financial institutions

- AI platform enforces economic sanctions and investigates all other financial crime risks - Capital will support technology functions globally, with headcount expected to double by the end of 2022 - Valuation has quadrupled since the last…

Only about £2 out of £5 lost to convincing scams is refunded, Which? found, with victims forced to swallow £495million in losses, which equates to losing £4.7million a week, or £677,000 a day. The group's Rocio Concha said banks should…

By Brian [email protected] March 4, 2022Here is a recap of the CBCA and outside media coverage, along with links to government and related sites that unfolded in February, with a focus on the sanctions. Enjoy! ACFCS coverageCan…

Three people have been ordered to stop participating "in any way" with financial institutions following January's enforcement actions by the Federal Deposit Insurance Corporation (FDIC), the agency announced on Friday (February 25th). There…

Standard Chartered Bank has released an official statement to announce a current ban in its banking system. This follows the various sanctions announced by the United States and the United Kingdom regarding the ongoing tension between…

The UK is set to scrap the Tier 1 investor visa scheme months after the Home Office carried out a legacy review of the scheme for 'security concerns'. According to BBCthe government is under pressure to scrap the 'golden visa' scheme!-->!-->…

Tips, Trends and Timestamps2:00 - Program efficiency, cross-bank data divination, regulatory vulnerability. What does efficiency look like in practice? How can a consortium approach work by taking data from multiple banks to find…

What sets SAS apart as a best-in-class leader in Aite's matrix of machine learning #fraud and #AML platforms? Find. Tweet that Ease of implementation and integration. From novice to expert user, SAS® Financial Crimes Analytics…

Thursday, January 20, 2022 In May 2021, the UK Financial Conduct Authority (FCA) published a consultation document proposing that there is a "new…

SHREVEPORT, Louisiana (KTVE / KARD) - On Tuesday, David D. DeBerardinis, 60, of Shreveport, Louisiana was sentenced to 15 years in federal prison, followed by three years on probation for committing wire fraud and defrauding many…

Opaque regulations remain a major challenge for the cryptocurrency industry, according to Elena Hughes, compliance manager for cryptocurrency exchange Gemini Trust Co.She joined New York-based Gemini in May 2020 after more than a decade of…

Marc Murphy is CEO, Cengiz Kiamil is responsible for product strategy and Niall Twomey is CTO at Fenergo. Marc Murphy What key themes can we expect to see in 2022? Change will be underway in the financial sector in…

Image credit: SentinelsB4B Payments of London, a company specializing in smart corporate payments and card solutions for businesses, has partnered with Amsterdam-based AI-based transaction monitoring startup Sentinels.With this partnership,…

Cybercrime losses exceeded $ 1 trillion dollars in 2020 and is expected to reach over $ 6 trillion in 2021, according to Cybersecurity Ventures. As a result, the digital identity industry, developed to help thwart cybercrime, is expected…

In a few weeks, global losses from cybercrime are expected to exceed $ 6 trillion.* Therefore, in an effort to protect financial institutions and consumers from further loss, agencies, including the United States Securities and Exchange…

SINGAPORE--(COMMERCIAL THREAD) -GBG (AIM: GBG), the global digital identity experts who help businesses prevent fraud and meet complex compliance requirements, today announced the release of the IDC InfoBrief "Build, Buy or Rent:…

The UAE Central Bank has established a new Networking and Cyber ​​Security Operations Center to help defend the financial system's IT infrastructure against cyber attacks.The center will be located at the headquarters of the CBUAE in Abu…

The UAE has stepped up efforts to bring those who launder money and finance terrorism to justice, prosecutors said.Ismail Madani, Senior General Counsel and Chief Prosecutor, Said the Prosecutor Prosecuting Suspected Offenders As Part Of A…

Napier, a provider of advanced financial crime compliance solutions, has announced that former HSBC COO Andy Maguire will take the helm as chairman of the board of the growing RegTech. Andy has worked with Napier in an advisory role since…

From October 24 to 27, the US edition of Money20 / 20 is back. Hosted live in Las Vegas, Money20 / 20 eschews any notion of webinars, remote conferencing, or hybrid events, and aims to bring innovation back in person to the world of…

