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Powering Anti-Money Laundering efforts with Artificial Intelligence
The question that follows, is how can artificial intelligence assist organisations with combatting Money Laundering? Although in essence the ultimate question which needs to be answered is a binary one – is a particular activity hiding illicit money laundering activity or not – reaching a simple and correct conclusion is in many cases not an […]
What is Adverse Media and why do we need it ?
What is Adverse Media and why do we need it? Globally there is a spotlight on regulated industries and the general trend right now is for countries to encourage or force adverse media screening checks in order to assist with combating any poor AML protocols. Onboarding a client with a poor reputation and a risky […]
The Growing Pressures for Compliance – A Special focus on the role of the MLRO
In recent times, we have seen a major increase in electronic transactions in part due to Covid19 and the reduction in cash transactions, but also with the increase in Electronic Money Institutes (EMI’s) starting up which are disrupting the market. This increase in volume of traffic has made it more difficult to monitor and detect suspicious transactions, persons, and businesses for compliance […]
AML Connecting the Dots Webinar – Minimising Fraud Risks in Regulated Companies
Money laundering and prevention of risky financial activities has proven to be a challenge to tackle for regulated companies. With technological advancements, come more intuitive ways for criminals to find their way around manipulating systems, and pursue fraudulent activities through said regulated companies, which can potentially cost these companies millions in legal fees. On April […]
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
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
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 […]
What Is AI/ML Anomaly Detection
Anomaly detection is an advanced technique that uses an organisations’ data and machine learning to detect behaviour that doesn’t fit within the expected normal behaviour profile. This module works an additional filter for suspicious transactions over and above the ComplyRadar rules engine. There are different types of anomalies that can be detected, including: Point anomalies; […]
False Positives in AML Transaction Monitoring
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
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 […]
