Tag: Anti-Money Laundering
Key strategies to maximize efficiency in AML case management
In today's rapidly evolving FinTech landscape, the capacity to effectively manage a growing volume of financial transactions is paramount, particularly with the rise in digital transactions.
Flagright welcomes Zero Fintech as customer to pioneer sustainable digital banking
RegTech firm Flagright has welcomed Zero Fintech, a climate-conscious finance app, as its newest customer.
Harnessing AI and data integrity in fighting financial crime
In today's rapidly evolving digital world, the fight against financial crime networks demands both vigilance and innovation.
Why robust compliance is key to harnessing BaaS opportunities
Banking as a Service (BaaS) has been celebrated as a significant catalyst within the European FinTech industry, driving its influence on a global scale. Napier AI, which offers a financial crime compliance solution, recently explored why a risk-based compliance approach is vital for BaaS.
Seven key insights into the US’s beneficial ownership reporting requirements
In a stride towards combating financial crimes, the US introduced the CTA, designed to peel back the layers of secrecy often associated with business...
UAE’s digital leap: How regulatory sandboxes fuel AML compliance
The United Arab Emirates (UAE) is experiencing a notable economic surge, becoming a magnet for foreign investments and job opportunities. This economic growth is coupled with ambitious plans under the UAE Digital Economy Strategy launched in April 2022, aiming to increase the nation's GDP contribution from digital services from 9.7% in 2022 to 19.4% over the next decade. The strategy positions the UAE as a pivotal digital economy hub both regionally and globally.
Navigating the complex world of customer due diligence regulations
Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.
Rising regulatory challenges propel the necessity for robust entity verification
In today's intricate business environment, understanding the entities with which companies conduct business is becoming increasingly vital.
Nordea faces charges in Denmark’s largest money laundering case
Nordea, the largest bank in the Nordic region, has been officially charged in Denmark's biggest money laundering case to date.
The charges state that Nordea...
Napier AI’s call for smarter CDD practices in HM Treasury’s latest...
Napier AI has responded to a consultation from HM Treasury, the UK government's economic and finance ministry, on enhancing the effectiveness of the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These regulations require businesses to identify and prevent money laundering and terrorist financing.