Integrate AI into your ERP planning and implementation The world's most advanced transactional AI company. Preferred choice for customizable real-time AI solutions…

Resilient AI, which uses artificial intelligence to help financial services companies fight fraud and financial crime - by selling tools to protect credit risk scoring models, payment systems, customer onboarding and more - closed a $ 16.6…

Sex sells. But finding a bank ready to take the money is a little more complicated. That's the hard lesson learned by people like Geneviève LeJeune, the founder of Skirt Club, which runs a community of 16,000 bisexual and bi-curious women…

Microsoft will make its Cloud for Financial Services package of industry-focused cloud tools generally available on November 1, giving partners the option to add a new vertical or extend existing offerings for banks, credit unions,…

WASHINGTON DC - Global Financial Integrity (GFI) is pleased to present a comprehensive survey of 250 financial crime experts in Latin America and the!-->…

Image: © AFP UK Finance has released its biannual 2021 fraud update. In the document, the organization argues that fraud in the UK has reached a level where it "poses a threat to national security". Figures, for example, reveal that in…

When the pandemic struck and the lockdowns were imposed, consumer behavior changed overnight.While many fraud prevention systems have struggled to cope with the rapid shift to all online purchases, Featurespace's self-learning models have!-->…

The UK wing of KPMG has launched a new customer due diligence technology platform to help businesses cope with regulatory pressure and skyrocketing compliance costs. The Know Your Customer (KYC) guidelines in financial services require…

Hong Kong: Hong Kong SFC unveils consultation on AML / CFT guideline for licensed companies…

United States: Charges Against Bank Workers in United States Could Represent New Frontier in COVID-19 Fraud Cases…

By Dustin Palmer gglobal and US regulators crack down on the “Wild West” crypto industry. The New York attorney general shut down Coinseed to trade currencies without being registered as a broker. Bitfinex and Tether were…

LAHORE: The Federal Investigation Agency (FIA), investigating the infamous sugar scandal, served another notice on the president of the Muslim League of Pakistan-Nawaz (PML-N) and the opposition leader in…

LONDON--(COMMERCIAL THREAD) - Human trafficking is now one of the biggest concerns of compliance professionals around the world, according to BAE Systems' latest annual anti-money laundering study: The state of the fight against…

Reuters and the Radio-Canada First reported that Huawei CFO Meng Wanzhou would appear today in a federal courtroom in Brooklyn via streaming video and argue in favor of the U.S. charges against her. Canadian authorities arrested…

Sept. 24 (Reuters) - Huawei CFO Meng Wanzhou returned to China on Friday after reaching a deal with U.S. prosecutors to end the bank fraud case against her, easing a point of tension between China and the United States.Hours after news of…

Huawei chief financial officer Meng Wanzhou has reached a deal with U.S. prosecutors to end the bank fraud case against her, officials said on Friday, a move that allows her to leave Canada, relieving a point of tension between China and…

Chinese tech executive Meng Wanzhou, detained in Canada since December 2018 on extradition to the United States, was released on Friday. AUDIE CORNISH, HOST: Relations between the United States and…

Today we are proud to announce that Gemini has joined the Take Five Charter in the UK alongside other leading financial institutions, banks and fintechs. Led by UK Finance and supported by Her Majesty's Government, the…

If you are preparing to withdraw money from an ATM in a foreign country, take a good look at where you insert your card. Go ahead, grab it and shake it a bit. The plastic case your card is in is sometimes replaced with a bogus case…

On September 14, United States President Joe Biden unveiled his choices to fill two vacant seats on the United States Commodity Futures Trading Commission (CFTC). In addition, the president appointed Rostin Behnam, who heads the…

Leading UK law firm Shoosmiths has recruited Daren Allen, a highly experienced financial services litigation partner, to join its growing Financial Services Litigation and Investigations (FSDI) team in the part of its award-winning dispute…

Financial services change management consultancy Bishopsgate Financial has been acquired by CubeMatch. The move creates one of the UK's largest independent financial services change management consultancy firms. Bishopsgate Financial is…

