Tag: financial crime.

The relentless advancement of artificial intelligence (AI) in banking is a game-changer in the ongoing war against financial crime. Financial institutions of every size are turning to AI to bolster their anti-money laundering (AML) capabilities.

In the competitive landscape of banking, customer onboarding emerges as a pivotal phase, with customer due diligence standing at its core. When managed poorly, the onboarding process can deter potential clients, causing banks to miss out on new revenue streams. Conversely, hasty or inaccurate due diligence could lead to the acquisition of customers who pose commercial and reputational risks, potentially incurring hefty regulatory fines.

Arctic Intelligence, a leader in RegTech solutions, has recently unveiled a 14-day obligation-free trial of its acclaimed AML Accelerate platform.

The significance of modern Anti-Money Laundering (AML) compliance cannot be overstated, especially in an era where digitalisation is a cornerstone of our daily interactions. While RegTech has revolutionised the approach to combating financial crimes like money laundering and terrorist financing, it's crucial to acknowledge that technology alone isn't the panacea.

The United Kingdom has emerged as the global hotspot for shell company risks, according to the latest interactive research unveiled by Moody’s Analytics.

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.

In recent years, the management of Material Non-Public Information (MNPI) has emerged as a significant concern within the compliance sphere. Regulatory bodies in the...

Automated Clearing House (ACH) payments are a staple in modern financial transactions, offering a quick and efficient means for businesses and consumers to move...

The journey of digital transformation has been a critical focus for financial institutions (FIs). While considerable progress has been made in digitising compliance and operational processes, a significant challenge remains: addressing Financial Crime comprehensively.

The UK has recently taken a step in combatting economic crime with the enactment of the Economic Crime and Corporate Transparency bill.