Blog

What’s Driving AML Compliance Transformation in 2022 and Beyond?

A new report by Aite-Novarica (Aite) examines what’s driving transformation in anti-money laundering (AML) compliance. Specifically, the impact report examines the current AML ecosystem, key trends impacting financial institutions (FIs) and their AML compliance functions, and how they invest in technology and innovation to tackle today’s ever-evolving risk landscape.

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Key Lessons Learned from The Basel AML Index 2021

Financial institutions around the world need to heed the warnings highlighted in The Basel AML Index 2021. The annual global study of 110 jurisdictions, which assesses money laundering risks around the world and ranks jurisdictions on how well they’re addressing them, found that the fight against dirty money remains a challenge. It also notes there is still too big a gap between promises to change behavior and actual results.

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Three New Challenges to Stemming Terrorist Financing, and How Financial Institutions Can Counter Them

In the two decades since the 9/11 tragedy, new technologies have emerged, new laws have been introduced, cryptocurrencies are continuously changing the way money moves around the world, and a global pandemic has radically changed transactional behaviors and processes. This post brings readers up to date on how terrorist financing is evolving in line with current trends and explains what financial institutions can do to most effectively counter criminal activities. 

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3 Lessons Learned from NAB’s Failure to Fix Financial Crime Loopholes

While not mandating that firms invest in technology to automate financial crime investigations, regulators are certainly encouraging it. They are noticing that advanced BSA/AML teams are using robotic process automation (RPA) bots to gather data for investigations. They are aware that those same firms are using machine learning to analyze huge data sets, identify patterns, and pinpoint where exceptions or anomalies exist.

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AML Investigation Trends in 2021 – and Beyond

Pandemic disruption in 2020 prioritized the automation of anti-money laundering (AML) investigations for compliance teams. Risk related to inconsistent investigation decision-making and reporting multiplied. The danger of penalties heightened. And now, the 2021...

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Identifying Shell Company Risk with Artificial Intelligence

While this is debated, the problem persists as legacy AML technology such as transaction monitoring systems (TMS) have little to no ability to identify and assess risk created by shell companies. And while policies, procedures, and processes, if applied correctly, can protect financial institutions from becoming conduits for some fraction of money laundering, terrorist financing, and other financial crimes, identifying shell company risk continues to be elusive.

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FIBA Conference Hosts Critical Discussion on AML Modernization in the Fight Against Financial Crime

On the final day of the FIBA conference, QuantaVerse Founder and CEO, David McLaughlin, participated on the “Customer Profiling, Use of Innovative Technologies in Onboarding and Risk Assessment” panel. David Schwartz, President and CEO of FIBA, set up the panel discussion by emphasizing the importance and impact that innovative technologies have on risk assessment and the customer onboarding process.

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AI-Powered Volume and Value Analysis Exposes Shell Companies Involved in Fraud and Corruption

The AI-powered QuantaVerse Automated Volume and Value (V&V) Transaction Analysis solution provides risk managers with better insights into variances in account activity that might indicate risks of financial crimes, or that suggest an account is being used for something other than its stated purpose.  Analysis of this nature is a growing regulatory burden driven by the expectation that FIs understand the risk profile of clients as well as their clients’ clients.

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