DUBLIN - (COMMERCIAL THREAD) - The report "Cyber ​​Security - Global Market Trajectory & Analytics" has been added to ResearchAndMarkets.com offer. Global cybersecurity market to reach $ 296.5 billion by 2027 Amid the…

The transition to hybrid working arrangements stemming from the pandemic is among the top emerging…

Through Chris Lewis, Head of Solutions, Synectic Solutions There are many elements of life that have been deeply affected by the coronavirus pandemic. Some with whom we will learn to live, others will return to the way they…

By Brian [email protected] 14, 2021The Future of Financial Crime has "effective" compliance teams generating "very useful" and "relevant" intelligence for investigators in targeted and changing "priority areas". both large…

The situation: The Office of Financial Crimes Enforcement Network (“FinCEN”) of the US Department of the Treasury has published the first national policy priorities for combating money laundering and terrorist financing (“AML / CFT…

ABU DHABI, July 13, 2021 (WAM) - A high-level delegation from the UAE Banking Federation (UBF) Compliance Committee, led by UBF…

One of the UK's largest retail financial institutions, Nationwide Building Society, is reviewing its digital currency policies, in a move that may be the subject of further review for clients who use cryptocurrencies through…

The situation: The Office of Financial Crimes Enforcement Network (“FinCEN”) of the US Department of the Treasury has published the first national policy priorities for combating money laundering and terrorist financing (“AML / CFT…

To print this article, simply register or connect to Mondaq.com. On June 30, 2021, the United States' Financial Crimes Enforcement Network (FinCEN) released its first government-wide anti-money laundering and…

Read more: Global Director of BAE Systems on the Five Trends Shaping the Evolution of Insurance Fraud So, in keeping with that old saying about honey and vinegar, Harris first…

Graph Leader is expanding its distribution community with partners in America, Europe and Asia to meet a wide range of industry use cases REDWOOD CITY, Calif., June 29, 2021 (GLOBE NEWSWIRE) - TigerGraph, provider of the leading…

Technological advancements have taken the world by storm and the year 2021 has witnessed breakthroughs that would otherwise have taken years to progress. The pandemic may have taken a toll on!-->…

The report, titled The state of Regtech in APAC, provides the most comprehensive and independent analysis available on regtech adoption in 10 key APAC markets of Australia, Mainland China, Hong Kong, Indonesia, Japan, Malaysia,…

Breadcrumb Links PF Finances All could face jail time if convicted in a quasi-criminal case led by the Ontario Securities Commission Author of the article: Barbara shecter Former CannTrust Holdings Inc CEO Peter…

Financial crime pays off. EY estimates that the annual cost of money laundering and related crimes ranges from $ 1.4 trillion to $ 3.5 trillion. To counter it, financial institutions around the world will spend an estimated $ 213.9…

A new report from LexisNexis Risk Solutions has found that increasing anti-money laundering regulations, more than criminal threats, are driving up compliance costs for UK financial institutions. Survey of over 300…

To print this article, simply register or connect to Mondaq.com. In a recent criminal case stemming from the bankruptcy of Neiman Marcus, the founder of a hedge fund serving on the unsecured creditors committee was…

The FinCEN Files survey was honored as a finalist for the 2021 Pulitzer Prize for International Reporting, bringing more praise to the groundbreaking project from the International Consortium of Investigative Journalists,…

PARIS - France has opened an investigation into the personal fortune of Riad Salameh, director of the central bank of Lebanon in crisis, sources told AFP on Sunday. The Paris financial prosecutor's office has opened a preliminary…

A Latvian national was brought to justice today in federal court in Cleveland, Ohio, on several counts relating to her alleged role in a transnational cybercrime organization responsible for creating and deploying a Computer banking…

A former government official who shared confidential bank documents with a journalist, triggering a global investigation into illicit cash flows, has been condemned Thursday to six months in prison by a US federal judge.…

Two years after the suspension of Neil Woodford's flagship fund, more than 300,000 investors who risk losing around £ 1 billion from its liquidation are still awaiting responses from the British financial regulator. The…

Topline Financial regulators in Sweden and the United States both hinted at impending crackdowns on largely unregulated cryptocurrency markets over Memorial Day weekend, noting the absence of a coherent framework for the new technology,…

