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The Role of AI in Helping Banks to Tackle the Next Fraud Epidemic
Date: August 3, 2022
By Sujata Dasgupta, Global Head of Financial Crime Compliance Advisory at Tata Consultancy Services, discusses the current state of financial crime and why regulatory tech and artificial intelligence are becoming essential in tackling these threats. Financial institutions are no strangers to money laundering and fraud. However, the rate and complexity at which financial crime operations...
Toyota Unit Falsified Emissions Data From at Least 2003, Probe Finds
Date: August 2, 2022
By Satoshi Sugiyama TOKYO (Reuters) -A major affiliate of Japan’s Toyota Motor Corp falsified emissions data on some engines going back to at least 2003, more than a decade earlier than previously indicated, a company-commissioned probe showed on Tuesday. The investigative committee tasked by truck and bus maker Hino Motors Ltd blamed the scandal on...
British Financial Watchdog Toughens Rules on High-Risk Product Ads
Date: August 1, 2022
By Huw Jones LONDON (Reuters) – Britain’s financial watchdog finalised tougher rules on Monday for advertising high risk products, such as peer-to-peer loans and the mini-bonds sold by investment firm London Capital & Finance (LCF), whose collapse led to a government bailout of investors. The Financial Conduct Authority (FCA) said firms approving and issuing marketing...
China’s Alibaba Strives to Keep New York Listing Amid Audit Dispute
Date: August 1, 2022
By Scott Murdoch (Reuters) -Alibaba Group Holding Ltd said on Monday it would work to maintain its New York Stock Exchange listing alongside its Hong Kong listing after the Chinese e-commerce giant was placed on a delisting watchlist by U.S authorities. Alibaba stock closed down nearly 3.8% in a near-flat Hong Kong market, following its...
How to Refine Your KYC Procedures
Date: August 1, 2022
By Alex Richter, Head of PassFort a Moody’s Analytics company Procedures to tackle financial crime are constantly being developed and improved with the aid of a fast-paced technology industry. Despite technological innovations, it seems criminals are continuously looking to find new ways to exploit the financial system. Although extensive resources and investments are being pledged to comply...
The Fight Against Anti-Money Laundering Should Be a Priority for the Future of All Banks
Date: August 1, 2022
By Gabriel Viera, Chief Compliance Officer at Zenus Bank Across the financial services and banking sectors, we are witnessing increasing demand from customers, businesses, and governments to prioritize compliance and risk management. The geopolitical tension following Russia’s invasion of Ukraine — and the subsequent exposure of financial links between the Kremlin and organizations in Western...