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5 Financial Crime Trends for 2021

Financial Crime March 23, 2021 Unfortunately, financial crime is always a growth business, and 2021 will be no different. Economic fears fueled by COVID-19, coupled with the proliferation of electronic payments, mean people are more susceptible to fraud. After a brief lull in narcotics trafficking in early 2020, cartels are now pushing more drugs into markets as worldwide demand increases. …

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The Anti-Money Laundering Act of 2020: It’s Here – Now What?

The Anti-Money Laundering Act of 2020 is the most significant addition to financial crime regulation since the USA PATRIOT Act passed nearly 20 years ago. The new law requires the US government to set national Anti-Money Laundering and Counter Terror Financing priorities to expand FinCEN’s power, directs regulator and law enforcement agencies to better coordinate, and increases Congressional oversight of …

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5 Fraud Risks Banks Should Know for the Holiday Season

December 10, 2020 by Lijia Gong and Matthew Attwell Traditionally, November and December make up an important holiday sales period for retailers, and the holiday sales volume continues to grow year over year. Over the past five years, National Retail Federation Data shows that 19% of annual retail sales occur during this period, and this percentage can be even higher …

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Bridging the Gap: Leveraging Machine Learning and Data Analytics for Transaction Monitoring

Identifying suspicious activity in correspondent banking transactions is one of the most difficult tasks in financial crime compliance. The growing number of transactions, combined with insufficient data on either the purpose of the transactions or the parties involved, makes the task increasingly challenging—and risky—for financial institutions. Traditional analytic methods have proven inadequate for the task, so Genpact used big-data analytics …

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FinCEN’S Ultimate Beneficial Ownership Rule – Two Years Later

Across the globe, Financial Institutions (FIs) have struggled with collecting, validating, and maintaining accurate and up to date beneficial ownership data. Many countries across the globe, including the United States (US), have recognized that in order to combat terrorism and financial crime, there is an urgent need for more national registries and globally aligned processes. FinCEN’s enactment of the Customer …

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Top 8 Fraud Trends for 2020 and Beyond

The COVID-19 pandemic has combined with rapid changes in consumer behavior and banking initiatives to accelerate many fraud trends. Businesses now see up to two years of digital transformation taking place in just a few months. This white paper covers: Pandemic Impact on Fraud in the Banking Ecosystem Identity Theft and Synthetic Identity Will Continue to Be a Major Problem …

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3 Myths about Relationships with Regulators

Anti-Money Laundering June 17, 2020 Steven Dietz, Financial Crimes Advisory Lead Bank Executives, AML Officers and AML management staff often deal with many stresses in their day-to-day activities. Among the many stresses Executives and AML professionals face, whether it be designing adequate programs, whether risk scoring and transaction monitoring tools are capturing optimal levels of risk and activity, managing and …

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5 Quick Wins for AML Efficiency

riskCanvas’ Financial Crime Solutions team has produced this paper to share ideas for enhancing efficiency within AML programs. These 5 “Quick Wins” can provide your institution with ideas for improvement. This white paper enumerates the “low hanging fruit” which AML programs can incorporate to see the immediate value add in their mission for increased efficiency. Get the White Paper White …

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Cryptocurrency – What it Means for AML

Since the introduction of Bitcoin, the guiding principles adopted by peers and competitors have been largely consistent; however, the principle of anonymity has become both a major driver of Bitcoin’s growth and a major blocker to its ability to fully enter the mainstream. This white paper examines what Anti-Money Laundering will look like in the era of Cryptocurrency and the …

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Financial Crime Convergence

riskCanvas believes that the future of risk management for financial institutions is in the convergence of cyber threat intelligence, AML, fraud, insider threat detection, trade surveillance, and other related programs. This convergence will not only enable financial institutions to detect the symptoms of a threat, but also to connect the dots between these symptoms and to more comprehensively understand both …