Dallas, May 28, 2021 (GLOBE NEWSWIRE) - Artificial intelligence (AI) in the cybersecurity market has become a massive megatrend and is growing in popularity due to its association to interpret and mimic human intelligence through a…

Dallas, TX, May 26, 2021 (GLOBE NEWSWIRE) - Global Anti-Money Laundering Software Market Size By Deployment Type (On-Premises & Cloud), By Product Type (Transaction Monitoring Systems) , currency transaction monitoring, customer…

To print this article, simply register or connect to Mondaq.com. Besides a global pandemic, 2020 has been a year in which many big and reputable financial institutions have encountered regulatory challenges. Goldman…

Chroniclers Cooperation between players will win the war on financial crimes Friday 07 May 2021 By FAITH MUTHAURAMore from this author summary Financial institutions are the first line of defense in the fight…

A report by the Human and Environmental Development Agenda (HEDA Resource Center), a good governance advocacy group, has painted a graphical picture of the damage caused by illicit financial flows in the…

"We called on the government and regulators to work with industry to find a long-term solution to funding disclaimers, involving other sectors like online platforms." UK Finance is today…

Almost three-quarters or 75% of financial institutions have reported an increase in cybercrime activity since the Covid-19 epidemic (around February 2020), according to a survey released by BAE systems. The survey of 902 banking…

In recent years, traditional financial services companies have come under attack from rapidly evolving financial technology companies - or "FinTechs" - who use software and digital disruption to their advantage. In the Netherlands,…

At the annual ACAMS Hollywood event, regulators discussed the impact of the government's upcoming release of financial crime surveillance priorities later this summer on financial institutions. On January 1, 2020, the United States…

Audrey Strauss, United States Attorney for the Southern District of New York, today announced that SHENG-WEN CHENG, a / k / a "Justin Cheng", a / k / a "Justin Jung", has pleaded guilty major fraud against the United States. States,…

Image courtesy of iStock.January 11, 2021U.S. businesses can apply for new Paycheck Protection Program loans starting today as the Small Business Administration has opened a new round of funding through community financial institutions.The…

Melbourne, Australia, March 31, 2021 / PRNewswire / - Micro and Small Businesses on Track to Recover from COVID-19 May Find Fast Financing, Similar to Buy-It-Now, Pay-On-Pay Solution, Thanks to Banjo Supply, a New Digital Lending Platform…

NEW YORK, April 7, 2021 / PRNewswire / - Chesterfield Faring, Ltd. is pleased to announce that Steven Weiss has joined our New York office. Steven will work as both an interim technical director and general manager. As CTO, he will…

The big question in Washington is what will happen as the COVID crisis slowly ends and the change of government ushers in a new period of abuse of enforcement power against mortgage lenders by the Biden administration.Vice President Kamala…

The UK's financial regulator, the Financial Conduct Authority (FCA), has announced a reshuffle of its anti-money laundering activities that will see companies trading in cryptoassets required to file annual reports on their…

Effective enforcement of anti-money laundering laws has long been a priority for governments. Recent developments including high-profile investigations, record-breaking fines and the enactment of the US Money Laundering Act of 2020 -…

United States: $ 56 billion in fraud losses in 2020! March 30, 2021 Foley and Lardner To print this article, simply register or connect to Mondaq.com. HelpNetSecurity.com reported comments from…

United States: PPP fraud: first quarter update on DOJ activity March 29, 2021 Kelley Drye and Warren LLP To print this article, simply register or connect to Mondaq.com. Our previous CARES law…

Tech-savvy scammers who steal the government's Covid pandemic relief programs to help businesses have found a convenient way to launder money: They open accounts on at least four online investment platforms, have said law enforcement…

CONCORDE: Six people have been indicted by a federal grand jury in New Hampshire and charged with participating in a conspiracy to operate an unlicensed money transmission business and other offenses, the lawyer…

GFI suggestions would add more momentum to FinCEN, Congress efforts to strengthen AMLLaw enforcement efforts to investigate, seize and freeze trillions of dollars in illicit accounts at less than one percent of this monumental transport,…