What are the Types of Fraud? Fraud is fairly common nowadays, so it can occur in a wide variety of ways. There are many types of fraud that threaten your financial security and your personal information. Understanding these types of frauds and taking steps to protect yourself is essential. The common types of [...]
How to Avoid and Recognize Authorized Push Payment Fraud? Authorized push payment fraud, which is common in today's digital world, is a threat to be paid attention and avoided. APP fraud involves a series of activities that receive unfair payment from individuals or institutions. In particular, institutions need to take precautions as it [...]
What Is Watchlist Screening? Watchlist screening is a vital protective measure adopted by businesses to evaluate potential risks associated with individuals or entities they interact with. This methodical process entails cross-referencing against a consolidated "watchlist," containing information on individuals from high-risk countries, politically exposed persons, those in adverse media, money laundering offenders, and [...]
What is Cloud Technology in Anti Money Laundering? Money laundering poses a global threat to financial systems, with traditional Anti-Money Laundering methods struggling to keep pace with evolving techniques. Cloud computing emerges as a key solution, empowering financial institutions to enhance AML efforts through advanced analytics and machine learning. In this year 2024, [...]
What is Anti Money Laundering in Machine Learning? The worldwide increase in money laundering and financial crimes has led banks to invest substantially in bolstering their defenses. Nevertheless, traditional approaches face difficulties in keeping up with the constantly changing tactics criminals employ. The recent advancements in machine learning (ML) offer a pivotal opportunity [...]
What is the Difference Between Due Diligence and Enhanced Due Diligence? Within the intricate domain of regulatory conformity, enterprises adhere to two fundamental processes – Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) – to assess and alleviate risks associated with their clientele. While CDD involves standard information gathering to evaluate business [...]
What is AI Powered Enchanced Due Diligence? Embarking on the intricate journey of due diligence, the integration of artificial intelligence (AI) marks the dawn of a new era characterized by unparalleled efficiency and precision. In the contemporary landscape of business decision-making, grappling with the exponential growth of digital data, conventional manual review methods [...]
What is a Sanctions List? A Sanctions List comprises individuals, companies, or countries subjected to restrictive measures due to connections with terrorism, weapons proliferation, or other illicit activities. The goal is to block assets and restrict trade for foreign policy and national security objectives. In the fight against financial crime, companies use sophisticated [...]
What is a Sanction Screening Service? A Sanction Screening Service serves as a specialized tool utilized by companies to uphold compliance with Anti-Money Laundering and Know-your-customer regulations. Its primary function revolves around the identification of potential financial crimes by scrutinizing customer data against extensive sanctions lists. These lists encompass individuals, organizations, and countries [...]
What are the AML Risk Management's 3 Steps? In the dynamic landscape of Anti-Money Laundering (AML) risk management, organizations adhere to a strategic framework comprising essential steps. Recognizing risk assessment as a cornerstone for AML compliance, financial institutions adopt a proactive, risk-based approach with a focus on robust Know Your Customer (KYC) processes. [...]
