Perpetrating complex fraud isn’t overly taxing; it’s as easy for fraudsters to procure the tools to infiltrate financial institutions (FIs) as it is for any consumer to buy a smart home system on Amazon.
May 26th, 2022
The ‘Travel Rule’ was first introduced by FinCEN in the US’s Bank Secrecy Act (BSA) and came into effect in the US on May 28, 1996. FinCEN’s ‘Travel Rule’ required financial institutions to pass on certain information to the next financial institution during the ‘transmittal of funds,’ which often refers to wire transfers. In 2012, the Financial Action Task Force (FATF) updated their FATF 40 recommendations to include similar ‘Travel Rule’ guidelines for wire transfers, as outlined in Recommendation 16.
May 26th, 2022
Trace Fooshee is a Strategic Advisor in Aite-Novarica’s Fraud & AML practice, covering fraud and data security issues. Trace will be speaking at NICE Actimize’s virtual customer event, ENGAGE, on June 9, on a panel titled “Evolving Fraud Strategy across the Customer Journey.” Click here to learn more and to register for this industry-leading financial crime event.
May 24th, 2022
Charles (Chuck) Subrt is the Director of Aite-Novarica’s Fraud & AML practice, and he covers anti-money laundering and compliance issues. Chuck will be speaking at NICE Actimize’s ENGAGE virtual customer event on June 9, on a panel titled, “ Seeing through the Corporate Facade – Money Laundering Threats in Corporate Banking”. Click here to learn more and to register for this industry-leading financial crime event.
May 16th, 2022
Understanding the impact of the UK Economic Crime (Transparency and Enforcement) Act of 2022 will help you keep your organization in compliance with the latest requirements. Players in the UK regulated sector are already assessing what this new legislation means and making changes to account for and comply with the new legislation. This blog will cover the basics of the new bill and the top three things AML-KYC professionals need to know about it.
May 16th, 2022
You’re lonely and looking for love. In this day and age, that means swiping through profiles on Tinder or other online dating applications. You find a person that seems too good to be true – they’ve got style, class and looks, all wrapped neatly in a 24K gold package. You know this because of their pictures taken from private jets, yachts, and exotic destinations. You swipe right…and it’s a match!
April 27th, 2022
With the ongoing conflict between Russia and Ukraine, many countries around the world, including the G7 members, have introduced unprecedented financial sanctions. These sanctions aim to isolate Russia’s financial system, create significant economic consequences, and put pressure on Russia for ongoing activities in Ukraine.
April 8th, 2022
As more and more financial institutions (FIs) begin adopting AI and machine learning-based data into their programs, the most common question financial crime fighters ask is – “how can we best understand the findings?”.