buildings from ground view

U.S. Financial Institutions Face New Risk Regulations

Posted by - October 30, 2017
The Reality of the New FinCEN CDD Rule The FinCEN Final Rule on Customer Due Diligence (CDD) is designed to improve global corporate transparency in the wake of recent scandals. This new rule will have a significant impact on the requirements of financial institutions and the way in which they…
financial technology

6 Trends in AML Compliance

Posted by - October 17, 2017
Translating Smart Investments to Improved Governance and Customer Relationships Anti-money laundering regulations (AML), including Know Your Customer (KYC) requirements, are hardly a new concept in the world of financial services. Over the years, financial institutions have largely mastered the mechanics of compliance. There is, however, significant opportunity for improvement, especially…
man pressing disruption word button on virtual screen

Strengthening Compliance with AML-as-a-Service

Posted by - October 5, 2017
A Tectonic Shift in Operating Models? Financial services has always been a heavily regulated industry. And while anti-money laundering and counter-terrorist financing regulations are getting more stringent by the day, financial criminals continue to find ways to bypass the strict monitoring rules employed by banks. Banks face increased regulatory scrutiny,…
concept of bank lending

Minimizing Risk through Geospatial Technology

Posted by - October 4, 2017
The Need for Regulatory Support Financial institutions and federal bank regulators can integrate location intelligence as a regulatory technology (Regtech) solution to ensure compliance with anti-money laundering (AML) standards, financial inclusion requirements, and fair lending regulations. This article outlines the key benefits for banks and regulatory authorities of integrating geospatial…
dirty handprint on bank note

Driving Compliance in Financial Services Through AI

Posted by - September 29, 2017
What Money Laundering Looks Like in Community Banks Although they generally have smaller compliance teams and budgets, the nation’s community banks face the same arduous compliance challenges as their larger bank counterparts. Artificial intelligence and machine learning solutions can greatly assist community banks by detecting suspicious entities and transactions in…

Thomson Reuters Anti-Money Laundering Insights Report Reveals a Very Real Fear of Noncompliance

Posted by - September 26, 2017
September 26, 2017 (Eagan, MN)— Cyber-enabled crime, shifting economic sanctions’ targets and new data-reporting demands have created radical upheaval in the U.S. anti-money laundering (AML) regime. Thomson Reuters recently surveyed 438 AML compliance leaders connected with the Association of Certified Anti-Money Laundering Specialists (ACAMS) to gain an understanding of how U.S. financial…
floating digitized brain

How AI is Transforming the Anti-Money Laundering Challenge

Posted by - August 10, 2017
A Much-Needed Intelligent Approach to Segmentation Anti-money laundering (AML) is a complex and persistent challenge for financial institutions. AI is transforming key elements of the AML workflow and delivering an order of magnitude in performance improvements in the process. Money laundering has become the leading source of compliance fines for…
bank notes in a panama hat

Ultimate Beneficial Ownership

Posted by - July 18, 2017
Lessons from Panama One Year On It’s been more than a year since the Panama Papers incident, the leak of more than 11 million documents pointing to a lack of corporate transparency around shell structures. As a result, the global regulatory landscape has undergone significant reform in order to heighten…
man with suitcase of money

Improving the Effectiveness of AML Programs

Posted by - June 30, 2017
Using Artificial Intelligence to Minimize Risk Money laundering continues to be a serious concern for financial institutions across the globe, as legacy technologies allow an unacceptable number of illicit transactions to go unidentified. However, many forward-thinking financial institutions have begun working smarter by using artificial intelligence (AI), dramatically improving the…
anonymous person sitting in shadow

Smoke and Mirrors

Posted by - June 29, 2017
The Opaque Nature of Ownership As regulation around global business relationships increases in importance, it’s critical for enterprises to know the true owner of the businesses they are working with. Brian Alster of Dun & Bradstreet describes the opaque ownership structure that many businesses often implement and strategies companies can…

Haider Settlement

Posted by - May 26, 2017
The ex-compliance chief of MoneyGram International Inc. (MoneyGram) is found personally liable for MoneyGram’s AML failures. The lawsuit is unprecedented in growing regulatory efforts to impose personal liability on a compliance officer for a company program failure. Patty Tehrani offers an analysis of the settlement and lessons for compliance practitioners.
hundred dollar bills drying on a clothesline

NYS DFS Part 504 AML Regulation

Posted by - May 5, 2017
Are Banks Bracing for Tougher Compliance? Every new AML regulation – or update – is meant to prompt banks and financial institutions to improve their compliance efforts. The latest announcement by the New York State Department of Financial Services (NYS DFS), enacting Part 504, is another such regulatory measure. Initially…