Reported by Babu Sivadasan Deloitte’s recent research reveals that 86% of financial services AI adopters say AI will be very or critically important to their business’s success in the next two years. The research points out that AI can help improve efficiency, enable a growth agenda, boost differentiation, manage risk and regulatory needs and positively influence customer […]
Reported by Vanguard Reports The global market for AI-powered KYC (Know Your Customer) solutions in the banking industry has witnessed remarkable growth in recent years, driven by the increasing adoption of advanced technologies to enhance regulatory compliance, customer onboarding, and fraud detection processes. According to a report by Grand View Research, the global artificial intelligence […]
Reported by Charlotte Edwards Fake Olympics and Taylor Swift tickets are the two biggest online scams consumers are likely to encounter this year, UK Finance has warned. The alert came as the banking lobby group reported that the number of people tricked by romance fraud and purchase scams jumped to new highs last year. Overall, […]
Reported by Scott H. Moss, Robert A. Johnston Jr., Samantha Sigelakis-Minski, and Angenny M. Rosario Under the Notice of Proposed Rule Making (NPRM), Investment Advisers would be required to implement reasonable procedures to identify and verify the identity of their customers.3 The NPRM would define “account” as “any contractual or other business relationship between a person and an investment […]
Reported by Nicole Sadek The U.S. Treasury Department will seek to operationalize use of the country’s new beneficial ownership information database by law enforcement and finalize moves to clamp down on real estate money laundering over the next two years, according to the latest national illicit finance strategy. The broad strategy document, released Thursday, details […]
Reported by FinCEN Red Flag Indicators Related to the Fundraising and Money Laundering Activities of Iran-Backed Terrorist Organizations FinCEN has identified the red flags listed below to assist financial institutions in detecting, preventing, and reporting suspicious activity connected to the financing of Iran-backed terrorist organizations. These red flags are in addition to the red flags […]
Reported by U.S. Attorney’s Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York; Lisa Monaco, the Deputy Attorney General of the United States; and Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), […]
Reported by FinTech Global Encompass Corporation‘s recent research has uncovered alarming statistics regarding corporate treasurers’ dissatisfaction with banking applications. According to the study, a staggering 87 per cent of corporate treasurers have abandoned banking applications due to the lengthy and inefficient onboarding processes. Notably, this trend isn’t just affecting banks but also impacting businesses, with […]
Reported by Patrick Wintour Diplomatic editor Nearly 40% of the dirty money in the world is going through the City of London and other crown dependencies, the UK’s deputy foreign secretary has said. Andrew Mitchell added the crown dependencies and overseas territories will face fresh demands from the Foreign Office to comply with UK laws setting up public […]
Reported by Dylan Tokar U.S. regulators took another step on Monday toward bolstering anti-money-laundering safeguards with a proposal to require that certain investment advisers verify identities of their customers. The proposal, which would extend identification requirements that already exist for broker-dealers and mutual funds, was issued jointly by the U.S. Securities and Exchange Commission and […]
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