The process of identifying suspicious financial activity, either at customer or transactional level, is one of the current biggest single challenges faced by financial institutions (FI).
June 21st, 2024
As costs related to compliance rise and budgets compress across the financial services industry, technology end users are demanding more use cases for applications. In the case of digital communications, end users have traditionally sent communications data into archiving systems and left it there untouched. However, as regulatory requirements tighten for banks and other firms, and regulators are cracking down with massive recordkeeping fines, archiving solutions need to do more than just “set it and forget it.”
June 20th, 2024
When Financial Services compliance professionals come together to share insights, best practices, and ideas, it benefits everyone. With this in mind, NICE Actimize and Guidepost Solutions have joined forces to co-sponsor virtual, bi-annual executive roundtables.
June 17th, 2024
In the dynamic and complex landscape of today’s financial environment, Anti-Money Laundering (AML) initiatives are essential strategic safeguards. Yet, crafting AML measures that are both effective and efficient can be daunting, hindered by manual processes, fragmented data, and scarce resources. The key lies in striking a balance between efficacy and efficiency, which is pivotal in this domain and necessitates operational finesse. Institutions can fortify their compliance stance and reap substantial rewards by refining AML processes and embracing technological advancements. The crux of success hinges on the delicate equilibrium between the program’s effectiveness and its operational efficiency. This paper delves into strategies for enhancing your AML program, ensuring it bolsters your efforts without straining your resources.
June 13th, 2024
In the ever-evolving landscape of financial services, banks are under constant pressure to not only fortify their defenses against illicit activities, such as fraud and money laundering, but also keep them up to date. Transaction monitoring solutions, powered by sophisticated algorithms and rule sets, are instrumental in detecting and alerting on these financial crimes, making it more difficult for the criminals to move their illicit wealth. However, the efficacy of such systems relies heavily on the comprehensiveness and relevance of the rules they employ. This article explores the regulatory framework addressed by rules and the key components of a rule coverage assessment for a bank’s transaction monitoring solution and the far-reaching impact and benefits it can have on financial crime detection for an organization.
June 6th, 2024
Know Your Customer (KYC) is essential, not only for anti-financial crime compliance but also for a smooth, positive customer experience, particularly during the onboarding phase. However, traditional, manual KYC practices often struggle to keep up with the fast-paced nature of banking and the complexities of onboarding corporate entities.
May 31st, 2024
The UK Financial Conduct Authority recently published Market Watch 79 (MW 79), the latest edition of its newsletter aimed at the wholesale markets
May 9th, 2024
On March 1, 2024, an Alabama court made a significant decision, declaring the new U.S. Corporate Transparency Act (CTA) unconstitutional. The U.S. CTA, enacted in 2021 as part of the Anti-Money Laundering Act 2020, was designed to close potential loopholes used by criminals for tax evasion and money laundering within U.S.-based entities. CTA came into force on January 1, 2024, and is set to be groundbreaking in how beneficial ownership is recorded helping to tackle financial crime and abuses of corporate entities by criminals.