Watch list screening has been one of the rules with highest false-positive rate. Watch list screening has been one of the pillars for know your customer (KYC) and anti-money laundering (AML) regulatory requirements since the beginning. It was introduced to prevent known criminals (or known high risk entities) from utilizing [...]
Part 504 of the US Department of Financial Services Superintendent’s Regulations seems to significantly up the requirements for firms to conduct ongoing review and continuously improve their approach to anti-money laundering (AML) monitoring. But is it really very different from the intergovernmental Financial Action Task Force's broader suggestions to introduce [...]
Anti-money laundering requirements: Are the stakes increasing? was published on SAS Voices by Colin Bristow
Similar to claims fraud, money laundering is seen as a victimless crime, and often glamorized in movies and books. Think “The Wolf of Wall Street” and “Scarface”. But money laundering is a SERIOUS problem. According to a 2013 report, the United Nations Office on Drugs and Crime estimates that $1.6 […]
The post Unromancing the crime – Using analytics to pinpoint suspicious activities appeared first on The Analytic Insurer.
In my previous post, I talked to John Cassara, a former U.S. Intelligence Officer and Treasury Special Agent, about growing concerns over trade-based money laundering. I followed up with him about the growing threat of mobile payments and how mobile phones can potentially be used to launder illicit funds globally. Here are the […]
M-payments could take money laundering to new levels was published on SAS Voices.