“The FCA already has enough to do, but it doesn’t mean to say we require so many supervisory bodies. We need fewer supervisory bodies, more direction and clarity of the regulations; and harsher enforcement with more penalties imposed to make it clear that the UK does not stand for financial crime.”
“Automated transaction monitoring has become imperative for the management of the risks in our business. As one of the fastest-growing FinTechs in the region, ONEPIP is on a continual quest to collaborate with best-in-class technology innovators, to integrate with our proprietary FX management platform, to meet the exacting standards of all our stakeholders, which include regulators and partner banks.”
“You cannot underestimate the levels of criminal activity within the finance sector. Those who have prospered from illegal activity have an unlimited budget, an appetite to continue and access to sophisticated technology. Compare that to your average AML officer and they are completely outgunned.” p39&40
“We are one of the first Norwegian licensed payment providers and we are already seeing rapid growth for our unique service. One of our main priorities is AML compliance and we needed a more flexible AML compliance tool that will be agile and robust enough to grow with us as we scale to enter more global markets and add more products.”
“Leveraging Napier’s leading-edge technology will greatly enhance our ability to identify and manage risk, supercharging our anti-money laundering and compliance capabilities. The Napier platform upgrades our technology assets and provides us with assurance that our technology will be both scalable and reliable against the threat of financial crime, now and in the future.”
“The financial sector is increasingly seeing the benefit of technologies such as AI and machine learning when it comes to tracking suspicious activity. We’re able to combine tools such as transaction monitoring and client screening into a single integrated platform to make KYC-AML data easily accessible by compliance teams.”
“ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and fintechs. Its new Transaction Screening system, built on Napier’s AI-enhanced technology, will allow ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately alerting on risk.”
“This is a very exciting time for the development of AI-led solutions in the fight against financial crime, and Napier are very much at the forefront of that digital arms race. When I was approached about potentially joining the Advisory Board, I didn’t hesitate to accept the opportunity.”
“By not identifying a solution, the government continues to run the risk of managing a bad system, and continues to raise the risk that criminals will take advantage of the poor lack of controls and checks.”
“The UK government loan schemes may provide an opportunity for money launderers to funnel their cash into the banking system through loan repayments.”
“Those firms who have embraced new technology prior to the crisis now find themselves in an advantageous position in that it is business as usual.”
“Our experience is that many banks and financial institutions are using outdated methods and legacy software, both in the UK and wider world.”
Note: In the podcast we are quoted at 3:00 - 4:09, then 7:09 - 7:43, again at 21:53 - 22:31, and finally at 23:06 - 27:45.
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