond borders: The impact of global regulations on financial services
Date: May 17, 2024
Beyond borders: the impact of global regulations on financial services The landscape of global financial regulations Understanding the framework of international financial laws The architecture of global financial regulation is built on a foundation laid by numerous international bodies, including the basel committee on banking supervision, the international organization of securities commissions (iosco), and the...
Why financial institutions need to set KPIs for effective AML
Date: May 13, 2024
Why financial institutions need to set KPIs for effective AML AML is weak if banks lack measures for success. They need to set KPIs By Gabriella Bussien, CEO at tech-first financial crime prevention organisation Trapets, a Nordic market leader that has been fighting emerging forms of financial crime for over 20 years. NASDAQ’s recent report...
How AI-Infused approaches to AML compliance are changing the game
Date: March 8, 2024
How AI-Infused Approaches to AML Compliance Are Changing the Game By Greg Pinn Advances in data analytics and artificial Intelligence (AI) are giving organizations powerful capabilities to reimagine existing operational models and approaches to risk management, including anti-money laundering (AML) compliance efforts. Manual, human remediation of screening matches is the largest area of cost associated...