Tags Financial crime.

Tag: financial crime.

Australia’s fight against financial crimes: Arctic Intelligence’s CEO pushes for AML/CTF...

The Attorney General’s Department (AGD) in Australia initiated a public consultation on 20 April 2023 to discuss proposed reforms to the country’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. These potential changes aim to broaden the current AML/CTF legislation to cover 'tranche-two' high-risk sectors including lawyers, accountants, real estate agents, company service providers, and dealers in precious metals and stones.

Using financial crime risk assessment as a strategic tool for business...

In the high-speed and complex financial landscape we find ourselves in today, one of the most significant hurdles to overcome is the ever-present threat of financial crime. Acuminor has outlined how firms can leverage risk assessment processes to boost optimization, customer satisfaction and competitive advantage.

The significance of effective risk assessment and control

Adapting to emerging threats requires a comprehensive understanding of identification, translation, and assessment. Developing the Business Wide-Risk Assessment (BWRA) into a core part of our operations can greatly aid this process.

What are the key pillars of third-party risk management?

In a recent post by Moody's Analytics, the company outlined three key pillars of third-party risk management.

The Future of Financial Crime Prevention: Understanding FRAML

The concept of FRAML, the integration of Fraud and Anti-Money Laundering (AML), is radically altering the outlook of risk management and compliance in the financial sector. A recent webinar, led by the Electronic Transactions Association (ETA) and sponsored by Hawk AI, engaged a panel of Fraud and AML professionals to dissect the benefits and hurdles of FRAML.
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Navigating the labyrinth of economic crime with a unified threat matrix

When it comes to navigating the challenges of economic crime, establishing a threat matrix can be a key way to steady the ship. This point...

Quantexa teams up with ING to strengthen anti-money laundering efforts

Global bank ING and data analytics software company Quantexa have announced a strategic partnership.

FCA underscores urgent need for robust control measures in UK payment...

The Financial Conduct Authority (FCA), the UK's principal financial regulator, sent a pointed "Dear CEO" letter on 16 March 2023. Initially, it praised the competition and innovation witnessed in the payment sector. However, this recognition was soon overshadowed by grave concerns.

Overcoming hurdles to adopt AI in financial crime detection

Amidst growing acknowledgment of AI's prowess in uncovering fraud and financial crime, there remains a gap between those financial institutions (FIs) recognising its potential and those implementing it.

Battling the 2023 financial crime landscape

The escalation in compliance failures associated with managing financial crime risks has accentuated the need for regulated businesses to bolster their strategies. The evolution...

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