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Case Management: The Fraud and Money Laundering Connection
When it comes to fighting fraud and money laundering, the connection between the two is critical as fraudsters work to find a way to legitimize their illicit funds. Proceeds from criminal activity related to fraud need to be laundered, so money laundering often follows soon after fraud occurs. Typically, following a successful money laundering activity, […]
3 ways AI can take on money launderers more effectively
It is estimated that around 2 to 5 percent of global GDP, or $800 billion to $2 trillion a year fall victim to money laundering. In the UK, money laundering is out of control with an estimated £100 billion flowing through the country each year. Yet recent reports show there has not been a single […]
Covid-19 and AML: The Impact, Challenges, and Future
The effects of Covid-19 have been felt in every industry, in every country. As the world continues the fight to quell the virus, everything about the way we live and work has changed. However, among all the chaos, heartache and fear, there are people who see the opportunities that Covid-19 has brought. Namely money launderers, […]
Harnessing analytics in the fight against fraud and money laundering
The fight against fraud and money laundering no longer sees businesses and compliance personnel going up against easily identifiable, shady criminals. Auditors can no longer identify patterns of suspicious behaviour months after the transaction was completed. It is no longer feasible to work in a reactive way. Transactions are done so fast nowadays that a […]
COVID-19 and Transaction Monitoring: Managing AML Compliance
As a result of the ongoing global struggle with the COVID-19 pandemic, financial institutions are experiencing novel compliance challenges linked to this outbreak. The new strain of coronavirus has sent global financial markets into widespread turmoil and this unfortunately presents criminals with new opportunities to generate and launder funds gained from illicit activities. As a […]
5 key challenges when tuning AML transaction monitoring software
Having a correctly tuned AML solution is essential for any organization dealing with high volumes of financial transactions. With compliance risks being higher nowadays, regulators are constantly inspecting AML transaction monitoring systems to ensure adherence to international regulations. One of the main issues faced is the high number of false positives which can be caused […]
Top 5 measures for AML transaction monitoring systems
Active or real time monitoring of financial transactions should be the order of the day for institutions and businesses handling high volumes of deposits and withdrawals. This capability is essential in mitigating risks, thereby improving the monitoring and detection process. By effectively and actively monitoring transactions, organizations are in a better position to meet their […]
Leveraging Graph Analytics to fight Money Laundering
It’s estimated that money laundering (ML) transactions account for anywhere between 2% to 5% of global GDP. This amounts to roughly $2 trillion per annum. Today’s struggle against ML brings with it hefty fines to institutions found to have breached anti-money laundering (AML) regulations. Two giant cases were recently settled involving two banking conglomerates. Back […]
What happens when your AML transaction monitoring rules are static
Although we live in a cutting-edge, modern tech world, a large number of payment service providers still use outdated, static systems to flag and identify suspicious transactions and payments. Remedying false positives can be a colossal waste of your team’s time. The situation can also lead to customers’ legitimate transactions being delayed while the team […]
Automated AML transaction monitoring can lead your compliance team out of the darkness
Adherence to compliance regulations is no easy feat for financial institutions. The compliance team depends on immense accuracy and timely information to get their tasks done properly – and the right tools can lead them out of the darkness. An AML transaction monitoring solution has the ability to sift through millions of transactions, match them […]
