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AML
A Regione sadipscing ex mea. Option comprehensam ei duo, per facete aperiri deterruisset at, est ut falli viderer tibique. Et tota illum pertinacia sea, ut usu augue vivendum. Amet deseruisse dissentiunt cu est.
Technology’s use by human traffickers has only been exacerbated by the Covid-19 pandemic and global digitalisation, but it can also be used by the AML sector to eliminate the scourge.
Hagar is an international NGO (non-governmental organisation) with 28 years of experience in healing and empowering communities suffering from the trauma of human trafficking, modern-day slavery, and abuse. To raise awareness of how technology is used to enable human trafficking and also how it can be used to disrupt it, Napier’s head of APAC, Robin Lee, sat down with Dr Andrew Catford, Global CEO of Hagar International, to talk about the problem.
To learn more about the use and abuse of technology in human trafficking, we interviewed Aaron Kahler, Founder and CEO of the Anti-Human Trafficking Intelligence Initiative.
We explore solutions for challenger banks to adapt their financial crime risk approach and address weaknesses identified by the FCA.
Napier and Thomson Reuters ran a webinar on the increasing costs and requirements facing the compliance sector, find the summary of the panel’s insights here.
We summarised the highs and lows of FATF’s findings on mutual evaluation reports from a total of 120 FATF and FATF-style regional bodies.
Just how risky are NFTs and what can be done to mitigate that risk? We looked at advice issued by J5 and spoke with DOJ legal advisor, Karyn Kenny, to find out.
We took a look at the current AML/CFT regime in the US, as described by the US Treasury’s May 2022 report: ‘National Strategy for Combating Terrorist and Other Illicit Financing.’
We summarise the results from the FCA’s review of financial crime and money laundering controls at challenger banks.
Our Technical Product Owner, Jacob Gloser, interviewed Nick Portalski, our Chief Solutions Officer, about Napier’s journey from inception to present-day.
Our webinar, run in partnership with Protiviti, saw a world-class panel dive into the depths of transaction monitoring: the challenges, gaps, and future requirements.
We hosted an expert panel to establish what can be done to overcome the sanctions screening challenges financial institutions face every day.
False positives and false negatives are the number one challenge for screening and transaction monitoring. Find out what Napier and Basis recommend to tackle this issue.
The US charged the kingpin of an international laundering scheme; Fiji seized a sanctioned oligarch's superyacht; and an Irish journalist is sanctioned for Russian media links.
Read our summary of the recent RUSI report on how sanctions are used to combat organised crime, and what lessons can be learned for the future.
UK MPs push for specialist fraught fighting unit and the BVI premier arrested for drug trafficking and money laundering.
The FATF reported on member states crypto regulations, watchdog warns of sanction evasion through illicit gold and South Africa and Interpol bust cybercrime gang.
We explain what NFTs are, what makes them so attractive to criminals, and how a robust AML approach can help financial institutions mitigate NFT risks.
We’ve gathered financial crime book recommendations and must-reads from our colleagues at Napier and our friends across the industry.
We examine the rising risk factors faced by payment services providers and why those risks are on the rise.
We summarised the key findings of a study on money laundering and terrorist financing by the US Department of the Treasury, which was mandated by Congress.
We explain what the UK’s Economic Crime Bill means for sanctions compliance and financial crime in the UK.
The 2021-22 Economic Crime report delivered a sobering reality with a lot for the anti-money laundering (AML) industry to improve upon.
We gathered an expert panel from across the financial sector, the AML sector, and law enforcement to discuss financial crime in the metaverse.
We explore why STR numbers are rising every year, what that means for financial institutions and FIUs charged with processing these vital documents.
11 eyebrow-raising facts about FinCrime and money laundering that highlight the most prevalent issues the AML industry is up against.
Oliver Bullough’s book darkly details the fictional country of ‘Moneyland’ and the very real prevalence of it as a system of corruption and dirty money in our world.
This week an MP resigned over written-off Covid relief fraud money; 13 were arrested for Covid pass forgery; and a report exposed a huge money laundering trail.
We summarise the 2021 GAO report, explaining how TCOs and terrorist groups traffic goods and launder the proceeds; and how US authorities combat this.
We outline the key challenges that compliance professionals face when tasked with filing STRs and how technology can help alleviate those challenges.
We sum up 3 key takeaways from the FinCEN Financial Threat Analysis to improve detection of illicit wildlife trafficking threat patterns.
Julian Dixon looks at the key AML themes and developments of 2021 and what we can expect from 2022.
The FATF Annual Report 2020/21 is now available to download. If you don’t have time to read it, here’s our quick summary loaded with all you need to know.
