In today’s rapidly changing, high-cost compliance landscape, a financial institution’s (FI’s) ability to maintain operational efficiency (OE) is crucial. It can be the difference between staying competitive and compliant or encountering significant challenges across multiple functions. OE refers to the optimization of business processes and resources for the purpose of reducing operating costs while maintaining or improving productivity. A constant trend within the financial services industry is the need to perform multiple activities related to financial crime operations in a fast and cost-effective way, all the while remaining compliant with regulations.
April 30th, 2025
On 21 April, the CFTC sought public comment about 24/7 trading and clearing of listed derivatives.
April 29th, 2025
The German Anti-Money Laundering Act (Geldwäschegesetz – GwG) serves as the foundation for Germany’s fight against money laundering and terrorist financing. The German Federal Financial Supervisory Authority (BaFin) takes on a key part to enforce the GwG and offers more insight and guidance on how to apply it through its Auslegungs- und Anwendungshinweise (AuAs). These AuAs, show BaFin’s administrative methods and are seen to have a binding effect on the financial institutions and other groups under its supervision.
April 28th, 2025
ISO 20022 is a universal financial messaging standard that replaces legacy formats such as SWIFT MT messages. It introduces a more structured and data-rich format, allowing financial institutions (FIs) to improve payment processing, compliance and fraud detection. By implementing ISO 20022, FIs will be able to standardize messaging across domestic and cross-border payments, enabling greater transparency and efficiency.
April 17th, 2025
On April 14, 2025, FinCEN implemented a Geographical Targeting Order (GTO) in parts of Texas and California along the southern U.S. border with Mexico. Announced on March 11, 2025, this GTO had a very short lead time, impacting financial institutions significantly.
April 11th, 2025
NICE Actimize has amassed an impressive array of awards and honors over the years, showcasing its groundbreaking innovations in anti-money laundering, fraud management, and financial markets compliance. These accolades may fill shelves, but the most meaningful honor comes from the industry itself, those that recognize a legacy built over time rather than a single standout year or solution. One such prestigious award is the TabbFORUM NOVA Award, which NICE Actimize has proudly received for the third consecutive year.
April 7th, 2025
According to a recent technology and market overview report by Chartis Research, “Overall, financial crime detection, prevention, and compliance are in a healthy state: innovation is thriving, the customer experience is a central consideration, and financial inclusion is a real possibility for the first time in a long while.” This is excellent news for the industry.
April 4th, 2025
Another eventful week has unfolded in the financial crime world, and coincidentally, the Federal Trade Commission has unveiled compelling new data on the pervasive nature of fraud, and the damage scammers are inflicting on all of us. The FTC’s report, revealing a staggering rise in reported fraud losses that surpassed $12.5 billion in 2024, serves as a stark reminder of the pressing need for swift and effective fraud prevention measures.