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Tag: BSA/AML Compliance

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Industry Insights: Addressing Anti-Financial Crime Challenges

May 22, 2024 by Verafin

In today’s financial industry, the fight against financial crime looms large. Financial institutions are contending with a global $3.1 trillion financial crime problem, charged with safeguarding the integrity of the financial system in a landscape fraught with costs, complexities, and... 

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Understanding the Risks that Shape the Financial Landscape

March 27, 2024 by Verafin

The United States is the largest economy in the world, making it a preferred target for money laundering. In the 2024 National Money Laundering Risk Assessment (NMLRA), the Department of the Treasury highlights the numerous risks shaping the financial landscape,... 

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A $3.1 Trillion Financial Crime Epidemic

February 5, 2024 by Verafin

Historically, quantifying the scale of financial crime has been a major challenge. In a new 2024 Global Financial Crime Report, Nasdaq and Verafin have brought together expert research and data, industry perspectives, and the voices of survivors to provide insights... 

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Canadian Financial Crime Trends & Technology 2023

January 17, 2024 by Bill Heys

Canadian financial institutions are facing significant challenges preventing fraud and money-laundering activities. In our recent year-end webinar, Verafin had the opportunity to speak with Sarah Paquet, Director and Chief Executive Officer of FINTRAC, to discuss the changing landscape of fraud... 

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AML Trends & Technology 2023

January 11, 2024 by Bill Heys

2023 was a year of considerable change for AML. The rise in Artificial Intelligence (AI) and other innovations offered opportunities for increased efficiency in investigations. In our year end presentation, 2023 AML Trends & Technology: A Year in Review: What’s... 

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The Importance of Information Sharing to Combat Terrorist Financing

November 21, 2023 by Verafin

Criminal networks are vast and highly efficient – they are not constrained by borders or technology when plotting and financing terrorist activities. As recently highlighted in FinCEN’s alert on red flags to identify terrorist financing, financial institutions must be vigilant... 

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7 New FinCEN Red Flags to Identify Terrorist Financing

November 17, 2023 by Verafin

World events can shift in a moment. Financial institutions need to be prepared to adapt to the constantly evolving landscape of regulatory compliance, while swiftly identifying potentially suspicious activity. To assist, FinCEN has issued a new alert with 7 red... 

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Collaborative Frameworks: Fighting Financial Crime with a Unified Approach

June 20, 2023 by Verafin

Financial crime is a persistent threat as criminals continually adapt their methods to target the financial system. Today, financial crime crosses both institutions and borders, making it more difficult to detect and prevent fraud and money laundering. This approach is... 

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AML Trends and Technology 2022

January 27, 2023 by Bill Heys

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Counterparty Resolution Provides a Complete View of Your Customer

December 5, 2022 by Verafin

Fundamentally, AML investigations seek to resolve the question of where money is coming from and where it goes. Examiners strive to identify, evaluate, and report all suspicious activity. The FFIEC’s overview of suspicious activity states a suspicious transaction can include...