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October 20, 2017
Once upon a time, money services businesses (MSBs) could be lax about diligently fulfilling anti-money laundering (AML) requirements. Regulators were much more interested in the banking sector, and focused their attention on cracking down on the failures of those businesses. But times are changing... Read More »
August 1, 2017
Every customer you have represents a risk. Today most banks, casinos and money services businesses (MSBs) adopt technology solutions to monitor transactions, but what about having the full picture of a customer to determine more accurately the risk they pose? If I asked you how risky any given... Read More »
July 20, 2017
Earlier this week I hosted a webinar to announce that the newest version of the CaseWare AML Compliance solution is soon to be released. I discussed the new and exciting features included in this release, which will make anti-money laundering (AML) compliance efforts even easier. Here is a brief... Read More »
June 27, 2017
The last decade has brought with it sweeping changes to the financial industry that has made it increasingly difficult and costly for banks, money services businesses (MSBs) and other financial institutions to fulfill their anti-money laundering (AML) compliance requirements. Under pressure from... Read More »
April 20, 2017
The topic of politically exposed persons (PEPs) is making headlines more frequently as global efforts to reduce money laundering increase. Institutions such as the Sonali Bank have made news for failing to perform sufficient customer due diligence—including failure to identify PEPs—leading to the... Read More »
April 11, 2017
Artificial intelligence. Advanced, predictive analytics. Machine learning. These terms are heard with increasing frequency in the compliance space as solution providers seek new ways to evolve technology offerings to get ahead of compliance challenges. But does this mean that rules-based testing... Read More »
February 22, 2017
Paying its due for almost a decade’s worth of crime, Western Union recently reached a settlement with the Justice Department, the Federal Trade Commission (FTC) and several U.S. Attorney’s offices. The company has agreed to pay USD $586 million for failures in its compliance program that led to... Read More »
January 24, 2017
Implementing anti-money laundering (AML) software is a big undertaking, and one that must take many factors into account. Some of the main factors that should be considered when selecting an AML software option include the following capabilities: Risk identification Data management Transaction... Read More »
December 13, 2016
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the Canadian regulatory authority responsible for overseeing anti-money laundering (AML) compliance across the country, tabled its annual report recently. The release of the report offers a glimpse into the state of AML... Read More »
November 29, 2016
The United Kingdom’s largest bank, HSBC, is facing yet another challenge related to its anti-money laundering (AML) compliance program. In the latest in HSBC’s series of AML missteps, the bank is being accused by U.S. regulators of failing to take action over customers reportedly linked to... Read More »

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