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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.
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.
We are excited to announce that we are providing our advanced Transaction Screening system to the cloud based clearing bank, ClearBank.
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.
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.
As we return to work after the Chinese New Year break, I’ve had time to reflect on Napier’s APAC journey so far, including who we are today and who we strive to be.
A $2 shell company helped laundered millions of dollars, North Korean hackers find a way to fund the regime and Mastercard is set to allow crypto payments.
Our Chief Operating Officer Greg Watson and Chief AI Officer Luca Primerano had the pleasure of speaking at the AML & FinCrime Tech Forum hosted by FinTech Global.
Buy now, pay later firms create problems for banks, the UAE imposes fines on 11 institutions and Malta is set to limit cash transactions.
We had the pleasure of bringing together an incredible group of women in our webinar dedicated to looking at the current challenges facing the world of compliance.
Earlier this month, our CEO Julian Dixon was invited to chat to Claus Christensen, CEO and co-founder of Know Your Customer, as part of its regular RegTalks series.
Antonis Melis
January 22, 2021
Capital One admits to AML failures, the Vatican bank convicts a former senior official and Australian banks helped wash money for cartels.
China triples their AML related fines in 2020, Australian banks come in second for the highest value of fines and Deutsche Bank enters and ends another scandal.
6AMLD is the EU’s most comprehensive regulation yet in the fight against money laundering. It gives authorities more power to prosecute and it heaves more responsibility on to businesses to comply.
Singapore and the U.S. look to better integrate the crypto market and Wells Fargo makes amends to its previous AML failures
The European Union’s (EU) Sixth Money Laundering Directive (6AMLD) came into effect a little over a month ago. What does this mean for you?
Nicolette Brown
December 17, 2020
Computers are amazing at doing dull, repetitive tasks. They’re also great at being precise. Since we humans are terrible at doing dull tasks and quite bad at being precise, this makes us a match made in heaven.
With the changing role of technology, it is only natural that the role of the analyst must evolve too. In this blog we review the role of the compliance analyst.
Britain and the US take major steps in combating financial crime related to shell companies, and FATF releases a report on trade-based money laundering.
AI holds the key to successful AML but its success rests on considered implementation
European countries come together to fight money mules, JPMorgan and Standard Chartered helped move a con man’s money and Cash Converters falls into AUSTRAC’s sights.
Archan Bahulekar
December 3, 2020
Ultimate beneficial ownership and indeed money laundering hasn’t always been taken as seriously as you might expect.
Discover the four main ways that technology can help us to identify suspicious activity.
Marcus Desai
November 27, 2020
Meet the man who stands firmly behind the steering wheel of technology at Napier, our CTO Dave Poltorak.
Transaction monitoring is a cornerstone of compliance and plays an essential role in the global fight against money laundering.
Banks appeal for laws to share information amongst themselves, criminals launder relief money and FinCEN looks to monitor more crypto transactions.
If you didn't catch our webinar which looked at current challenges in fighting money laundering, and ways to improve the current system, you can do so here.
AUSTRAC is buried in junk reports, whilst regulators in Paraguay and Singapore take steps towards upping the ante in the fight against financial crime.
Deutsche Bank looks to cut Trump ties; Goldman Sachs holds leaders responsible for the 1MDB scandal and the art world remains a loophole for financial crime
If there was ever a good time to take a step back and look at the effectiveness of transaction monitoring, then that time is now.
Officials seek a 6-month minimum sentence for SARs leak, U.S banks look to onboard the cannabis industry and Dutch police seize $33 million in Bitcoin
Julian Dixon
October 29, 2020
In October we spoke to Peter Coleman of Aegis. Peter is, as he describes, on the pointy edge of compliance. Discover AML insights from our AMA with him.
Goldman Sachs pays a record penalty for 1MDB ties, the EU takes legal action on “golden passports” and compliance officers seek answers for the FinCEN leak
The impact of the FinCEN files leaks – Insights from our recent webinar with RAW Compliance.
The FinCEN files have brought to light huge gaps in global systems that regulate dirty money.
Julian Dixon
October 1, 2020
During our ‘Ask Me Anything’ sessions, the entire Napier team gets to spend an hour with a heavyweight in the world of AML, compliance or enforcement.
Julian Dixon
September 25, 2020
FinCEN leaks have exposed huge faults in global AML systems whilst laying blame almost squarely on banks. Find out why we believe it shouldn't be that way.
Criminals have been taking advantage of crypto assets as they are largely under regulated in comparison to traditional institutions.
High levels of AML related regulatory fines and the tiny proportion of illicit funds that are recovered - despite the amount spent on financial crime compliance - show that the current methods for detecting financial crime are falling short. Find out why in this blog.
Standard Chartered is fined 1 billion rupees, Deutsche Bank receives a slap on the wrist and EU watchdogs suggest a single set of AML rules for the region.
Regardless of how you feel, despite massive digital advances, cash remains firmly rooted in our society. There are currently over 70 billion pounds worth of notes in circulation, which is perhaps surprisingly roughly twice as much as 10 years ago.
Germany will begin questioning officials on the Wirecard scandal, while China finally takes steps towards improving their AML measures and the UK pays snitches to catch out tax evaders.
Cyprus is in the spotlight in the week’s headlines, whilst the FCA broadens financial crime reporting obligations to include crypto assets.
Each week the entire Napier team is honoured to spend a virtual hour in an ‘Ask Me Anything’ session with a heavyweight in the world of AML, compliance or enforcement.
The property sector gets a pummeling this week as online estate agent Purplebricks was recently fined by the HMRC for beaching AML regulations, and banks look towards job cuts in compliance departments to deal with financial losses.
Wirecard continues to show flaws in financial crime investagtion processes and Singpoares new S$250 million investment in fintech all in this weeks news roudup.
The worldwide popularity of prepaid cards is growing all the time, but if this market is not monitored effectively it could lead to criminal organisations using it to launder their dirty money.
Monzo sends a warning over its financial crime review, Lithuania’s new anti-money laundering compliance centre and Wells Fargo tries to cut its massive compliance costs.
Napier’s Head of Product Development, Nick Portalski, tells us more about the Risk-based Scorecard and how it fits into an AML system.
Money muling is an ongoing money laundering headache in the fight against financial crime. We explain how intuitions can identify money mules in this blog.
The UK's new financial crime levy, Germany raids their own financial intelligence authority and institutions facing the consequence of not being AML compliant.
The threat of unregulated stablecoins, countries struggling to keep up with EU AML directives; and Deutsche Bank executives involved in Epstein case are named in this week’s headlines
Julian Dixon
July 13, 2020
Current AML systems are slow, outdated and frequently allow financial crime to go unnoticed. So what does the future look like, and how does it affect your compliance processes?
Find out how utilising both agile rule building and AI brings newfound efficiency to transaction monitoring.