The 2022 Surge in Anti-Money Laundering Fines: A Closer Look at the Top 5 Penalties The anti-money laundering (AML) penalties at the global scale recorded an increase of 50% in 2022 totaling nearly $5 billion as a result of 3,495 AML events reported. Financial institutions (FIs) that fail in operating successfully know your [...]
Get Ready for ISO 20022 by March 2023 What is ISO 20022? ISO 20022 is a financial messaging standard that offers more structured, richer and accurate data in comparison to its predecessor ISO 15022 and aims to increase the levels of transparency, flexibility and automation in financial transactions and processes. ISO 20022 [...]
Neobanks vs. Traditional Banks: Definition, Differences and Impressions As the advancements in the internet era altered the way people experience the world evolving around the concepts like pace, online and free, it was inevitable for the “neo” (new) trend in the banking industry to emerge to catch up with the new demands [...]
Fraud and AML Trends and Predictions for 2023 The effects of the global pandemic have shown themselves on two different sides of the mirror: the acceleration of the initiatives in the digital financial service industry and the evolution of fraud methods together with the new digital channels. As fraudsters are becoming more tech-savvy [...]
How to Build an Effective Know Your Customer (KYC) Strategy Why KYC is important Banks and other financial institutions are entitled to the responsibility to verify the identity of their customers and their genuinity. Therefore, operating an effective and successful Know Your Customer (KYC) process has the utmost importance in today’s financial [...]
Non-Fungible Tokens (NFTs) and Their Risks Related to Money Laundering Crimes What are NFTs? NFT stands for “non-fungible token” which means that the NFTs cannot be exchanged with each other as they carry incomparable values. NFTs are stored on a distributed ledger technology (DLT) or more specifically on the Ethereum blockchain. The [...]
Upcoming Recession May Lead to More Financial Crime, and Here is Why… Does a Recession Lead to More Fraud and Financial Crime? One of the outcomes of the global pandemic is a global economic recession as the World Bank estimates that the rate of the global growth will drop to 2.9% in [...]
We are a Welcome Event sponsor in Discover at Sibos 2022. Discover area of Sibos, will host FinTechs with an innovative Welcome Event to meet and network with other banks, FinTechs, and software technology vendors on Monday 10 October 2022 in Amsterdam. Fineksus will be one of three sponsors of the Welcome [...]
Why Do Crypto Currencies Need AML (Anti-Money Laundering) Regulations? Worth of crypto and its use for money laundering The number of cryptocurrencies that are actively exchanged is approximately 20,000 and it gets bigger each day as new cryptocurrencies continue to pop up in the market. The highest total value of all the [...]
3 Facts to Know About to Increase B2B Cross-Border Payments The market size of cross-border B2B payments was $1,000 billion in 2021 and it is expected to reach $2,515 billion by 2030 which means that in 8 years, a growth rate of 10.8% is anticipated for the B2B payments market according to [...]
