Anti-money laundering (AML) refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.
Verafin has added an artificial intelligence (AI) copilot to its suite of financial crime management solutions. The new Entity Research Copilot is being rolled out to...
A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and...
Each year, money launders funnel $2 trillion in ill-gotten gains into the financial system. And a lot of that money travels by air, in cash,...
Two U.S. lawmakers have introduced legislation to govern the use of stablecoins. The legislation, announced Wednesday (April 17) by Sen. Kirsten Gillibrand (D-N.Y.) and Sen. Cynthia Lummis (R-Wyo.) would...
Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment...
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 fraudsters are wilier than ever. The dark web offers all manner of details up for sale, from email addresses to Social Security numbers. And...
The Financial Crimes Enforcement Network (FinCEN) requested comments on its Customer Identification Program (CIP) requirements for banks. The agency is exploring ways to modernize these requirements and...