Despite stringent regulations and heightened due diligence, online gambling remains a lucrative avenue for illicit actors seeking to launder their dirty funds. In fact, gambling emerged as one of the top three sectors that incurred the highest amount of anti-money […]
In 1992, Singapore criminalized money laundering under the Drug Trafficking (Confiscation of Benefits) Act (DTA). However, due to criticism of the DTA’s limited scope, criminalizing only drug-related offenses as money laundering – an amendment to the legislation was introduced in […]
With the increasing demand for instant payments, financial institutions (FIs) face the challenge of imposing faster sanctions screening processes. Sanctions can be imposed quickly, making it necessary for firms to stay updated with the latest changes to prevent sanctions violations. […]
With FinTech partner banks in the United States increasing their FinTech deposits by double digits, greater scrutiny of the risks these relationships create by regulatory and supervisory bodies was inevitable. Financial institutions are offering these Banking as a Service (BaaS) […]
Sanctions screening software plays a crucial role in the anti-money laundering and counter-terrorist financing (AML/CTF) process. The right technology can improve the customer experience, improve relationships with regulators, and provide a more efficient, scalable operation. The wrong technology slows compliance […]
Financial institutions (FIs) need to understand the various types of financial fraud to safeguard their assets and maintain the trust of clients and stakeholders – particularly as new avenues for fraud and illicit activity continue to unfold. This comprehensive guide […]
In our annual global compliance survey, 60 percent of firms said the number of payment fraud cases had remained the same over the past 12 months. However, this reported continuity reflects fraud rates remaining at historically high levels, with global […]
Sanctions screening is crucial to any financial institution’s (FI’s) anti-money laundering and counter-terrorist financing (AML/CTF) efforts. It helps companies stay compliant with regulations, protect their reputations, and safeguard the financial activities of their customers. However, many businesses face challenges implementing […]
Welcome to the era of artificial intelligence (AI) hype, where every company and its cat claims to be riding the wave of the latest AI and machine learning (ML) breakthroughs. One example of this in the anti-money laundering (AML) space […]
Despite being one of the most important lines of defense for financial institutions (FIs), many businesses struggle to balance effective security with ease of use during payment screening. To help mitigate these challenges, this article will look at: What payment […]
The fifth Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place at the FATF headquarters in Paris on February 21-23, 2024. We’ve summarized the key developments: Changes to the grey list. Increasing […]
By 2027, it is estimated that 440 million people will use online dating apps to find love, making them one of the primary catalysts for igniting relationships. While happily ever afters are common on these platforms, so, unfortunately, are scams […]
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