Oracle Financial Services introduced an artificial intelligence-powered cloud service that helps banks mitigate anti-money laundering (AML) risks. The new Oracle Financial Services Compliance Agent “identifies and remediates vulnerabilities,” the company said in a Monday (April 8) press release. “Putting Compliance Agent in the hands of financial-crime compliance officers will...
The Financial Action Task Force (FATF) has added new countries to its “increased monitoring” list. FATF, which sets global standards for anti-money laundering and countering the financing of terrorism, recently included the nations of Kenya and Namibia on that list while removing Barbados, Gibraltar, Uganda and the...
Raiffeisen Bank International (RBI) disclosed Thursday (Feb. 22) that it is being investigated by Austria’s financial regulator, FMA, over alleged anti-money laundering (AML) failures. The bank said in its annual report that the probe is specifically focused on the bank’s adherence to know-your-customer (KYC) rules, which are...
Canada is reportedly upping its use of artificial intelligence (AI) to combat money laundering. Donna Achimov, deputy director of the country’s Financial Transactions and Reports Analysis Centre (FINTRAC) told Reuters Monday (Jan. 8) that AI helps the agency analyze data and spot suspicious transactions. The efforts are happening as...
OTTO Payments, the payments division serving the OTTO marketplace, has adopted Hawk AI’s solutions for anti-money laundering (AML) compliance. The organization will use Hawk AI’s Transaction Monitoring and Customer Screening technology, the companies said in a Tuesday (Dec. 12) press release. “Due to rapid growth,...
Officials in Europe are launching an authority to combat money laundering and terrorism financing. Known as ALMA, the group will have “direct and indirect supervisory powers over high-risk obliged entities in the financial sector,” the European Council said Wednesday (Dec. 13). “Given the cross-border nature of financial crime, the new authority...
France is vying to host the European Union’s anti-money laundering (AML) agency, with French Finance Minister Bruno Le Maire presenting Paris as an ideal location for the agency. Addressing European Union (EU) ambassadors on Friday (Nov. 17), Le Maire highlighted that Paris already serves as...
FinTech company Jack Henry has introduced a new tool to help banks combat fraud. The firm’s Financial Crimes Defender, announced Monday (Oct. 16), is a cloud-native, real-time fraud and anti-money laundering (AML) tool for community and regional financial institutions. “Fighting fraud with real-time data is the equivalent of...
WorkFusion has unveiled a new AI Transaction Monitoring Investigator designed to automate the review of first-level (L1) transaction monitoring alerts. The new artificial intelligence (AI) solution, dubbed Isaac, streamlines the process and enables analysts to concentrate on more critical investigations, the provider of AI digital workforce...
