464 Results from /crime
Prabhu Ramamoorthy Global Manager Financial Services Ecosystem at NVIDIA
Physicists may say otherwise, but it is trade that makes the world go round -- at least financially. From supply chain issues to volatility in prices across asset classes, from stocks to crude oil, trade defines much of the movement in the international economy. With trillions of dollars moving daily across the financial system, the temptation to ...
03 August 2022 /regulation /crime Artificial Intelligence and Financial Services
Retired Member
Financial criminals are increasingly using insurance products to clean dirty money and commit illicit crimes. The industry might not have the obvious routes for laundering cash that banks present, but there are still many opportunities. Furthermore, insurers are seemingly an easier target because fewer counter measures are in place. This needs to ...
02 August 2022 /crime
Jason Lane-Sellers Director, Market Planning EMEA at LexisNexis Risk Solutions
The banking sector was named the most trusted overall by UK consumers in a recent study into digital trust by LexisNexis Risk Solutions. Banks got the highest share of votes (86%) from consumers when asked which sectors they most trust overall, and nearly two-thirds of UK adults (60%) said they trust banks most to keep their personal details safe ...
01 August 2022 /security /crime Exposing Financial Crime
Joost Van Houten Founder & CEO at Sentinels
In March 2022, global regulatory watchdog the Financial Action Task Force (FATF) adopted amendments to Recommendation 24 (R.24) of its 40 Recommendations that govern global anti-money laundering (AML) policy. This concerns Ultimate Beneficial Ownership (UBO), i.e., the person who profits from money moving into or out of a business. These are signi...
01 August 2022 /regulation /crime Banking Regulations
The dramatic surge in card fraud during the pandemic has been well documented. More recently, market research is showing a reduction in the number of fraud cases as a result of payments organizations implementing modern fraud prevention solutions. However, while the volume of card fraud is declining, the monetary amount of fraud is not, as fraudst...
28 July 2022 /payments /crime The Payments Business
Hugo Chamberlain COO at smartKYC
When to use Enhanced Due Diligence Know Your Customer (KYC) screening can take many forms as a process and certainly as a technology solution in the ever expanding industry. At a minimum, companies have a requirement to check and verify an individual's identity by using document verification and/or biometric tools, which may suffice in terms of a ...
25 July 2022 /regulation /crime Artificial Intelligence and Financial Services
Greg Woolf CEO at Fiverity
When harnessed correctly, collaboration is an extremely powerful tool. It drives innovation, increases chances of success, improves communication...the list goes on. But did you know that collaboration is also the financial services industry’s best line of defense when it comes to meeting one of its greatest challenges – detecting digital fraud? ...
20 July 2022 /security /crime Data sharing
Kevin Levitt Global Business Development, Financial Services at NVIDIA
Financial regulators across Europe continue to levy steep enforcement fines against banks for failures to comply with know-your-customer (KYC) and anti-money laundering (AML) regulations. At the end of 2021, the Financial Conduct Authority (FCA) fined two of the UK's largest banks, HSBC and NatWest, a total of £328.95 million ($436.1 million) for ...
19 July 2022 /crime Artificial Intelligence and Financial Services
Frank Cummings CEO at AML Partners LLC
We need to monitor more than just customers. I have in the past discussed what I call Behavioral Analytics. Behavioral Analytics leverage automated comparisons between data-based predicted behaviors and customers’ actual behaviors. When combined with Rule-Based Systems, Behavioral Analytics can prevent criminal schemes even before they begin. S
14 July 2022 /crime RegTech
Tamar Gershon MarCom Manager at Fibonatix
Chargebacks can be a challenging and potentially harmful process to businesses, as although originally introduced as a consumer protection tool with good intentions, the ease of the chargeback process completion has led to widespread abuse of the mechanism. We explore how chargebacks came about, how the process has evolved and the impact of charge...
06 July 2022 /payments /crime
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