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... |
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... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2021December 16, 2020 by Nasdaq Verafin In a recent year-end presentation, we explored the unrelenting challenges of 2020, the trends and technology developments throughout the year, and offered an overview of how recent industry threats may continue into the future. The following highlights and related resources will... |
BlogImpact of COVID-19 Crisis on Financial Crime Management ProgramsApril 6, 2020 by Nasdaq Verafin As COVID-19 continues to impact financial systems around the globe, early reports are emerging on how the pandemic is affecting financial crime management programs. Financial institutions should have processes in place to minimize the impact of a pandemic and ensure... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2020January 7, 2020 by Nasdaq Verafin As we move into the next decade, it is critical for financial institutions (FIs) to reflect on recent trends in fraud and compliance, and gauge what potential challenges lay ahead. In a special year-end presentation, we took a look back... |
BlogRPA: Improve Efficiency and Increase Productivity by Automating Routine TasksSeptember 4, 2019 by Nasdaq Verafin Financial crime management programs are increasingly challenged by limited time and resources, with BSA/AML and Fraud investigators often spending more time manually collecting data than investigating potentially suspicious activity. Institutions should consider how artificial intelligence, such as machine learning and... |
BlogKey Takeaways from FFIEC Updated CDD Examination ProceduresJune 12, 2018 by Nasdaq Verafin On May 11, 2018, the FFIEC released new Customer Due Diligence (CDD) Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule. These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the... |
BlogImproving your risk-based CDD with intelligent categorizationApril 17, 2018 by Nasdaq Verafin 2018 updates to Customer Due Diligence requirements have increased regulatory emphasis on how BSA/AML departments must conduct ongoing customer due diligence. The FFIEC BSA/AML Examination Manual states that AML programs, at a minimum, are required to implement: appropriate risk-based procedures... |
BlogOptimizing high-risk customer management and ongoing due diligenceMarch 20, 2018 by Nasdaq Verafin An already challenging BSA/AML compliance risk environment continues to grow in complexity, as financial institutions seek to meet requirements for due diligence on higher-risk categories of customers. Without question, risk management is at the forefront of today’s regulatory scrutiny. In... |
BlogBeneficial Ownership: 5 Key Compliance ObligationsAugust 14, 2017 by Nasdaq Verafin For many years, financial crime investigators have warned of possible links between shell companies and international money laundering activity. In the 2013 report How Shell Companies Aid Terrorism, Crime and Corruption, the Open Society Foundations discussed how shell companies are used to launder billions... |
