Business and Reputational Risk – The True Cost of Not Being Compliant

Rarely a week goes by that we do not hear of the latest multi-million fine being imposed on a bank or a financial institution or a gaming company for lack of compliance. AML failures that have been highlighted consistently include Know Your Customer, Customer Due Diligence and Monitoring Suspicious Transactions. Last year 2020 saw some […]

Transaction Monitoring Solutions and Why Your Business Cannot Do Without One

What is AML transaction monitoring

A transaction monitoring (TM) solution focusing on Anti-money laundering (AML), Fraud or Responsible Gambling, provides financial institutions with the tools to monitor customer transactions and identify risky or suspicious transactions effectively in real-time. The role of a transaction monitoring solution is to: Provide a clear and precise process to tackle AML, Fraud and responsible gambling […]

Financial crime in the UK: 2020 Report Results

Corona Virus

The year of the pandemic brought on a new dimension of accelerated illicit activities by individuals or organisations who engage in online fraud. It created parallel realities with businesses combatting these attacks on the one hand and fraudsters capitalising on newfound opportunities for social engineering scams and malware on the other. The UK Finance issued […]

False Positives in AML Transaction Monitoring

AML Compliance

It has ever been more important for companies to adhere to strict AML compliance rules. Not only is there a heavy price to pay, but any mishaps can hinder the company’s operation making it less profitable.  Many companies are turning towards technology based solutions to help them keep abreast of their AML Compliance responsibilities.  So, […]

ComplyRadar goAML Schema XML Converter

ComplyRadar goAML Schema XML Converter

We are all aware just how the world has changed in recent times, becoming even more uncertain with companies struggling to streamline their operations to meet the “new normal”.  When it comes to money laundering and terrorist financing, there has never been a bigger push to find solutions to assist companies to detect suspicious behaviour […]

5 Steps to Strengthen AML Compliance

5 Steps to Strengthen AML Compliance

Organisations all over the world are constantly striving to protect their business against financial crimes. In this journey, they are aided by regulators through the recommendations and regulations that help in the process. Regulators also enable them to detect the financial crimes beforehand so as to prevent them from taking place by employing the new […]

Improving AML processes using Artificial Intelligence – the challenge of false positives

Improving AML processes using Artificial Intelligence – the challenge of false positives

Over the past couple years we have been successfully implementing AML solutions for financial, gaming and payment service organizations. Our flagship product, ComplyRadar, is one of the leading products in this area, specifically focusing on ongoing transaction monitoring. In this blog we will focus on a problem which from our experience is a primary problem […]

ComplyRadar Testimonial – European Merchant Bank

Currently, the European Merchant Bank has 38 employees, with 4 dedicated to compliance. The European Merchant Bank is a banking institution registered in Lithuania, serving SME’s and Fintech companies among others. We caught up with Franco Celis to find out how our ComplyRadar software improved their operation. How did you find out about ComplyRadar? The […]

The Rise of goAML Reporting and the Impact of Data Quality

Rise of GoAML

The goAML portal came into being in June 2017 when the Irish reporting entities were required to hand in their regulatory reports to the Irish Financial Intelligence Unit (FIU) using this portal. This was a part of a bigger global trend where regulators were attempting to standardize the reporting platforms, thereby providing proof of the […]

Case Management: The Fraud and Money Laundering Connection

Case Management: The Fraud and Money Laundering Connection

When it comes to fighting fraud and money laundering, the connection between the two is critical as fraudsters work to find a way to legitimize their illicit funds. Proceeds from criminal activity related to fraud need to be laundered, so money laundering often follows soon after fraud occurs. Typically, following a successful money laundering activity, […]