Change to spare: How technology meets evolving anti-money laundering requirements

The past 10 years have seen an increase in the number and breadth of regulations aimed at the financial services industry, many of which stem from the financial crisis of 2007-’08. For example, requirements for capital adequacy, and restrictions on proprietary trading, have profoundly affected the covered institution. Yet beyond rules spawned the financial crisis, other rules Read More

By |2020-05-27T18:00:04-05:00November 16th, 2016|Comments Off on Change to spare: How technology meets evolving anti-money laundering requirements

Verifying identity for money laundering compliance

Up to 5% of global gross domestic product (GDP) is lost annually to money laundering according to the UN Office on Drugs and Crimes. Considering that 2014 global GDP was $74 trillion, this means as much as $3.7 trillion could be laundered globally. In response, governments worldwide are giving financial institutions the role of being their eyes Read More

By |2020-05-27T18:00:12-05:00April 13th, 2016|Comments Off on Verifying identity for money laundering compliance

When de-risking is appropriate for compliance

The concept of de-risking has become increasingly in vogue in the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) field. The idea behind de-risking is making a decision that specific customers of your financial institution present a risk of violating BSA/AML standards that is beyond the risk appetite of your institution. In other words, there are certain customers that Read More

By |2020-05-27T18:00:14-05:00March 2nd, 2016|Comments Off on When de-risking is appropriate for compliance