Illegal pollution is the result of criminals trafficking and dumping industrial and radioactive waste, and often they launder the proceeds.
Filing STRs has long presented a challenge for financial institutions, and in response the global STR landscape is gradually but positively changing.
Julian Dixon analyses the executive summary of a joint project by FATF and Egmont Group to help FIUs in their digital transformation.
Napier Chief Data Scientist, Dr. Janet Bastiman, appeared on a panel at the annual AMLP conference looking at today’s biggest AML and financial crime risks.
The UK and US commit to fight financial crime through crypto and Portuguese authorities search FC Porto.
Gangs often exploit children or vulnerable adults to carry out county lines drug trafficking, transporting drugs across the UK using dedicated phone lines.
We discuss the four key AML risk trends of 2021 as identified by the 10th Basel Index – and how they have led to a global average increase in risk scores.
We recently gathered a panel of industry experts to share their opinions on and possible solutions to green crime, which generates up to $281 billion a year.
We explain what CSAE is, its links to financial crime, the extent to which it prevails in modern society, and the crucial role SARs play in flagging it.
We explain what Modern Slavery and Human Trafficking (MSHT) is, its relationship to money laundering, and examine the strategies law enforcement deploy against perpetrators.
Criminals partaking in illegal wildlife trading seek to launder the proceeds of their illicit activities, harming our planet and committing financial crime - here’s the rundown.
We look at the current state of suspicious activity reporting, its importance in fighting financial crime, and what the future holds for the AML sector
Read our 7 most important takeaways from the latest FATF report on new technologies for AML and CFT.
What are the top 5 things to look for in a transaction screening system and why is each important to the screening process as part of a robust AML system?
Discover the Napier screening solution in the final blog of our series on sanctions screening, including how it works to cut false positives by more than 90%.
Read a summary of the main points covered by LexisNexis' 2020 report on the global cost of compliance, and discover what its findings mean for the future of the AML industry.
Napier head of APAC Robin Lee spoke about the need for a holistic approach to AML compliance, what the future of AML looks like, and what effective use of technology looks like.
UK cops scrap online fraud reporting service after call centre staff called victims “morons”, Mexican drug cartels use fishermen to traffic cocaine, and PayPal joins fight against financing of extremism via its platform in USA.
David Geale, FCA director of retail banking and payments supervision, has ordered retail banks which to provide evidence of gap analysis in their AML procedures by September.
Napier’s Chief Strategy Officer and Chief Data Scientist share their expertise in the Data Protection World Forum webinar, explaining why Instant payments need instant screening, the issues with existing screening technology, and what causes false positives.
What happens in Vegas, does not stay in Vegas as an International drug-smuggling and money laundering ring was recently busted by the FBI
Biden’s 15% global tax proposal has worldwide approval, USA’s financial crime watchdog creates cryptocurrency crime role.
The impact of the logging industry in the Amazon can be brutal. Find out why in our latest blog on green crime.
EU’s banking regulatory body reports on RegTech pros and cons, ex-president Trump’s organisation indicted on financial crime charges, Ghana back in business as international watchdog takes it off money laundering watchlist.
On the 24 June, Napier and Know Your Customer joined forces to host a webinar aimed at exploring best practices for financial institutions looking to create a more effective and efficient AML RegTech ecosystem.
Napier
June 30, 2021
Matthew Redhead, Managing Director – Policy & Campaigns at Fintrail, hosted a thought-provoking panel interview with the Napier team: The Next Step with RegTech.
The Napier team were delighted to participate in two virtual sessions alongside some of the very best professionals in the fields of RegTech and AML.
Sotheby’s “crypto per carat” diamond auction lends shine to Bitcoin’s volatile year, Australian government orders probe into financial crime watchdog, and a Sad end in Spain for fraud-accused computer software pioneer, John McAfee.
The illicit rhino horn trade maintains momentum through corruption, Guernsey’s new Economic Financial Crime Bureau to combat money laundering, USA’s tax authorities set sights on money laundering via Telegram app.
A comprehensive insight into how Napier reduces false positives and adds user friendly explanation for screening in financial services.
Australian and US police use encrypted app to trick drug dealers, money launderers and potential murderers, China’s crypto crackdown continues with hundreds of money laundering arrests, and artists not in frame of UK’s new anti-money laundering regulations
In this blog we look at how the Napier AML Maturity Model can guide your data, analytics and infrastructure to effectively fight financial crime.
Crypto firms struggle to meet anti-money-laundering standards, says UK watchdog, while EU’s Joint Public Prosecution Service aims to come down hard on financial crime in member states and the UAE launches ultimate beneficiary declaration campaign to combat financial crime.
