Tag: financial crime.

Revolut, a global financial superapp serving over 35 million customers, has significantly expanded its Financial Crime (FinCrime) division, doubling the headcount since 2021.

In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.

In today’s digitally-dominated era, the benefits of swift and easy electronic transactions have become deeply ingrained in our daily activities. The simplicity of online shopping, card payments at dining outlets, and instant stock trading via our mobile devices epitomises modern financial convenience.

RegTech firm LexisNexis Risk Solutions has unveiled its annual True Cost of Financial Crime Compliance Report.

In a recent post by Fenergo, the company outlined how FI's are able to safeguard integrity with a three-step risk-based method. 

Whether you're just stepping into the world of AI or you're familiar with its intricacies, Resistant AI and Fintrail are launching a new bootcamp to dive deep into understanding how AI is poised to redefine the future of financial crime prevention.

Correspondent banking plays a pivotal role in shaping the global financial landscape. Serving as the backbone of international trade, especially for budding and developing economies, it offers a platform for banks to provide services on behalf of other financial institutions, typically situated in diverse countries. This extends to executing transactions, overseeing wire transfers, and collecting crucial documents.

The European Banking Authority (EBA) has recently released its third Report on the efficacy of AML/CTF colleges. 

The European Commission has recently joined hands with Moody's Analytics to overhaul its anti-fraud operations.

Moody's Analytics recently took the opportunity to explain how screening for politically exposed persons can strengthen KYC processes.