13 Oct 2020
How a Unified Case Management System Can Improve AML Practices In September this year, the ‘FinCEN Files’ – thousands of documents detailing $2 trillion (£1.55tn) of potentially corrupt transactions that were overlooked by the US financial system – were leaked. The data revealed how some of the world's biggest banks have permitted criminals to ...
11 Sep 2020
“How can we reduce false positives?” is the million-dollar question facing the banking industry. Costly and potentially harmful from a customer service perspective when a legitimate account is frozen unnecessarily, the silver bullet is yet to be found. But this problem lies in the very nature of fraud detection engines used during the KYC process –...
24 Jun 2020
30 years ago, financial services built everything in-house. Nowadays, with so many off the shelf software products for trading and transaction systems – accounting, HR, CRM to name a few – the challenge now is which vendor to select. In the words of Tony Soprano, “Believe none of what you hear and half of what you see.” When it comes to investing...
09 Jun 2020
2019 saw the FCA dishing out the highest level of fines ever, totalling nearly £400m in a twelve-month period. This included hefty penalties relating to anti-money laundering failings. However, in the FCA’s 2019 thematic review the organisation did provide its recommendations for how banks can better their AML processes, stating, “For an effectiv