AML specialist SmartSearch breaks into US market
Jul14

AML specialist SmartSearch breaks into US market

Leading UK anti-money-laundering (AML) firm SmartSearch is today launching operations in the USA. Expansion into the US market follows a period of sustained growth that has seen the firm frequently named among the UK’s fastest-growing companies, and a leader in the increasingly important ‘RegTech’ sector. SmartSearch’s unique ‘one-stop’ Know Your Customer (KYC) and AML platform enables clients to perform full electronic ID...

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UK firm wins place on top bank’s Brussels fintech accelerator
Mar09

UK firm wins place on top bank’s Brussels fintech accelerator

Neotas – a leading provider of online due diligence for banks and financial services firms – has been selected by global bank ING to join its fintech accelerator in Brussels. The London-based company has been chosen from 350 worldwide to join ING Labs Brussels, which aims to fast track new fintech solutions for the bank and its customers. The accelerator, formerly known as FinTech Village, has a strong reputation within the fintech...

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Global Fintech 4finance Deploys FICO AML and KYC Solution across 10 Countries in Nine Months
Jan30

Global Fintech 4finance Deploys FICO AML and KYC Solution across 10 Countries in Nine Months

Europe’s largest online and mobile consumer lender wins FICO Decisions Award for scale and speed of compliance program 4finance Group has deployed FICO® TONBELLER® Siron® solutions for anti-money laundering (AML) and know your customer (KYC) compliance across 10 countries and 20 back-office systems in just nine months. The cloud-based FICO solutions are delivering audit-verified compliance with global and regional regulations while...

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LuLu Exchange Enhances Customer Experience with Move to Fiserv
Jan02

LuLu Exchange Enhances Customer Experience with Move to Fiserv

LuLu Exchange has selected Fiserv to enhance its financial crime prevention capabilities and enable its expansion into new markets. LuLu Exchange will implement a cloud-based version of AML Risk Manager from Fiserv. The anti-money laundering solution utilizes sophisticated techniques such as machine learning to detect suspicious transactions, leading to more accurate fraud detection and fewer false positives. This helps to eliminate...

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EastNets Upgrades its Flagship Anti Money Laundering Solution
Oct18

EastNets Upgrades its Flagship Anti Money Laundering Solution

en.SafeWatch Filtering 4.0 gives users greater efficacy and reduces false positives EastNets has released important upgrades in the fourth release of its state-of-the-art watchlist screening solution en.SafeWatch Filtering (SWF 4.0). The en.SafeWatch Filtering solution is a real-time anti-money laundering detection tool specialising in detecting blacklisted entities to filter suspicious transactions from the financial flow and stop...

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FICO Achieves AWS Financial Services Competency Status for TONBELLER Anti-Financial Crime Solutions
Sep27

FICO Achieves AWS Financial Services Competency Status for TONBELLER Anti-Financial Crime Solutions

Silicon Valley analytic software firm FICO announced that its TONBELLER® Siron® suite of anti-money laundering (AML) and know your customer (KYC) solutions have achieved Amazon Web Services (AWS) Financial Services Competency status. This designation recognises FICO for delivering robust solutions on AWS to help organisations manage critical issues pertaining to the industry, such as risk management, data management, navigating...

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Anti-Money Laundering Compliance costs of $83.5 Billion a Year
Sep19

Anti-Money Laundering Compliance costs of $83.5 Billion a Year

 Over the past two years, overall anti-money laundering compliance costs in Europe have increased by 21% and financial institutions expect these to grow by a further 19% in 2017, while sanction compliance costs are expected to rise by 17% on average. These are the results of a survey carried out between April and June 2017, conducted by LexisNexis® Risk Solutions, interviewing 250 executives in charge of anti-money laundering (AML)...

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Can Blockchain be the Key to Overcoming the AML Challenge in Crypto-Currency?
Sep12

Can Blockchain be the Key to Overcoming the AML Challenge in Crypto-Currency?

Special Counsel Roy Keidar and Associate Netanella Treistman of law firm Yigal Arnon & Co examines how blockchain could provide the answer to the anti-money laundering issues that crypto-currencies face. In what some are coining a landmark case, an Israeli District Court recently ruled that Israeli banks are not obligated to provide financial services to companies whose primary business is trading in crypto-currencies, such as...

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Are Crypto-Currencies About to Replace Fiat as National Currency and the Key to Anti-Money Laundering?
Sep11

Are Crypto-Currencies About to Replace Fiat as National Currency and the Key to Anti-Money Laundering?

In his bestselling book The Brief History of Mankind, historian Yuval Noah Harari discusses the origins of money. He describes how around 3000 B.C., Sumerian Barley money was first introduced as a mean for trading. Half a millennium later, humans in Mesopotamia developed enough trust in each other to use the Silver Shekel, probably one of the earliest forms of cash known to date. Harari concludes, “Money is accordingly a system...

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Comment: Banks Waste Billions on AML Compliance
May10

Comment: Banks Waste Billions on AML Compliance

Dean Curtis, Managing Director at LexisNexis® Risk Solutions, comments on Fortytwo Data’s research that shows that banks are wasting £2.7 billion a year chasing false leads due to outdated AML systems “Financial services firms are growing increasingly concerned over the mounting costs and reduced effectiveness associated with customer due diligence. Not only do banks have outdated legacy systems, they are plying them with poor quality...

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Anti-Money Laundering Requirements: Are the Stakes Increasing?
Mar15

Anti-Money Laundering Requirements: Are the Stakes Increasing?

Part 504 of the US Department of Financial Services Superintendent’s Regulations seems to be significantly upping the requirements for firms to put in place an ongoing review and improvement approach to anti-money laundering (AML) monitoring. But is it really very different from the broader suggestions from the intergovernmental Financial Action Task Force to introduce a continual review and improvement process for transaction...

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