/financial crime

News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

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Latest news

CFTC orders FTX to pay customers $12.7 billion

CFTC orders FTX to pay customers $12.7 billion

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Finextra is getting a new look!

Finextra is getting a new look!

2

ThetaRay boosts AI financial crime detection with Screena acquisition

ThetaRay boosts AI financial crime detection with Screena acquisition

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UK Economic Secretary Tulip Siddiq called on to reduce APP fraud reimbursement to £30k

UK Economic Secretary Tulip Siddiq called on to reduce APP fraud reimbursement to £30k

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Nordea charged over Danish money laundering cases

Nordea charged over Danish money laundering cases

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Community

Pallavi Kapale

Pallavi Kapale Senior Financial Crime Officer (2LOD) at Bank of China (UK) Limited

The Journey from Writing to Exiting: The Importance of Suspicious Activity Reporting (SAR)

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Oliver Tearle

Oliver Tearle Head of Technology Innovation at The ai Corporation

Fraud Fighters Are Getting Smarter: How Machines Are Learning to Spot Sneaky Transactions

Nick Green

Nick Green Director at Purple Patch Broking Ltd

Breaking down The Economic Crime and Corporate Transparency Act

Garima Chaudhary

Garima Chaudhary Head of Fin. Crime Solution Consulting at Oracle

How to Get Started with GenAI in Financial Crime Compliance

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All /crime opinions
[Webinar] Payment Orchestration: Remaining Relevant in Today’s MarketFinextra Promoted[Webinar] Payment Orchestration: Remaining Relevant in Today’s Market
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Company updates

All /crime company updates

Tuum forms partnership with ComplyAdvantage,

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More news

EBAday 2024: Collaboration is key to fraud management

EBAday 2024: Collaboration is key to fraud management

EBAday 2024: Fintech Zone finalists revealed!

EBAday 2024: Fintech Zone finalists revealed!

HSBC and BNY Mellon early adopters for Quantexa GenAI suite

HSBC and BNY Mellon early adopters for Quantexa GenAI suite

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EBAday 2024: 100 banks registered and ready to fuel the payments technology conversation

EBAday 2024: 100 banks registered and ready to fuel the payments technology conversation

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Ex-Citi employee files wrongful termination lawsuit alleging the bank hid data from regulators

Ex-Citi employee files wrongful termination lawsuit alleging the bank hid data from regulators

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EU expands AML regulation impacting cryptocurrency compliance

EU expands AML regulation impacting cryptocurrency compliance

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All /crime news
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Trending

CFTC orders FTX to pay customers $12.7 billion

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Expert opinions

Pallavi Kapale

Pallavi Kapale Senior Financial Crime Officer (2LOD) at Bank of China (UK) Limited

The Journey from Writing to Exiting: The Importance of Suspicious Activity Reporting (SAR)

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

/retail /crime Banking

Oliver Tearle

Oliver Tearle Head of Technology Innovation at The ai Corporation

Fraud Fighters Are Getting Smarter: How Machines Are Learning to Spot Sneaky Transactions

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...

/ai /crime Artificial Intelligence and Financial Services

Nick Green

Nick Green Director at Purple Patch Broking Ltd

Breaking down The Economic Crime and Corporate Transparency Act

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...

/retail /crime Banking

Garima Chaudhary

Garima Chaudhary Head of Fin. Crime Solution Consulting at Oracle

How to Get Started with GenAI in Financial Crime Compliance

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...

/ai /crime Artificial Intelligence and Financial Services

Nickii Mallia

Nickii Mallia Business Development Manager at Aqubix Ltd - KYC Portal

Best Practices for Implementing a KYC/AML platform in Financial Institutions

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...

/regulation /crime RegTech

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Research

APIs, Automation, and AI

White Paper

APIs, Automation, and AI

An Arsenal to Defend Against Card Transaction Fraud Fraudsters are no longer individuals who are looking to infiltrate gaps or weaknesses in how our businesses are set up. They are expert technologists and strategists that steal customer data, take over accounts and break into tough security measures. Between 2023 and 2027, merchants are expected to lose a total of $343 billion to online payment fraud, driving home the point that the time is now for technology to be leveraged to reduce card transaction fraud, which is growing in numbers and complexity. APIs, automation, and AI are all integral to an effective fraud mitigation strategy in 2024. This Finextra whitepaper, produced in association with Mastercard, discusses how these technologies – if used in the right way – can support financial institutions evolve to emerging threats with increased speed and accuracy.

84 downloads

Payment Fraud in 2024: Who is Liable?

Impact Study

Payment Fraud in 2024: Who is Liable?