Recently our COO Greg Watson hosted a webinar with an expert panel of industry heavyweights to delve deep into the issues surrounding digitalisation and KYC & AML automation.
In this blog we highlight the challenges faced in the sector when implementing a financial maturity model and introduced the Napier AML Maturity Model, or NAMM.
South Africa's ex-president Zuma takes stand for financial crime accusations, UK financial authorities consider digital currency and cannabis raid turns into Bitcoin mining bust
In this blog we will gain insights from the anti-money-laundering foot soldiers and introduce the blueprint for initiating leading AML practice.
At this month’s Global RegTech Summit our Chief Data Scientist, Dr Janet Bastiman, was delighted to be part of the panel discussion: New technologies to solve regulatory problems.
China moves against crypto trading to beat financial crime, it’s a slow start for the US Treasury’s new anti-money laundering whistle-blower program, and money laundering in Western Balkans cities drives up property prices.
Welcome to our new blog series on the future of fighting financial crime. In collaboration with our partner, RegTech Associates.
Perpetual KYC is the next big thing for compliance but what exactly is it? And why should compliance teams bother to adopt it?
Two of Napier’s founding members, Nick Portalski and Luca Primerano, recently spoke EM360 about problems in identifying money laundering. Listen to the podcast here.
UK releases update on economic crime strategy, AUSTRAC spells out requirements for high quality SMRs and brokers at heart of $100million Colombian money-laundering operation.
We are excited to announce that we are providing our advanced Transaction Screening system to the cloud based clearing bank, ClearBank.
Recently, the poor rate of recovery of the criminal proceeds from the trillions of dollars that are laundered globally each year has been in the headlines once more.
In this blog, we explore customer-centricity and explain why understanding customer behaviour is essential to AML.
UK announces first set of anti-corruption sanctions, Canada’s new corporate ownership registry praised, and further crypto developments in Ireland and the Caribbean.
In this blow we focus on what the obstacles are to implementing holistic AML, and how they impede AML practice.
FCA’s ‘regulatory nursery’ to offer immediate post-authorisation support and guidance for new firms
The City of London calls for banks to make better use of RegTech, the EU announces a five-year plan to tackle money laundering and financial crime, and FinCEN shuffles its leadership ahead of a new financial transparency law.
All too often, FIs continue with ineffective traditional methods based on a lack of technology, process and approach that could enable them to instead to rely on a trigger-based approach to client reviews.
We have bolstered our senior management team with the appointment of a new Global Human Resources Director, Lila Boyce, and EMEA Head of Sales, Roy Williamson
Find out about the US Treasury's Corporate Transparency Acto, the Central Bank of UAE's new rules for SME's and what Singapore says about crypto in this weeks headlines.
The illicit seafood trade is a thriving global business that generates an estimated $160 billion in annual sales, in this blog we explore how this happens.
Britain’s financial services minister says cryptocurrency regulations will prioritise stablecoins first and first post-Brexit MoU agreement between U.K. and E.U. is encouraging for London finance firms.
Recently, Napier partnered with RegTech Associates for a webinar exploring the importance of customer behaviour in fighting financial crime.
Germany’s finance watchdog BaFin hires top Swiss regulator as their new president, London art galleries are issued an “amber alert” from the National Crime Authority and UBS appeal their £3.85 billion fine from 2019.
Napier CEO, Julian Dixon, chatted to Oliver Bullough, journalist and author of the best-selling Moneyland, at the FinCrime World Forum earlier this week.
ABN Amro is now suspected of “culpable money laundering”, Ireland extends their money laundering regulations to cryptocurrencies and the FCA accuses NatWest of failing in their AML processes
FinCEN has informed art and antiquities traders that they will be subject to the same reporting standards as financial institutions; Trinidad & Tobago’s FIU received a record number of SARs and South Korea is set to impose heavy penalties on cryptocurrency violations.
Malaysian regulators hand AmBank a £500 million 1MDB-linked settlement, FinCEN looks forward to regulatory changes and Cyprus lifts the blinds on Ultimate Beneficial Ownership.
It is easy to take innovation in the field of AML technology for granted but without it, our fight against financial crime would be utterly lost.
Antonis Melis
February 26, 2021
Reports suggest UK universities unknowingly facilitate money laundering, a UN Commission report spotlights international financial system failures, and the UAE takes a major step in combating money laundering.
When it comes to AML solutions, end-to-end systems are becoming increasingly important. But why? And what exactly does this term mean anyway?
APAC takes centre stage as HK$8 billion is laundered through Hong Kong, Crown Resorts expect further investigations, and the Philippines is set to introduce a new money laundering framework.