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As businesses undergo digital transformation, the need for robust KYB processes has never been more stringent. Understanding and verifying the identity of businesses is not just a regulatory requirement but a strategic imperative.
KYB, KYC, digital onboarding, fraud prevention, AML, merchants, UBOs, data privacy
The Monetary Authority of Singapore has launched its COSMIC platform to combat money laundering, terrorism financing, and proliferation financing around the world.
product launch, partnership, fraud management, fraud detection, fraud prevention, identity fraud, financial crime, AML
US-based fraud and risk management company DataVisor has announced the launch of its end-to-end Anti-Money Laundering (AML) solution for covering the entire workflow.
product launch, money laundering, AML, fraud prevention, fraud management
Digital fraud and money laundering detection provider BioCatch has partnered with Google Cloud to extend fraud-prevention solutions to new markets.
partnership, fraud prevention, cloud services, expansion
Commercial bank of Ethiopia has lost more than USD 40 million after a systems glitch which let customers withdraw and transfer sums of money that was not in their accounts.
ATM, mobile banking, online banking, cash, banking
UK-based AML specialist SmartSearch has analysed global AML events and published a new report which showcases drug trafficking as one of the most prevalent issues.
report, AML, financial crime, cryptocurrency, fraud prevention
Adam McLaughlin from Nice Actimize emphasises the crucial distinction financial institutions need to make between efficiency and effectiveness in adopting technology, as compliance goes beyond mere checkbox activities.
compliance, financial crime, financial institutions, transaction monitoring, Sanctions Screening, fintech, data, artificial intelligence, machine learning, risk management
Mirela Ciobanu from The Paypers examines key cross-border payment trends for 2024 and beyond, highlighting a focus on innovation, security, and regulatory compliance.
cross-border payments, central bank, SWIFT, blockchain, digital assets, stablecoin
Eurojust has aided a multinational investigation on EUR 2 billion money laundering scheme, implicating 3 main suspects across Italy, Latvia, and Lithuania.
AML, fraud detection, fraud prevention, payment fraud, fraud rings
The UK Government has decided to implement new measures granting law enforcement agencies increased powers over cryptocurrency assets.
cryptocurrency, digital assets, financial crime, regulation
The Financial Conduct Authority (FCA) of the UK has initiated an investigation into Lloyds Banking Group’s Anti-Money Laundering (AML) controls.
AML, money laundering, regulation, banking, financial institutions
UK-based Napier AI, a regtech specialising in financial crime compliance, has received a significant investment from Crestline Investors, a US-based institutional alternative asset manager.
regtech, financial crime, compliance, investment, funding
ID verification and fraud prevention provider Mitek has announced the launch of MiControl, a fraud management console that assists the company’s Check Fraud Defender.
fraud management, fraud detection, fraud prevention, payment fraud, banking
Sachin Shah delves into the fraud landscape in the APAC region, outlining proactive measures taken to curb and prevent fraudulent activities.
identity theft, identity fraud, social engineering, fraud prevention, money laundering, data sharing
Irina Ionescu shows us how, in the ever-evolving landscape of cyber deception, technology serves as the catalyst for romantic scams, intricately weaving false personas to exploit unsuspecting vulnerabilities.
cybercrime, romantic scam, financial crime, data protection, online fraud, fraud detection, fraud management, fraud prevention, ecommerce, artificial intelligence, generative AI, LLM
As ecommerce continues showing a substantial increase, identity theft become more recurrent too. Steve Pannifer, CEO at Consult Hyperion, tackles the hot topic of identity fraud and militates for the use of digital IDs to prevent it.
fraud detection, online fraud, fraud management, identity fraud, fraud prevention, identity theft, identity verification, digital identity, regulation, PSP, APP fraud, authorisation rate, synthetic identity
Crypto exchange Upbit Singapore has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
cryptocurrency exchange, digital assets, MPI licence, regulation, compliance
AUSTRAC has announced its regulatory priorities for 2024, detailing the plan to improve the financial system’s resilience to serious crimes.
regulation, AML, financial crime, banking, gambling, remittance
Estonia-based regtech Salv has raised EUR 3.9 million in new funding to fight increasing APP fraud and resulting in a EUR 12.1 valuation.
fraud detection, fraud prevention, funding, expansion, artificial intelligence
Israel-based identity verification company AU10TIX has released its Q3 2023 Global Identity Fraud Report which shows significant growth in ID fraud for the payments sector.
report, fraud management, identity theft, identity fraud, crypto