The stage was set for AML and Fraud Leaders with innovative ideas and new perspectives to share their stories and key learnings at Money20/20. Thousands of attendees from about 3,000 companies came together to hear about the disruptions, trends, challenges, and new technology in the fintech ecosystem that are changing the industry.
November 1st, 2023
Financial institutions (FIs) often struggle with low-impact case management processes that severely impede financial crime and compliance operations in a dynamic, high-velocity threat environment.
October 30th, 2023
In an age where financial transactions occur at lightning speed across borders, ensuring the integrity of the financial system is paramount. Money laundering and financial crime pose a significant threat to the global economy and the stability of financial institutions (FIs). To combat these risks, FIs rely on robust Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. In recent years, artificial intelligence (AI) has emerged as a powerful tool for enhancing the productivity, effectiveness, and precision of both individuals and organizations. In this article we will look at the possible benefits of augmenting BSA/AML quality assurance (QA) programs with AI.
October 20th, 2023
Even in the face of the ongoing evolution toward digital alternatives, the enduring significance of checks within the financial routines of countless Americans remains evident. Federal Reserve data has established that checks continue to be integral, with more than 3.4 billion checks written in 2022, each bearing an average value surpassing $2,500—a testament to their enduring relevance. However, this continued utility is accompanied by the shadow of check fraud.
October 16th, 2023
Recent statements from regulators point to a few shifts in how they view compliance. For one thing, regulators are now willing to fine firms simply for incomplete record retention, regardless of whether or not there was actual wrongdoing. They understand that many firms have gaps in their records due to the proliferation of communications channels, and expect firms to plug those gaps. For another, regulators care about the culture of compliance that firms are setting, and expect firms to hold non-compliant employees accountable.
October 3rd, 2023
On 29 August the Hong Kong regulator, the Securities and Futures Commission (SFC) issued the latest in a long line of enforcement releases concerning ’ramp-and-dump’ manipulation schemes, in which prices of small-cap stock on the Hong Kong Exchange have been ramped up by fraudsters before they sold out at a profit.
September 13th, 2023
Many financial institutions (FIs) struggle to mitigate fraud thanks to multiple systems that score it, various account monitoring processes, and how they must integrate data to sweep for issues. The fix is having a single tool that enables leveraging all data. Having this toolset helps FIs join the outputs of various systems employed in fraud mitigation into a single data source and use that data to mitigate issues in real time. Unique to NICE Actimize’s solution, you can manage all issues in one system, record all fraud findings in one place, and use every bit of the intelligence gathered on a go-forward basis.
September 4th, 2023
Attempts to counter money laundering activities have been going on for decades with initial regulations established over half a century ago. However, as criminal activity continues to evolve, new measures need to be put in place. One of the focal areas for financial institutions (FIs) is Know Your Customer (KYC) and Customer Due Diligence (CDD). This process of collecting critical data elements on a customer needed to confirm the identity of a customer and assess their potential risk of money laundering activities has deep financial impact: Many industry surveys indicate CDD processes and tools consume over 40% of the total Anti-Money Laundering (AML) budget.