Insights

In a charter released by Westminster City Council on April 6, 2023, a new initiative has been launched to tackle London’s international reputation as a haven for money laundering. Supported by the New West End Company (NWEC), the Heart of […]

On March 30, 2023, the Bangko Sentral ng Pilipinas (BSP) released a circular outlining amendments to existing customer due diligence (CDD) requirements for supervised financial institutions (FIs). The updates include new electronic know your customer (eKYC) rules detailing how digital […]

The Government of Canada has published an updated assessment of the country’s inherent risks of money laundering (ML) and terrorist financing (TF), replacing the previous assessment conducted in 2015. The updated report analyzes various ML and TF threats from 2015 […]

On March 30, 2023, the Financial Crimes Enforcement Network (FinCEN) published a Financial Trend Analysis report detailing patterns relating to business email compromise scams in the real estate sector (RE-BEC). Using Bank Secrecy Act (BSA) data from January 2020 to […]

On March 30, 2023, Senator Andrew Bragg introduced a private bill proposing standards for the cryptocurrency industry in Australia. Known as The Digital Assets (Market Regulation) Bill 2023, the regulation aims to “protect consumers and promote investors” by installing three […]

On March 30, 2023, the UK Government published its three-year economic crime plan. Building on the foundations of the previous strategy published in 2019, the updated report takes a “more comprehensive” approach to improve the effectiveness of UK money laundering […]

On March 24, 2023, the Financial Crimes Enforcement Network (FinCEN) issued new guidance related to upcoming beneficial ownership information (BOI) reporting requirements due to take effect on January 1, 2024. Primarily geared toward the small business community, the guidance includes […]

On March 20, 2023, the Monetary Authority of Singapore (MAS) announced that the Financial Services and Markets (Amended) Bill (FSM(A)B) moved into its first reading in parliament. The proposed amendments to this legislation will help create a regulatory framework for […]

On March 23, the UK Financial Intelligence Unit (UKFIU) issued its second Suspicious Activity Reporting (SAR) Booklet of 2023. Published two or three times a year, the UKFIU’s SAR Reporter Booklets are produced in line with the National Crime Agency’s […]

From economic volatility to the war in Ukraine, 2023 will be a complex year for compliance professionals. Our report combines a state-of-the-industry survey with the latest subject matter expertise to offer a roadmap for the year ahead.

Customer onboarding is where the rubber hits the road for compliance teams. Where the theory of anti-money laundering and counter-terrorist financing meets the commercial reality of the business. In this 5-part explainer, we’ll outline the kinds of issues you’ll face, how to manage them and how to effectively manage your own role in this critical process.

In its recent research, Celent interviewed tier 1 banks on the use of adverse media screening, revealing powerful insights into its potential value.

Singapore is often rated as the top location outside of Silicon Valley for technology innovation and disruption. As a result, it has become a thriving hub for FinTechs. This guide explores how firms operating in Singapore can comply with the city-state’s AML/CFT regulations.

Banks need a new approach to detecting financial crime. This hands-on guide explores how AI can be deployed in transaction monitoring systems today, improving alert remediation and helping compliance teams better identify networks of illicit activity.

Despite the war in Ukraine and the ongoing pandemic, the EU has other pressing policy issues on its collective mind in 2022, of which AML/CFT reform is amongst the most important.

As FinTechs grow and acquire more customers, their AML/CTF programs must also mature. The firms best set up for success are those with scalable solutions and a sound understanding of AUSTRAC’s expectations of the firms it regulates. This guide provides hands-on tips and best practices for any FinTech looking to scale in Australia.

Canada has a vibrant FinTech ecosystem, with more than 1,200 FinTechs using innovative technologies to disrupt financial services. To scale effectively, FinTechs need to ensure their AML/ATF programs are set up for success. Our hands-on guide to the AML landscape in Canada provides best practice guidance.

As financial crime typologies, payments use cases, and regulatory technologies evolve, how should compliance teams in remittance and cross-border payment firms build and scale their anti-money laundering (AML) programs?

With a growing, diverse customer base covering global accounting giant BDO Global, consumer skincare brand Dermalogica, and startup incubator Stone & Chalk, Paytron needed a solution that could scale with its user base.

Alviere, an embedded finance platform, helps non-financial institutions provide their customers with integrated financial products. It needed a solution to improve operational efficiency and streamline productivity within its compliance department.

PingPong needed a solid solution to streamline its due diligence checks to meet its compliance obligations across many different jurisdictions and build trust with its new and expanding customer base.

Lumon has provided overseas payments and foreign exchange services to private individuals, small-to-medium enterprises (SMEs), and larger corporates for over two decades.

TransferMate is one of the world’s leading B2B payments infrastructure-as-a-service companies. Based in Ireland, the company enables individuals and businesses to make seamless, cost-effective cross-border payments in more than 201 countries and 141 currencies.

As a leading global provider of software and data analytics to the real estate industry, RealPage provides a suite of cloud-based software that helps residential real estate owners and operators manage the tenant lifecycle.

HTB is working to stay ahead of the rapidly evolving financial crime landscape, and the growing sophistication of fraudsters. To support this work it was looking for a transaction monitoring and screening solution that would meet the needs of its growing customer base while safeguarding the bank’s reputation.

The Outcomes ComplyAdvantage’s comprehensive data coverage means OakNorth Bank is now able to use one single platform to onboard and monitor customers against all relevant databases. The solution’s customizability has made it easy to configure search algorithms and select the […]

IPT Africa’s compliance team can now make informed decisions about client risk, escalate potential high-risk cases, and take actions in real-time, which ultimately shortens the time it takes to onboard new customers.

Would a greater focus on predicate offenses make the fight against money laundering more effective?  Until recently, the focus for many financial institutions (FIs) has been on detecting money laundering and retrieving the proceeds of crime. And given that the […]

What’s Happened?  On March 16th, the Financial Conduct Authority (FCA) issued a “Dear CEO” letter to payments firms authorized or registered under the Payment Services Regulations 2017, and Electronic Money Regulations 2011.  In it, Matthew Long, the FCA’s Director of […]

In the US alone, it is estimated that losses related to account takeover fraud (ATO) amounted to $11bn in 2021, representing a 90 percent increase from 2020.  In our 2023 global compliance survey, 39 percent of respondents said the type […]

According to the Organisation for Economic Co-operation and Development (OECD), money laundering through real estate is one of the oldest known ways to move and hide illicit funds. Often viewed as a popular means to “wash” funds because large amounts […]

Before entering into a relationship with a new customer, financial institutions must establish what level of due diligence to perform. This decision will be determined by a number of factors that, combined, provide a customer risk score, highlighting whether they […]

Chargeback fraud occurs when a customer submits a transaction dispute with their payment provider for illegitimate – even dishonest – reasons. The consequences of fraudulent chargebacks can include unnecessary costs to firms, as well as enabling certain forms of illicit […]

The Automated Clearing House (ACH) network is a way of transferring money from one bank account to another. Supporting both credit and debit transfers, payments and withdrawals are sent to the clearing house where they await authorization before arriving at […]

E-commerce has become indispensable to retail frameworks around the world, providing customers and businesses with a flexible shopping experience that can save both time and money. However, high return rates are becoming an increasing challenge, creating additional costs and complexities […]

As fraud typologies become more complex, it is harder for firms to ensure they have robust detection practices in place. Yet while some red flags cover many fraud types, precise detection requires a forensic approach. In a constantly evolving risk […]