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Why is transaction monitoring key over and above onboarding checks?
Transaction monitoring is key over and above onboarding checks because it helps financial institutions detect and respond to suspicious activity in real-time. Onboarding checks, such as customer identification and due diligence, are important for identifying and mitigating money laundering risks when a new customer is first onboarded. However, these checks only provide a snapshot of […]
Large economies were spared by the Financial Action Task Force from pressure over AML gaps
A move to save big economies from being included in the gray list
AML/CFT – The potential costs of non-compliance
The need for AML compliance / transaction monitoring solutions, at face value, can be considered a necessary requirement, or expense, induced by regulators. However, one can also analyze the introduction of these solutions from the perspective of possible cost savings. The first, and possibly obvious, cost saving is the avoidance of fines. This aspect is […]
Risk Based Approach
Once the customers demand for services increases and business growth ensues, transaction volumes and variety become so large that a one-size-fits-all transaction monitoring approach no longer becomes feasible or effective. Traditional transaction monitoring rules tend to be set as thresholds impacting most of the customer-base with the least-risk cut-off point. This results in rules that […]
Powering Anti-Money Laundering efforts with Artificial Intelligence
The question that follows, is how can artificial intelligence assist organisations with combatting Money Laundering? Although in essence the ultimate question which needs to be answered is a binary one – is a particular activity hiding illicit money laundering activity or not – reaching a simple and correct conclusion is in many cases not an […]
The Compliant Customer Journey Always Wins
There are few industries as rapidly evolving as iGaming – that much is a fact. Every day brings exciting new developments in the tech world, and with each new product, service, and update – operators strive to improve their offering in line with their customers’ growing expectations. It comes as no surprise, then, that optimising […]
Don’t gamble with your regulatory responsibilities
Is problem gambling becoming something of a public health emergency? This is the question on everyone’s mind in the iGaming industry, and to be completely frank – we need to take it seriously. Look at the UK, and you’ll find that the Gambling Commission has, over the years, been gaining ground when it comes to […]
What is AML transaction monitoring?
Even if you’re not directly involved in the Banking & Finance or Gambling & iGaming sectors, there’s a pretty good chance that you’ve at least heard – or read – about Anti-Money Laundering (AML). It refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate […]
Using AI and machine learning to fight money laundering
Data scientists have done a great deal for us in the way of making our financial lives easier and, without a doubt, more secure than ever before. These advancements aren’t always used for good, however. While technology has brought the financial world forward in leaps and bounds, it’s worth remembering that this same technology is […]
Why manual AML Transaction Monitoring processes do not scale in iGaming & Gambling companies
With the rise of money laundering and online fraud, iGaming & Gambling companies everywhere have had to up their game and optimise their transaction monitoring solutions against such risks. Leading iGaming & Gambling businesses across the globe have even been heavily fined by the relevant authorities for failures related to compliance. Therefore, a good AML […]
