Millennials aren’t investing as much as older generations — but engaging with them on their smartphones, which they’re always on, could change that. Providing that mobile experience, however, requires navigating a strict KYC and security minefield, says StockTwits CEO Ian Rosen. In this month’s AML/KYC...
With one of the world’s biggest money laundering scandals just a few months old, it’s a fitting time to look into the state of security and compliance. Money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to...
Money laundering scandals have rocked the reputations of major financial institutions (FIs) that are consequently launching new efforts to repair their images. The Estonian branch of Danske Bank was accused of failing to screen $230 billion in suspicious funds, while Swedbank was accused of mishandling...
The term “money laundering” is believed to have originated as a result of infamous Chicago gangster Al Capone’s habit of channeling criminally obtained funds through laundromats, as their cash-heavy nature made it more difficult for the right side of the law to detect such money...
Hundreds of billions of pounds' worth of criminal funds are laundered through the U.K. each year, while the non-compliant corporations and FIs that enable this receive little more than a "parking penalty" level fine. That’s according to Susan Hawley, Corruption Watch's director of policy, who...
The head of the Financial Supervisory Authority (FSA) in Finland has warned that Nordic banks involved in money laundering scandals should be measured in their response and not withdraw from the area, according to a report by Bloomberg. A number of Nordic banks have been...
Financial institutions (FIs) must carefully balance staying compliant and keeping their customers safe, all without introducing frictions that could scare customers away. However, despite the friction points that can get introduced into the process due to anti-money laundering (AML) and Know Your Customer (KYC) processes,...
The European Commission vowed to compile a new list of countries that present a money laundering risk by summer as it steps up its fight against financial crimes. According to a report in The Financial Times, the European Commission is vowing to create the list after...
Since last year, when Canada legalized recreational pot in full, the nation became a kind of country-sized lab for how that new business would play out. That market could reach as much as $5.1 billion in annual sales by 2020, according to one estimate –...
