49 Results from 2020, /crime
Jane Zimmerman Principal Solution Marketer at Oracle
Money Laundering in the World of Fine Art Criminals remain relentless in their quest to stay one step ahead of the law. The connection between money laundering and the rarified world of fine art is a perfect example of their nefarious creativity. While no one knows how much money is laundered through art, art and collectible wealth held by ultra-hi...
17 December 2020 /regulation /crime Innovation in Financial Services
Matt Neill Managing Director at Beyond
The continued pressure to increase efficiencies within KYC and reduce the cost of compliance has resulted in ‘KYC automation’ becoming a hot topic for the industry. Clients often ask us what their priorities should be, who can help them with the process and what the best practices are for implementation. Here are the 7 key principles I normally sh...
14 December 2020 /regulation /crime Financial Risk Management
Jason Johnson Co-Founder and Penetration Tester at Predatech
The unprecedented events of 2020 have had a significant impact on the way cyber criminals have developed and administered attacks. Not only are we seeing the emergence of Ransomware 2.0, we're also seeing a continued explosion in invoice and payment-based business email compromise (BEC) fraud. A BEC attack, also known as man-in-the-email, involves...
14 December 2020 /crime /predictions Information Security
Retired Member
In my last blog, I shared some thoughts on how different forms of AI could help transform financial services, along with some challenges that needed to be overcome to ensure successful enterprise wide adoption. As promised, this blog will focus on how AI can help improve the customer experience in banking; both directly, and more so indirectly be...
10 December 2020 /retail /crime Artificial Intelligence and Financial Services
The United States has stepped up its anti-money-laundering practices after taking some heat. In the Financial Action Task Force's 2016 mutual evaluation, the group found: Lack of timely access to adequate, accurate and current beneficial ownership (BO) information remained one of the fundamental gaps in the US. [1] As a result, the United States re...
09 December 2020 /regulation /crime Financial Services Regulation
John Cant Managing Director at MPI Europe Ltd
When a financial sector customer becomes less active it is often an important signal that they have reached a new stage in their lifecycle, and critically need specific handling. We will look at some possible customer states that all share this common symptom but require quite different handling and priority from different business functions. The
08 December 2020 /identity /crime Data Management and Governance
Fraud and financial crimes perpetrated against insurers are on the rise. Although the banking industry remains the primary route for money laundering, stricter regulations and improved AML controls within that sector have driven criminals to other channels that may be more vulnerable to money laundering activities. Insurance providers, often less ...
24 November 2020 /regulation /crime Digital Insurance Trends
Claus Christensen CEO at Know Your Customer
The lens through which we have traditionally looked at anti-money laundering compliance is changing. This is due to a number of factors. First, there is the rise of FinTechs, whose whole functioning and success is based on a digital-first approach and a customer-centricity that were not common in financial services until recently. Then there is a...
06 November 2020 /regulation /crime Fintech
Keith Stanton International Product Manager (Fraud & Risk) at FIS
In my previous blog (click here) I detailed how the Fraud threat landscape for cards has changed significantly, with a reduction in card fraud in some of the major markets as consumers are spending less; and spending online rather than at bricks and mortar retail sites. But that doesn't mean the fraud levels are easing – as while payment fraud is ...
28 October 2020 /crime /covid-19 Financial Risk Management
Nancy Weir Industry Principal at Pegasystems
Over the last 15 years the KYC due diligence process has evolved significantly. But as the bar has been raised on compliance globally, the costs and resources needed in the onboarding process and regular KYC reviews have grown exponentially. Financial institutions don’t have much choice in their approach. They either must make upfront investments ...
28 October 2020 /regulation /crime Banking Strategy, Digital and Transformation
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