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Unveiling the power of risk-based transaction monitoring in modern compliance
In today’s intricately woven financial landscape, the paramount objective is to ensure compliance with regulations while proactively identifying and thwarting illicit activities such as money laundering, fraud and terrorist financing. Organisations worldwide have elevated this mission to the top of their priority lists. In response, a risk-based approach to transaction monitoring has emerged as a […]
Navigating the EU AI Act: A Proactive Approach to Compliance
As the EU’s AI Act ushers in a new era of AI regulation, businesses are looking to ensure the solutions which they have invested in and planning to invest in align seamlessly with the Act’s core principles. Here’s how the landscape of AI compliance unfolds: 1. Risk Classification and Regulation The Act emphasises categorising AI […]
Maximising Financial Crime Prevention: The Power of Coordinated Controls
In present day, the threat of cybercrime looms large, and organisations are rightfully concerned. However, addressing these concerns and effectively preventing financial crimes requires a comprehensive and sophisticated approach that goes beyond isolated efforts. At ComplyRadar, we firmly believe that the key to success lies in better coordination between anti-fraud and anti-money laundering (AML) controls, […]
Sweden proposes comprehensive ban on gambling with credit
The Swedish Ministry of Finance has proposed an enhanced ban on the use of credit for gambling, which aims to curb gambling-related harm or irresponsible gambling. Existing regulations already prohibit licensed operators from offering credit under the Gambling Act, but the new proposed measures enforce a more robust approach. The Ministry has highlighted the link […]
ComplyRadar: Empowering Fintechs Against Money Laundering Challenges
In the dynamic landscape of financial technology (fintech), and the evolution of digital transactions and global financial services businesses face numerous challenges in preventing of money laundering (ML). This is threatens the integrity of the fintech sector, therefore demanding businesses to invest and implement proactive, efficient measures to counteract effects of ML. This is where […]
Frankfurt to Host EU’s Anti-Money Laundering Authority (AMLA)
Exciting developments in the fight against financial crime as Frankfurt emerges as the chosen host for the European anti-money laundering authority, AMLA. Last week, the Council and European Parliament sealed the deal on the authority’s seat, marking a milestone in the EU’s efforts to strengthen its anti-money laundering framework. Set to kick off operations in […]
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 […]
ComplyRadar sponsors the Governance, Risk and Compliance Summit
ComplyRadar is sponsoring the Governance, Risk and Compliance Summit 2023 organised by the Malta Stock Exchange. The summit will take place at the Westin Dragonara Conference Centre on 2nd February 2023 and shall address the significant developments in the regulatory frameworks as well as the challenges faced by all practitioners in the financial sector. Financial […]
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 […]
