Financial crime control is a chief priority for most financial institutions around the world, as they continuously evaluate the best ways to safeguard their systems, their data and, ultimately, their clients. Indeed, fraud and cyber security are on the formal management committee agendas at least quarterly for 80...
Growing worries about the use of the U.S. financial system to launder funds for terrorists has spurred proposals for new state and federal regulations aimed at tightening money-laundering controls. Attorney Lauren Resnick explains steps banks are taking to help detect suspicious activity.
Synthetic identity fraud is more pervasive than most people are aware. Synthetic identities are used to obtain financial services, medical benefits, insurance and rental housing, among other things. Additionally, organized crime and terrorist groups are realizing the benefits that the anonymity of synthetic identities...
After nearly a generation of prodding, not a week goes by without the continued assertion that banks have failed to respond to digital-savvy customers demanding anytime, anyplace, anywhere services through digital and mobile channels. But how can banks respond to the digitized offerings from "born in the cloud"...
Financial crimes are growing in frequency and complexity with advances in technology providing malicious insiders and organized criminals more opportunity to commit crimes. Furthermore, the drumbeat to remain compliant continues. New regulatory guidelines continue to arise with increased scrutiny and complexity, so...
Heightened money laundering risks are posed globally by individuals who are considered to be Politically Exposed Persons (PEPs), but how can you best assess how relations with PEPs could impact your organisation?
The latest whitepaper from LexisNexis Risk Solutions is designed to clarify the due diligence...
Instead of hacking into trading platforms, prosecutors say a gang stole confidential press releases, enabling traders to illegally earn $100 million. Security experts say it's time to review the "information supply chain."
Fraud, money laundering and other financial crimes are a thorn in the side of every financial institution. These activities can cut into profits, damage public trust and expose banks to massive regulatory penalties if found to be out of compliance with governmental regulations. Many organizations simply accept...
Financial institutions will always be threatened by fraud. Security protocols, fraud and AML prevention and detection techniques must continue to keep pace with potential criminal activity. With millions of dollars and reputational risk at stake, the imperative is there in order to achieve peace of mind.
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Charles Intriago says AML investments and controls need to be streamlined. And through a new association, Intriago aims to train a new kind of financial-crime specialist that is equipped to connect fraud-fighting dots.
Charles Intriago isn't shy about sharing his opinions. As he reflects on the sanctions against Standard Chartered Bank, he says banks won't reform until regulators send violators to prison.
Since the summer of 2009, financial institutions and their corporate customers have been defrauded by increased incidents of account takeover. These incidents have pitted banks and customers against one another in court, and they were a key impetus behind the release of the new FFIEC Authentication Guidance. So, how...
EastNets' Paul Buelens says fraud-fighting is an international concern, as old schemes abound and new threats emerge. Fraud risks are some of the most challenging banks have ever faced.
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