Tag: Bank Secrecy Act

AI is progressively transforming the landscape of AML and KYC within financial institutions, aiming to amplify their efficiency, efficacy, and scale. According to Saifr,...

The battle against financial crime is ongoing and complex, with Know Your Customer (KYC) protocols at the forefront of safeguarding compliance and securing business...

Compliance officers in the asset management sector are pivotal, often juggling multiple responsibilities.

The world of finance is on the brink of a significant transformation, especially for investment advisors in the United States. On February 15th, 2024, a pivotal announcement was made by the Financial Crimes Enforcement Network (FinCEN) that is set to redefine the landscape of anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance.

In 2023, the global regulatory landscape unveiled a startling revelation as fines imposed by authorities exceeded a colossal $10.5bn. This figure not only reflects the stringent enforcement actions but also spotlights the emerging areas of regulatory scrutiny.

Financial institutions often fall prey to money launderers who exploit these platforms to funnel, mask, transfer, and cleanse ill-gotten gains. This doesn’t just endanger...

The technological revolution is making the job of compliance officers increasingly intricate. From record-keeping to monitoring approved communication channels and adapting to the ever-changing world of social media advertising, the list of challenges seems endless. A burning question for many is the potential influence of large language models (LLMs) on their profession. Will LLMs simplify their tasks or add complexity?

RegTech is easing the compliance burden for banks, but it's not driving down budgets according to recent survey.