Blog7 New FinCEN Red Flags to Identify Terrorist FinancingNovember 17, 2023 by Nasdaq 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... |
BlogCollaborative Frameworks: Fighting Financial Crime with a Unified ApproachJune 20, 2023 by Nasdaq 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... |
BlogAML Trends and Technology 2022January 27, 2023 by Bill Heys |
BlogCounterparty Resolution Provides a Complete View of Your CustomerDecember 5, 2022 by Nasdaq 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... |
BlogDisorganized Data: How Unresolved Entities Complicate AML InvestigationsSeptember 22, 2022 by Nasdaq Verafin From savings accounts and credit cards to online banking and P2P payments such as Zelle, today’s financial institutions offer more products and services than ever before. There are dozens of product lines and service providers, and each product may require... |
BlogFour Ways Data Creates Challenges for AML InvestigatorsSeptember 14, 2022 by Nasdaq Verafin From BSA Officers to Complex Investigations teams, efficiency in AML investigations is a challenge. The consumer banking market is changing. FinTechs are quickly on the rise. Financial institutions are being pushed to adapt to consumer demands for frictionless banking at... |
BlogAligning with AML/CFT PrioritiesJune 14, 2022 by Nasdaq Verafin The need for greater effectiveness and efficiency in BSA/AML programs is acute. Financial institutions must navigate the ever-changing landscape of regulatory compliance while simultaneously adapting to evolving criminal activity. But many institutions are limited to their own siloed data set... |
BlogManaging the Growing Complexities of Sanctions RiskMay 9, 2022 by Nasdaq Verafin The Russian invasion of Ukraine and the subsequent escalation of the Russian-Ukrainian war has been met with condemnation and resulted in severe economic sanctions from governments across the globe. Sanctions are crucial to enforce foreign policy objectives and deter criminal... |
BlogAML Crime Trends and TechnologyJanuary 12, 2022 by Nasdaq Verafin Keeping pace with the changing landscape of BSA/AML is a significant challenge for financial institutions. In our year-end presentation we explored industry-wide AML trends and the specific challenges facing compliance programs today — including the recent passing of the AML Act of... |
BlogAML Act of 2020 Formalizes Risk-Based Approach for ComplianceJuly 28, 2021 by Jim Richards The fifth instalment in Jim Richards’ Renewing the BSA Series. Under the current law, 31 USC Section 5318(h) and it’s subsequent regulations, financial institutions are required to have an Anti-Money Laundering (AML) program, but there has never been a requirement... |
