Achieving global financial crime regulation with the UN
The United Nations fears its sustainable development goals are threatened by financial crime; a global response is required, the organisation argues The United Nations has become one of the most powerful voices in the battle against financial crimes such as
The Empire Strikes Back! AML and the US CBP Forced Labor Process
Star Wars fans will be familiar with the title of Episode V of the epic space franchise; in modern day reality, the “Empire” (in this case, in the form of the United States Customs & Border Protection - US
Concerning our coasts – money laundering and trafficking in global fishing
The catastrophic effects of the global fishing industry have never been so readily accepted as now. Environmental agencies focusing on our waters and their complex natural systems - such as Sea Shepherd in the UK - have worked tirelessly
Leveraging STP in KYC
In KYC and AML, data forms the bedrock that important decisions are based on. Without uniformity in that data, it is very hard to move beyond the manual data processing that is undertaken in even the simplest of tasks,
Will universities learn their lesson on money laundering?
A new report into potential money laundering involving universities’ overseas students is the latest warning of the higher education sector’s vulnerability. The imperative to act grows stronger by the day. What is banned in the UK’s scrapyards but perfectly legitimate
Client monitoring: reducing false positives and leveraging STP
Despite the massive cost and reputational risks Financial Institutions (FI) are exposed to, efficient fraud & AML systems largely remain elusive. Furthermore, incumbent fraud systems generate a large volume of false positives in the process of detection, where a
Banks face tough battle against crypto money launderers
Bank bosses can no longer bury their heads in the sand. Virtual currencies such as bitcoin are becoming mainstream and many traditional banking customers are transacting with cryptocurrency exchanges. The institutions must ensure robust anti-money laundering (AML) and counterterrorist
Arachnys joins Fintech Innovation Network
Arachnys, the global KYC and AML data provider, today announced their membership of the Fintech Innovation Network (FIN). This online resource has been designed specifically for Financial Services professionals to enable them to navigate the crowded marketplace of technology
The money mule pandemic which continues to challenge banking AML
There have been a multitude of negative aspects to life during the Covid-19 pandemic. The UK has recently surpassed the one-year mark since locking down for the very first time to reduce hospital admissions and reduce the infection rate.
Between Covid & Compliance – the current highs and lows of the dope industry
The decriminalization of marijuana has been gathering increased momentum in recent years, particularly in the United States. At least 35 states currently allow the use of marijuana in one way or another (recreational vs medicinal). Driven by exceptional demand and
The rise of adverse media screening in KYC, AML and CDD
In highly regulated industries, the need for enhanced due diligence (EDD) on customers and counterparties has never been so necessary. In the case of tier one banks and other large financial institutions (FIs), compliance protocols can differ between jurisdictions
How to accelerate onboarding and improve CX in business banking
The race to differentiate continues to put the banking sector to the test. As Fintech entrants push through barriers to create exceptional digital experiences, all banks are running a race to create innovative customer products and experiences. Part of