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AI Uptake for AML Compliance on the Rise despite COVID-19

Research suggests that financial institutions are increasingly adopting technologies such as AI and machine learning (ML) for anti-money laundering (AML) compliance in response to the COVID-19 pandemic. A new study by KPMG, SAS and the Association of Certified Anti-M...

AML Fines 2021: Regulators Continue to Be Strict with Enforcement a...

Research revealed that global regulators have remained strict with financial crime and sanctions compliance failings despite the COVID-19 pandemic. Governance and risk consultancy firm, Kroll says anti-money laundering (AML) fines in 2021 are likely to reach the high levels seen in 2020 and 2019, indicating the need for AML compliance officers to be vigilant more than ever. Kroll found that total fines for AML and sanctions compliance shortcomings rose significantly in 2020 compared to 2019. Regulators’ punitive measures were stricter despite the COVID-19 pandemic. Due to this, many financial institutions faced operational constraints and potential compliance lapses. Soaring numbers According to Kroll’s latest Global Enforcement Review, fines related to financial crimes such as money laundering, bribery and sanctions totalled US$4.67 billion in 2020 compared to US$3.75 billion in 2019. However, the number of big fines (greater than US$1 million) issued fell to 56 in 2020 from 61 in 2019. Global financial crime fines totalled US$1.13 billion from 23 regulatory actions during the first half of 2021.

How sharing information between institutions helps detect money lau...

The Financial Action Task Force (FATF) says institutions should be sharing information between them to detect money laundering more easily and comply with the Anti-Money Laundering (AML) and Countering the Financial of Terrorism (CFT) requirements. Money laundering is a global problem with an estimated size of up to US$2 trillion (5% of the global gross domestic product) being illegally laundered each year. While regulators and financial institutions across the world have been working hard to curb this socio-economic corruption, with ever-increasing cooperation and stricter scrutiny, their efforts have largely been ineffective. Curbing financial crime has been daunting as multinational criminal schemes cannot be tackled by one jurisdiction alone. Furthermore, criminals exploit more than one institution to launder, move or use funds with links to terrorism. In this context, global money-laundering watchdog Financial Action Task Force (FATF) says that “data sharing is critical to fight money laundering and the financing of terrorism and proliferation”. In its recent report titled Stocktake on data pooling, collaborative analytics and data protection, the international agency, which provides the FATF recommendations, notes that with technological advances financial institutions can analyse large amounts of structured and unstructured data and identify patterns and trends more effectively. The report also lists available and emerging technologies that facilitate adv...

The Rise in Cryptocurrency Money Laundering Cases in 2021

Cryptocurrencies have been around for a while now. We’ve all heard of Bitcoin, Ethereum and Litecoin. As technology develops quickly, financial criminals keep up the pace to find new ways to exploit it via money laundering. Cryptocurrencies are still on a long way to...

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