AML

Why Cybersecurity Is Important in The Banking Sector

The banking sector has been under attack for quite some time now, and cumulatively, cybercrime costs banks north of $1 trillion annually. Crimes that targeted the banking sector have shifted from simple physical theft to computer fraud. Since we’re deeply invested in the digital age, fraud has become complex, and hackers have now started obtaining […]

Fintech Regulatory Compliance – Things to Consider

Fintech is not a new industry – online payment systems, crowdfunding, and decentralized financial resources had already existed for some time now. However, over the past few years, rapid innovations within the sector have led to its exponential growth. By 2025, the market for Fintech is expected to be valued at nearly $460 Billion. However, […]

The Impact of AI on Financial Crimes

What is AI, and Why do We Need It? AI (Artificial Intelligence) or Machine Intelligence is intelligence noted in machines. A computer or machine that has AI capabilities demonstrates cognitive abilities close to that of humans, and the advent of AI has changed our daily lives drastically. Over time, sophisticated criminal groups have understood how […]

2020: The Year of Improved AML Practices in the Banking Sector

Banks are at the forefront of any financial ecosystem and thus hold a greater responsibility to prevent all the related crimes. AML compliance is a central part of the efforts to curb illegal transactions and to make sure the source of capital is clean and adequately regularized. In an ideal world, banks can detect, stop, […]

Insights and Updates on AML Compliance in 2020

Gone are the days when companies would copy-paste their previous year’s AML guidelines in the next year’s plan. AML compliance has become a dynamic matter in the last couple of years. Therefore, every year brings some new insight and updates regarding AML compliances being practiced all over the world. In this piece, we are going […]

Ensuring AML Systems Keep up with Enterprise Technology Upgrades

Hong Kong is among the most essential financial hubs of the world, yet faces more and more money laundering and terrorist financing cases each year. In 2017, Hong Kong authorities conducted more than 1,800 money laundering investigations, forcing banks and companies to stay on their toes by fine-tuning and updating AML systems along with. As […]

Assessing your Situation – Monitoring your Risk Profile

In 2017, a survey was conducted in Italy, which included 164 small companies, about whether or not they performed risk assessment and if so, on which areas. It showed that 86% of companies conducted a regular risk assessment. The most common tests were on cyber attacks and general fraud, and managing risk profiles regularly to […]

Why Do AML Rules have to be Adjusted?

The global AML (anti-money laundering) software industry is growing each year with an expected growth of up to USD 1.7 billion by 2023. These softwares are introducing newer ways to counter money laundering, such as AML tuning and optimization. The enhancement of countermeasures is directly proportional to the rise in money laundering cases and the […]

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