AML

As anti-money laundering requirements tighten in many jurisdictions, financial institutions and fraud prevention platforms are ditching legacy AML solutions for newer technology — but alternatives aren’t easy to come by yet.

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

The company sees increasing consumer demand for cryptocurrency, especially in Asia, and gradual acceptance among financial institutions.

New unit will work with foreign governments; standards too soft on those without conventional paychecks.

With lawmakers unlikely to act in the near future to ease financial institutions' regulatory burden, new technologies could be the solution to credit unions’ AML woes.

When lawmakers return from their August recess, a host of unresolved financial policy issues — from marijuana banking to anti-money-laundering rule — will greet them.

Financial crime screening solutions that are fueled by high quality sanctions and screening data will be a crucial component to achieving success in this complex compliance environment, writes Accuity's Nirhjar Daripa.

Treliant and Federal Financial Analytics have established a one-stop shop to guide financial institutions through uncertain business and policy times.

Agencies like Fincen and Finra that use machine learning must pay close attention to potential bias in supervisory algorithms, especially with data on women and minorities.

The Gulf region poses significant and unique challenges in AML, KYC and other compliance checks, according to Accuity's Nirhjar Daripa.