Tag: terrorist financing

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.

In the rapidly evolving financial services industry, the importance of effective risk assessment is often overlooked.

The landscape for Payment Service Providers (PSPs) is rapidly evolving, with a pressing need to scale operations effectively while managing Anti-Money Laundering (AML) compliance risk. RegTech company Fenergo has released a report outlining how payment service providers can reduce AML compliance risk.

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.

In a recent post by Fenergo, the company outlined how a recent report by the EBA is changing payments in the European Union. 

Unlocking the potential for commercial success, dynamic financial crime risk assessments offer a multitude of benefits for financial institutions. Acuminor, a RegTech company explained...

The biggest challenge that compliance teams face with their money laundering and terrorist financing (ML/TF) risk assessments are gathering the data and evidencing effectiveness.

German Federal Financial Supervisory Authority (BaFin) has ordered challenger bank N26 to improve its prevention of money laundering and terrorist financing.

The First National Bank (FNB) of Lebanon has bolstered its compliance systems by leveraging the FICO Tonbeller Anti-Financial Crime Suite.

Holdex has partnered with Blockpass to offer streamlined Know Your Customer (KYC) and Anti-Money-Laundering (AML) identity verification solutions to its clients.