The continued shortfall in combatting trade based money laundering
Some 15 years after the Financial Action Task Force (FATF) published its first landmark report on trade-based money laundering (TBML), new research from the independent inter-governmental body makes sobering reading. Organised crime groups continue to exploit the complexities of
The Fault In Our SARs: The importance of realignment towards actionable intelligence
The principle of a Suspicious Activity Report (SAR) is very simple - the transmission of information, typically from regulated firms, which alerts law enforcement that a certain client or activity is in some way suspicious and may indicate money
How can banks achieve perpetual KYC?
How close is the financial world to achieving perpetual KYC? Recent industry research has emphasised the drastic importance of improving KYC and compliance processes as financial institutions drive towards reducing the cost of a lot of the laborious, repeated,
KYC Entity Enrichment
From initial onboarding for a new business account, through to the periodic review of that entity thereafter, all banks have challenges around validating new customer data, resolving the information, and maintaining that data over time. Onboarding a new fund slowly
Webinar: Identifying human trafficking through AML and alternative data
In the latest Arachnys webinar, we welcomed Steve Farrer to join our CEO and co-founder David Buxton to discuss the prevalent issue of human trafficking and how banks can identify this criminal activity using alternative data in AML. As one
Interview with Greg Watson: KYC challenges for corporate banks
Corporate banks face a number of hurdles in conducting KYC. Complex processes that involve many parties, causing inefficiencies in operations, are often handled manually and only add to significant costs. When both the onboarding process and periodic review cycles