During a recent interview with CNA (formerly Channel NewsAsia), managing director of the Monetary Authority of Singapore (MAS) Ravi Menon expressed a strong interest in exploring the full potential of artificial intelligence (AI) in the fight against money laundering. At […]
Lumon has provided overseas payments and foreign exchange services to private individuals, small-to-medium enterprises (SMEs), and larger corporates for over two decades.
Efficient and accurate data analysis is vital for effective AML/CFT programs – yet AML teams using legacy transaction monitoring programs frequently deal with backlogged systems. Their analysts often experience burnout from processing high volumes of alerts with too many false […]
From COVID-19 to the Russian invasion of Ukraine, global events are significantly changing the behavior of criminals and legitimate customers alike. In turn, these changes have impacted firms’ transaction risk management frameworks. In an interview with global financial crime consultancy […]
The buy-now-pay-later (BNPL) credit market is growing rapidly. Research suggests that up to 42% of global credit customers are interested in BNPL products while in the US alone, customers are expected to make almost $100 billion in retail purchases in […]
Australia is home to thousands of banks and financial services companies, including banking institutions and over 800 FinTechs. Those financial institutions must learn to navigate a robust legal framework of AML rules in Australia, put in place to protect the […]
Is cryptocurrency legal In Australia? Cryptocurrencies: Legal, treated as property Cryptocurrency exchanges: Legal, must register with AUSTRAC In Australia, cryptocurrency, digital currencies, and cryptocurrency exchanges are legal. In addition to this, Australia cryptocurrency regulations and laws are also progressive. The […]
Money laundering and terrorist financing (ML/TF) pose a substantial threat to governments and financial institutions. Over the past few decades, increasing measures have been taken across the globe to counter them. In 2022, the EU moved forward in its bid […]
Transaction monitoring can be a challenging compliance obligation: firms must collect and analyze large amounts of customer data to spot potential money laundering activities promptly and accurately. In practice, transaction monitoring involves scrutinizing customer accounts for a range of indicators, […]
The AML/ATF ecosystem shapes FinTech’s regulatory responsibilities in Canada. This infographic spotlights five responsibility and opportunity areas for Canadian FinTechs, including registering with FINTRAC and submitting STRs.
As FinTechs grow and acquire more customers, their AML/CTF programs must also mature. The firms best set up for success are those with scalable solutions and a sound understanding of AUSTRAC’s expectations of the firms it regulates. This guide provides hands-on tips and best practices for any FinTech looking to scale in Australia.
Canada has a vibrant FinTech ecosystem, with more than 1,200 FinTechs using innovative technologies to disrupt financial services. To scale effectively, FinTechs need to ensure their AML/ATF programs are set up for success. Our hands-on guide to the AML landscape in Canada provides best practice guidance.
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