Wolfsberg Group publishes guidance on AI/ML in financial crime compliance
The Wolfsberg Group has published guidance on artificial intelligence and machine learning (AI/ML), which the association of 13 global banks believes can have, and are already having, a significant impact on improving the effectiveness and efficiency of financial crime compliance and risk management programmes. Principles…
J P Morgan strategic alliance with Cleareye.ai to identify TBML and sanctions red flags
J P Morgan has entered into a global strategic alliance with California-based artificial intelligence (AI) and machine learning (ML) platform Cleareye.ai to digitise trade finance due diligence processing. The alliance aims to identify trade-based money laundering (TBML) and sanctions red flags and significantly reduce false…
Banks and financial regulators wasting time on AML compliance should consider AI techniques
A new policy brief published by the Brookings Centre on Regulation and Markets has a clear focus on anti-money laundering (AML) compliance and suggests that banks, regulators, and law enforcement authorities are spending time and money chasing down potential leads but not really curbing illicit…
Financial crime specialists expect to benefit from Danske Bank’s trade finance collaboration with Conpend
Danske Bank has announced plans to digitise its trade finance processes through a collaboration with Conpend for use of its Trade AI app to automatically check against anti-money laundering (AML), know your customer (KYC) and sanctions regulations. Trade AI employs artificial intelligence and machine learning….
SAS a leader in trade-based anti-money laundering says Chartis
Analytics, software and solutions provider SAS has been named a RiskTech Quadrant Category leader in trade-based anti-money laundering (TBAML) by Chartis, which provides research and analysis on the global market for risktech and fintech. The SAS solution combines data extraction, data fusion, document and transactional analytics,…
Egmont Group and FATF publish digital transformation report for FIUs and other operational agencies
The Egmont Group of Financial Intelligence Units and the Financial Action Task Force (FATF) have jointly published a report on digital tools used by financial intelligence units (FIUs) and other operational agencies. Digital Transformation of AML/CFT for Operational Agencies: Detection of Suspicious Activities and Analysis…
GCFFC states its position on beneficial ownership transparency
All actors fighting financial crime should have instant access to high quality, highly usable beneficial ownership data according to the Global Coalition to Fight Financial Crime (GCFFC). In a newly published position paper, GCFFC states its views on beneficial ownership transparency and its objectives to…
Surecomp integrates ThetaRay to mitigate TBML and ATM risks for banks and corporates
Canadian fintech Surecomp, which specialises in global trade finance solutions for banks and corporates, has announced a partnership with cyber security and big data analytics company ThetaRay for its detection platform to be live on the Surecomp Marketplace platform. Fully integrated with Surecomp’s back-office trade…
TBML case study features in HKMA’s new report on innovative Regtech AML/CFT approaches
The Hong Kong Monetary Authority (HKMA) has published a new report containing case studies on and insights into how banks are seizing opportunities to leverage regulatory technology (Regtech) to enhance the effectiveness of their anti-money laundering and counter financing of terrorism (AML/CFT) strategies. The report…
Nasdaq acquires Verafin, increases its position in AML technology market
Exchange operator Nasdaq says it is acquiring anti-financial crime management solutions provider, Verafin, for US$2.75 billion. The acquisition is a further step in Nasdaq’s expansion in the anti-money laundering (AML) technology market.
