A global challenge: Fast Payments equals Faster Fraud
Nice Actimize | Fighting Financial Crime
by Freddy Arthur
22h ago
Real-time, instant, or simply faster payments are ubiquitous across the globe, in the 16 years since the U.K. roll out. In fact, many countries, such as the U.S., have multiple real-time payment platforms with RTP, FedNow and Zelle. We also see a variety of payment limits (not always the end consumer facing limits) with £1m in the U.K., $1m in U.S. and EUR100k in the EU.  To provide a brief, non-exhaustive, list of countries with faster payments systems, for illustration, Australia, China, EU, India, Saudia Arabia, Singapore, U.K. & U.S. Some notable exceptions are Canada, which shoul ..read more
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AI Surveillance Trends: Three Experts Weigh in on Why AI’s Essential and What’s Coming Next
Nice Actimize | Fighting Financial Crime
by Linda Haelsen
3d ago
According to recent survey by Ernst & Young, AI adoption among financial services firms has become widespread with 99 percent of firms saying that they are already deploying AI, and all citing that they are either already using or planning to use generative AI (GenAI). The majority of respondents felt optimistic about the benefits GenAI would bring to their organizations, with long-term sentiment registering even stronger. While the Ernst & Young survey covered broad uses of AI across financial services organizations, a separate Chartis Research Survey (The Future of Trader Surveillanc ..read more
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Driving Financial Crime Innovation with Generative AI Under the EU’s AI Act
Nice Actimize | Fighting Financial Crime
by Danny Butvinik
1w ago
In an era where the advancement of technology intersects with the imperative of regulatory compliance, financial institutions (FIs) are confronted with a pivotal question: How can they harness the progressive power of Generative AI (GenAI) to drive innovation, enhance operational efficiency, and deliver unparalleled customer experiences, while navigating the complexities of model governance, regulation, and compliance? This question becomes even more pressing in the light of the European Union’s AI Act, a groundbreaking piece of legislation designed to steer the development and application of ..read more
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What’s Perpetual KYC and How Can I Implement pKYC Successfully?
Nice Actimize | Fighting Financial Crime
by adm_actimize_dev
2w ago
In this 7-minute read, discover how you can use perpetual KYC to ensure continuous compliance. Perpetual KYC (pKYC), also known as event-driven KYC, is seen by many as the solution to ensuring continuous compliance and risk management when it comes to Know Your Customer (KYC) and Know Your Business (KYB) processes. But what’s pKYC, what does it look like in practice, and what does it take to implement it successfully? To learn more about pKYC, I interviewed Carl Kemmerer, a subject matter expert and Senior Product Manager at NICE Actimize. Before joining NICE Actimize, Carl spent almost 25 yea ..read more
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Next Generation Enterprise Information Archiving: How Can Your Firm Benefit?
Nice Actimize | Fighting Financial Crime
by Linda Haelsen
3w ago
The explosion in new communication modalities and collaboration tools, along with evolving regulations, are making regulatory record-keeping and compliance more complex and challenging by the day. In this interview, NICE Actimize Product Manager Rajeev Hegde weighs in on the challenges financial services firms are facing with respect to archiving growing volumes and types of communications data, and new solutions and approaches that can reduce compliance costs, complexities, and risks. What are some of the trends you are seeing that are making regulatory record-keeping more complex today? Raje ..read more
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Network Analytics in Financial Crime and Compliance
Nice Actimize | Fighting Financial Crime
by Glenn Fratangelo
3w ago
The Revolutionary Impact of Network Analytics in Financial Crime and Compliance  Network analytics is a crucial tool when it comes to combating fast-evolving financial crimes. It reveals connections to suspicious activities, significantly improving investigations. Traditionally, network analytics in financial institutions (FIs) were siloed from main investigation platforms, requiring manual efforts from investigators. However, advancements in AI, analytics, and graph database technology have transformed its role, allowing for automated analysis and more effective risk uncovering. Silos Ca ..read more
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SEPA Instant Payments – How will mandating real-time payments and the new Payment Service Regulation change the fraud landscape for European FIs?
Nice Actimize | Fighting Financial Crime
by Freddy Arthur
3w ago
SEPA is the Single Euro Payments Area, covering Euro denominated payments for 36 countries in Europe. Whilst most European countries have had access to SEPA Instant Credit Transfers (SCT Inst) since November 2017, they have not been widely adopted as quickly as had been hoped. This is about to change thanks to a new mandate from the European Commission (EC).  The proposal, which received the first set of approvals in November 2023, will require payment service providers (PSPs) in the region to provide SEPA Instant Credits to their customers where they currently allow slower SEPA Credit Tr ..read more
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Outpace First-Party Fraud and Mule Activity
Nice Actimize | Fighting Financial Crime
by Rob Rendell
1M ago
First-party fraud is when the fraudster doubles as a customer. Fraudsters will open accounts for the specific purpose of executing their fraud schemes. One common example these days are money mules who open accounts for fraudsters, enabling them to transfer money through multiple banks and countries to avoid scrutiny. In this blog, we cover how to stop losses to first-party and money mule fraud, along with how to move away from a narrow definition of third-party fraud loss on the profit and loss account (P&L) to a wider definition as per the U.S. Federal Reserve’s Fraud Classifier. First-P ..read more
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Unraveling the Threads of Responsibility: Personal Liability of Senior Management in AML Compliance Failures
Nice Actimize | Fighting Financial Crime
by Rahul Kadu
1M ago
AML regulations are designed to safeguard the integrity of financial institutions (FIs) in a fast-paced, evolving landscape—a robust anti-money laundering compliance program can’t be overstated. By following regulations, FIs can protect themselves from becoming unwitting accomplices to illicit activities. While firms implement stringent AML measures, the onus of ensuring compliance often falls on the shoulders of senior management. In the event of compliance failures, these leaders may find themselves facing not only professional repercussions but also personal liability. Compliance cannot be ..read more
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Thoughts on The Recent FCA Market Watch Newsletters
Nice Actimize | Fighting Financial Crime
by Paul Cottee
1M ago
Market Watch 76 – The FCA Draws a Line in the Sand with Respect to Flying and Printing The FCA recently published the latest edition of its Market Watch newsletter (MW) 76, in which it revisited concerns about the practices known as flying and printing. The FCA had previously raised these practices as being of-concern in MW 57 back in November 2018. What are flying and printing? In MW 57, the FCA defines them:  Flying occurs when a firm communicates to clients, or other market participants (via screen, instant message, voice, or some other method) that it has bids or offers when they are ..read more
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