New tech set to boost financial crime fighting efforts
Experts have welcomed a Financial Action Task Force report highlighting new technologies that can help fight financial crime. The task force emphasised how advances — such as customer due diligence tools, artificial intelligence and blockchain — can make anti-money
Applying Technology To Financial Crimes Compliance
How can banks best apply technology to help with their financial crime compliance processes, particularly when the rapid advancement in the space? AML RightSource Creative Director Elliot Berman sat with CEO Frank Ewing and Head of Product David Buxton at
Real Estate and the Need for “Real” Reforms in Australian AML Regulations
“Incremental” is a word that is often used to describe the pace of AML/CTF reforms in Australia. The release in 2021 June of the latest Tranche 1.5 by the AUSTRAC is emblematic of the glacial pace at which reforms
Illegal logging and deforestation: money does grow on trees
Of all the environmental crimes, illegal logging (including illegal land clearing) is understood to be the most profitable. The illegal timber trade is said to account for up to 90% of tropical deforestation in some countries and attracting the
Streaming and vaccinations: cooperation necessary to combat covid-19 fincrime
Financial crime’s movement online is not a new phenomenon. Since the internet’s arrival, subsequent boom, and the remarkable increase of technological capabilities from then on, criminals have altered their tactics to maintain fraudulent activity on the web. And no
Financial firms must tackle dark side of open banking and use it to stop crime
When it comes to fighting financial misconduct, open banking has a light and a dark side. It has the potential to help fight criminals, and to be exploited by them. If banks and financial technology firms (fintechs) are alert to
Deepfakes: Ghosts in machines and their effect on the financial world
More and more lives and behaviours are migrating online and into the digital sphere, from socialising and working to how finance is accessed and used. Developments in technology such as Artificial Intelligence (AI) combined with non-face to face forms
The increasing risk of money laundering through illegal dog trafficking
Criminals will infiltrate any business that will garner financial gain, or cover up their other illicit activities. We’ve already seen this through fishing, the cattle trade, and through shipments of gold. But while these industries may seem far-flung to
Forced Labor & Covid-19 – What the Future Holds for AML Compliance
Greek myths tell the story of the Lernaean Hydra, a vicious monster with many heads. The serpentine monster was nearly impossible to kill, as its heads would regenerate when chopped off. In many ways, human slavery is like the
Are grey area NFTs the new source of crypto-concern for AML?
“What does NFT even stand for, anyway?” Perhaps these words have resonated with you the past few months in conversations with colleagues or friends. While seemingly a throwaway josh, it echoes an unfamiliarity that many people working within financial
The Private Investment Industry Should Turn Its Focus to Anti-Money Laundering Compliance
Last summer, the Federal Bureau of Investigations (FBI) stated in a leaked intelligence bulletin that they believe that nearly $10 trillion in private investment funds are being used as vehicles for laundering money. Despite these concerns, when the Anti-Money
How can AML analysts effectively make the most of alternative data
Part of an AML analysts’ workload involves the scrupulous investigation of ‘suspicious activity’ that could pass through a financial institution and be alerted through their internal systems. One way in which an analysts’ life can be made easier is