Fraud is a billion-dollar business in the Instant Payments era. Statistics show that ecommerce fraud is predicted to exceed $48 billion globally by the end of 2023 alone and could exceed $362 billion between 2023 and 2028.  In 2024, banks will not only contend with the changing liability landscape, but the upcoming adoption of ISO 20022 as well. Both represent a historical shift in the financial services industry. To prepare for a higher degree of liability in a data-rich environment, banks need to address the holistic landscape of fraud mitigation.  This Finextra impact study, produced in association with NICE Actimize, addresses the changing liability landscape and what banks need to do to prepare for regulatory changes and increased fraud protection.  We cover:  Shifting liability and the impact of new PSR regulation  ISO 20022’s impact on the financial industry  Financial industry priorities in 2024  And more. 

490 downloads

Payments Modernisation: The Big Survey 2024

Survey

Payments Modernisation: The Big Survey 2024

Welcome to the fourth edition of The Big Survey. Our annual report, surveying 350 senior bankers across the globe, offers a unique vantage point on the ever-evolving landscape of payments modernisation. Over the years, we’ve uncovered fresh developments and enduring challenges alike, painting a detailed picture of the industry’s trajectory. As we navigate 2024, the financial services sector is in the midst of profound transformation. Our latest insights highlight the critical need to modernise payment systems swiftly and effectively, driven by rising customer expectations and stringent regulatory demands.  Download our 2024 survey to learn about:  The current state of capabilities  Why payments architecture is more flexible than ever before  Financial institutions’ budgets and spending priorities  The global drive towards real-time and cross-border  And much more. 

842 downloads

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FinextraTV

The Intersection of Wildlife Trafficking and Financial Crime

The Intersection of Wildlife Trafficking and Financial Crime

FinextraTV, Julia Thorn, Senior Marketing Manager, Financial Crime Compliance, LexisNexis® Risk Solutions and Robert Campbell, Programme Director of United for Wildlife, The Royal Foundation of The Prince and Princess of Wales, dive deep into their recently released report on how wildlife trafficking can be combatted with the power of collaboration. Exploring the objectives of the report, the pair doubled down on the importance of enforcement data and how this data can be used for good by looking for patterns that are more relevant to financial institutions than first thought. Further, financial institutions must consider wildlife trafficking as organised crime and as the money involved cannot be hidden under the bed - it moves through commercial entities such as airports and shipping ports - this form of money laundering must be mitigated.

The global approach to solving payee verification challenges

The global approach to solving payee verification challenges

Why Traditional AI should be used alongside Generative AI for Fraud Prevention

Why Traditional AI should be used alongside Generative AI for Fraud Prevention

What changes lie ahead for the future of real-time payments

What changes lie ahead for the future of real-time payments

Verification of Payee: Why pan-European cooperation matters

Verification of Payee: Why pan-European cooperation matters

All /crime on FinextraTV
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Events

September 2024

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September 2024

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Webinar

Payment Scams and Fraud: Changing Bank Behaviour and Regulatory Frameworks

Is the financial services industry acknowledging that there is a shared responsibility between banks and consumers to protect accounts and payments?

Speakers from: Outseer

Online 321

Webinar

Payment Orchestration: Remaining Relevant in Today’s Market

How can businesses offer a closed-loop, single vendor approach and an open-loop, multi-acquiring strategy at the same time?

Speakers from: ACI Worldwide

Online 296

2 Events in September
Show

October 2024

HideShow

October 2024

HideShow

Webinar

Global Trade Based Financial Crime: Where Trade and Payments Meet

How confident and mature are financial institutions in detecting and mitigating trade based financial crime?

Speakers from: Eastnets

Online

1 Event in October
Show
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Long reads

Deepfakes: The role banks play in fraud education
Níamh Curran

Níamh Curran Senior Reporter at Finextra

Deepfakes: The role banks play in fraud education

Last week, Santander released deepfake images of their head of fraud risk management Chris Ainsley and ‘finfluencer’ Mr Money Jar, Timi Merriman-Johnson, to raise awareness of scam potential of this technology. Deepfake scams are a growing threat for financial services, although they are not necessarily a threat which many banks are deeply conce...

How to prevent a cyber-attack
Hamish Monk

Hamish Monk Reporter at Finextra

How to prevent a cyber-attack

In June, Russian ransomware-as-a-service gang, Qilin, stole data covering 300 million NHS patient interactions – and demanded an alleged £40 million for its return. The leak meant that two of the health service’s biggest trusts, King’s College hospital and Guy’s & St Thomas’, “had to cancel 1,134 planned operations, including cancer and trans...

How to spot APP fraud
Hamish Monk

Hamish Monk Reporter at Finextra

How to spot APP fraud

According to Nick Green, director, Purple Patch Broking, “APP fraud is now the number one payments threat and is expected to reach $5.25 billion by 2026.” Last year alone, UK bank fraud losses topped £1 billion. Authorised push payments (APP) fraud is the increasingly sophisticated financial crime that tricks victims into sending funds directly...

All /crime long reads

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