Less than half of all respondents in a recent poll of compliance professionals at financial institutions say their firms are doing a solid job of complying with anti-money laundering (AML) regulations and laws, and most survey participants don’t expect that state of affairs to change in the near future. The results come at a time… Read More >>
Regulators Stress Money Laundering Systems as SWIFT Lines Up Heavy Hitters for KYC Registry
Regulators Putting Too Much Stress on Money Laundering Systems: SWIFT Panelist The “very hot” issue of money laundering has captured the attention of the SEC and FINRA, among other regulators and they making having anti-money laundering (AML) systems in place such a high priority that “everything leads to money laundering” for them, says a panelist… Read More >>
Ops Risk and Compliance in an Age of Scandal
Operational risk and compliance staffs are surely on alert after federal prosecutors charged SAC Capital Advisors with criminal acts of fraud. This growing scandal closely follows the CFTC’s monetary penalties and one-year trading ban for high frequency trading firm Panther Energy Trading, which allegedly used algorithms to place buy orders and then swiftly cancel them to… Read More >>
Financial Crime Update
A single IT platform may not be achievable for an anti-financial crime strategy because such frameworks have to prevent money laundering, promote sanctions compliance and provide quality data for know-your-customer requirements, according to panelists who took part in FTF’s Financial Crime & AML conference in New York last week.Financial crime prevention and mitigation requires financial… Read More >>
Some Pointers in the War on Financial Crime
Much about financial crime is troubling because it’s detected after the fact as a speaker said at FTF’s 2nd Annual Financial Crime & AML event yesterday. The speaker also said that an individual who is hell bent on committing financial crime is almost impossible to stop. Yet despite the headlines about HSBC’s failings in this… Read More >>
Q&A: The Ever-Tougher Task of Detecting Financial Crimes
(Editor’s note: Jaswal, who works in Celent’s Securities and Investments division, has developed an expertise in derivatives, electronic trading, market infrastructure and regulation, and commodity markets. Before joining Celent, Jaswal worked in corporate banking at UTI Bank, research and consulting for AC Nielsen ORG-Marg, and insurance at ICICI Prudential Life Insurance. Financial Technologies Forum will… Read More >>
Time to Disrupt Your AML System?
Anti-money laundering (AML) for financial services firms is evolving as they broaden their usage of the behavior detection at the heart of AML and begin to consolidate AML and anti-fraud platforms. Firms may also see their governments refine AML and related policies as a result of the latest recommendations of a standards body urging countries… Read More >>
Q&A with Babson Capital
Jason Vazquez is the director and global AML (anti-money laundering) and Financial Crimes Prevention Officer for Babson Capital Management, a global investment management firm that is part of the MassMutual Financial Group. Vazquez oversees the firm’s AML and anti-corruption compliance and economic and trade-based sanctions requirements. He helps coordinate activities among the firm’s compliance and… Read More >>