Pallavi Kapale Senior Financial Crime Officer (2LOD) at Bank of China (UK) Limited
Are you looking to learn more about Suspicious Activity Reporting? From writing reports to exiting, I've got you covered! Let's dive in and explore the world of Suspicious Activity Reporting together. Filing Suspicious Activity Reports (SARs) is a critical process that facilitates financial institutions in their efforts to combat money laundering
02 August 2024 /retail /crime Banking
Oliver Tearle Head of Technology Innovation at The ai Corporation
Fighting fraud is like playing a game of cat and mouse. But what if the 'mouse' could learn the cat's every move? Machine learning in fraud detection creates a system that constantly gets better at spotting fraudulent transactions, no matter how the fraudsters try to disguise them. This technology has been around for a while, with the first system...
29 July 2024 /ai /crime Artificial Intelligence and Financial Services
Nick Green Director at Purple Patch Broking Ltd
The Economic Crime and Corporate Transparency Act (ECCTA) introduces key changes to Companies House, aiming to enhance the accuracy and reliability of business information. Designed to enhance transparency and combat economic crime, here’s how it will help: Reforms to Companies House: The ECCTA mandates that companies must have an ‘appropriate ad...
23 July 2024 /retail /crime Banking
Garima Chaudhary Head of Fin. Crime Solution Consulting at Oracle
There’s a new subset of artificial intelligence/machine learning (ML) that are taking over news feeds called Generative AI aka Gen AI. As compared to where traditional ML model output predicts, classify or cluster, Gen AI as the name suggests aims to create new content like text, video, audio, image, or code from the training data. Encouraged by...
22 July 2024 /ai /crime Artificial Intelligence and Financial Services
Nickii Mallia Business Development Manager at Aqubix Ltd - KYC Portal
In the rapidly evolving financial landscape, implementing a robust KYC/AML platform is paramount for financial institutions. Effective processes not only ensure regulatory compliance but also enhance customer experience and streamline operations. This blog outlines the steps for a successful KYC/AML platform implementation, addresses common challe...
17 July 2024 /regulation /crime RegTech
Joris Lochy Product Manager at Intix | Co-founder at Capilever
Preventing fraud is a major concern for every financial institution. Banks, in particular, must ensure that only the rightful account owner accesses their account and that no incorrect payments are made. This involves tackling issues such as identity theft, accidentally misdirected payments, and Authorised Push Payment (APP) fraud. While a few yea...
15 July 2024 /security /crime Exposing Financial Crime
The Payment Services Regulations (PSR) approach will bring about a significant change for all the payment firms. Its aim is to proactively prevent Authorized Push Payment (APP) fraud from occurring. In APP fraud, customers are tricked into authorizing payments to fraudsters, making it difficult for banks to detect since the transaction appears leg...
15 July 2024 /regulation /crime Banking
Fraud accounts for atleast 40% of financial crime in the UK. In 2022, UK banks have identified over 39,000 accounts demonstrating behavior indicative of money muling[1]. NCA estimated that over GBP 10 billion is laundered via money mule activity in the UK annually[2]. The global increase in fraudulent activities is a growing concern for businesses...
Over the past two decades, the banking industry has faced staggering penalties for non-compliance, totaling an astonishing $387,559,149,283 (source: Violation Tracker). This colossal sum underscores a pressing issue: despite numerous efforts, the financial sector continues to grapple with compliance, with no signs of the penalties decreasing. Ever...
08 July 2024 /regulation /crime RegTech
Kieran Holland Head of Technical Solutions at FinScan
High-quality data is the bedrock of an effective anti-money laundering (AML) and watchlist screening programme. Incomplete or inaccurate data can lead to false negatives, potentially allowing illicit activities to go unnoticed. Conversely, it can trigger false positives, leading to unnecessary investigations and resource wastage. With data volumes...
03 July 2024 /regulation /crime RegTech
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