Financial Crime Compliance Resources

Disruptive technologies are no longer the stuff of science fiction. They’re not even the “next big thing.” Successful firms are using them right now to automate manual processes in their AML programs.

I have always enjoyed The Washington Post’s (and I am sure various other publications) list for the next year. The uniqueness is, of course, they eliminate a popular or hot issue with a new one for the next calendar...

Wayne, PA (January 5, 2021) – QuantaVerse, which uses AI and machine learning to automate financial crime identification and investigations, finished 2020 well-positioned for continued growth in 2021 due to its...

In this installment of AML Voices, John Byrne, AML RightSource Executive Vice President, Sara Crowe, Strategic Initiatives Director, Financial Systems – Polaris, and Angel Nguyen Swift, Head of Conduct Management at...

In our first interview of 2021, we caught up with Rebecca “Becky” Schauer Robertson, Senior Vice President, Director Financial Investigations Unit atAtlantic Union Bank.

On January 1, 2021, the Anti-Money Laundering Act (“AMLA”) was enacted by Congress as part of the National Defense Authorization Act (NDAA). The AML Act has made emerging technologies, such as AI, machine learning, and...

Pandemic disruption in 2020 prioritized the automation of anti-money laundering (AML) investigations for compliance teams. Risk related to inconsistent investigation decision-making and reporting multiplied. The danger...

Ball of Confusion[i]

Having been in what we call the AML community for close to 35 years, it was always clear to me that a “year-in-review” is both arbitrary and doesn’t really give you a cohesive sense of themes....

The economic sanctions administered and enforced by the US. Department of the Treasury’s Office of Foreign Assets Control (OFAC) are key foreign policy tools of the United States. OFAC sanctions draw their strength and...

How do criminals learn advanced money laundering and fraud methods? This question has many answers, but in 2020 many criminals are buying this knowledge online. The information is contained in multiple files distributed...

Some 15 years after the Financial Action Task Force (FATF) published its first landmark report on trade-based money laundering (TBML), new research from the independent inter-governmental body makes sobering reading....

Information sharing in the BSA/AML space is a topic of ongoing discussion and such an essential tool. I wrote about the value and the challenges in a prior post. One part of the US information sharing regime is Patriot...

The principle of a Suspicious Activity Report (SAR) is very simple – the transmission of information, typically from regulated firms, which alerts law enforcement that a certain client or activity is in some way...

How close is the financial world to achievingperpetual KYC? Recent industry research has emphasised the drastic importance of improving KYC and compliance processes as financial institutions drive towards reducing the...

Financial Institutions Are Using AI-Created QuantaVerse Reportsto Streamline High-Risk Entity Reviews

QuantaVerse is Recognized by Two Coveted Industry Awards andGrabs a Spot on the Prestigious RegTech 100 List

From initial onboarding for a new business account, through to the periodic review of that entity thereafter, all banks have challenges around validating new customer data, resolving the information, and maintaining...

In this episode of AML Conversations, John Byrne, AML RightSource Executive Vice President, Chuck Taylor, AML RightSource Executive Vice President and Head of Financial Crimes Advisory, and Steve Gurdak, Group...

Corporate banks face a number of hurdles in conducting KYC. Complex processes that involve many parties, causing inefficiencies in operations, are often handled manually and only add to significant costs. When both the...

Radical reforms of know your customer laws are looming after the FinCEN leaks exposed painful flaws in banks’ anti-money laundering (AML) systems.

In the past decade, the monumental incline of revenue within sport has brought with it more spectacle, more worldwide fandom and, inevitably, a larger threat of financial crime. Where there are huge sums of money,...

Finally, “Work to Do”[i]

Having spent a good deal of my career dealing with legislation, regulations, guidance and assorted policy statements, it never ceases to amaze me how long some things take from start to finish....