478 Results from /crime
Retired Member
Curbing deposit limits for bank customers via Post Offices is an easy win, but for true progress in national anti-money laundering (AML) efforts there is still more to do It makes sense to implement some quick fixes to support efforts to combat fighting financial crime, but a bolder approach may be required in light of the UK regulator’s move to cu...
25 May 2023 /regulation /crime
The increasing availability of data in the finance industry provides firms with the opportunity to gain deeper insights into market trends, customer behaviour, and exposure to risk. With the help of advanced analytics and machine learning, finance firms can use this data to improve their decision-making processes, increase efficiency, and ultimate...
24 May 2023 /security /crime Banking Regulations
Roy Prayikulam SVP Risk & Fraud Division at INFORM GmbH
To overcome increased risks from financial crime, fraud expert teams have long been working with AI-powered solutions. Without such tools, inspecting all financial transactions for possible criminal activity would not be possible. But not all solutions are equally effective. The future of fraud prevention lies in intelligently combined multichanne...
24 May 2023 /payments /crime Artificial Intelligence and Financial Services
Steven Rackham CTO for Financial Services at NetApp
‘Mainframe is dead!’ has long been a cry within the IT industry but the reality is, many organisations still rely heavily upon mainframes with data sitting on them around the 12EB (yes, exabyte) mark and growing at approximately 10-20% per year. This is especially true in financial services where still a lot of the ‘crown jewels’ are kept. Mainfram...
22 May 2023 /security /crime Banking Architecture
Michael Berman CEO at Ncontracts
In the rapidly evolving landscape of cybersecurity, financial institutions face an ongoing battle to protect their systems and data. That battle extends beyond their own systems and data to those of their critical third-party vendors. Not only must they protect their own systems from cyberattacks, they must also ensure that the third-party vendors...
18 May 2023 /security /crime Information Security
Sadi Bezit Head of Business Development Europe at Sadi BEZIT
The EBA/2021/02 guidelines on customer due diligence have changed. With this in mind, what are the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions under Articles 17 and 18(4) of Directive (EU) 201...
15 May 2023 /regulation /crime
Simon Luke UK Country Manager at First AML
The EU UBO (Ultimate Beneficial Owner) register is a central database that contains information about the beneficial owners of companies and other legal entities within the European Union. It is designed to increase transparency and combat money laundering, terrorist financing, and other financial crimes. Recently, there have been some changes to...
09 May 2023 /regulation /crime
Karin Schreiber Chief Commercial Officer at Sygno
Manually evaluating transaction monitoring models is slow and error-prone, with mistakes resulting in potentially large fines. To avoid this, banks are increasingly turning to automated machine learning. Regulators increasingly expect banks and financial institutions to be able to demonstrate the effectiveness of their transaction monitoring system...
04 May 2023 /regulation /crime Artificial Intelligence and Financial Services
Ivan Heard Global Head of Fraud Solutions at Quantexa
For decades, Companies House has provided frictionless company formation to support the British economy. A job it’s done admirably well; in 2021 the agency saw the highest number of incorporations on record. However, the register has also suffered from data-quality issues and companies being set up to front fraudulent or illicit activities. Recent...
03 May 2023 /regulation /crime Artificial Intelligence and Financial Services
Can you believe it’s been 15 years since the Madoff scandal was uncovered? 15 years since the global financial crash. In fact, it was that incident that signalled the end for Bernie Madoff, the financial sociopath, who – under the guise of being a successful co-founder of the NASDAQ and one of the most successful stockbrokers on Wall Street – cunn...
03 May 2023 /regulation /crime Exposing Financial Crime
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