Avoka, a digital customer acquisition vendor for financial services firms, and Trulioo, a provider of identity verification for international markets have a strategic partnership to offer real-time, know your customer (KYC) and anti-money laundering (AML) compliant identity verification, say officials from both companies. The agreement facilitates the integration of Trulioo’s GlobalGateway and Avoka’s Transact offerings… Read More >>
StanChart Bolsters Financial Crime Compliance Unit
Standard Chartered, a London-based international banking group that traces its history to the mid-19th century, reports several senior appointments to its financial crime compliance and legal functions. The new hires come as the banking group remains under a deferred prosecution agreement with the U.S. Justice Department and the New York State Department of Financial Services… Read More >>
Culture of Compliance for AML Lacking
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 >>
Markit & Genpact Offer KYC Service
Genpact, a specialist in business processes, operations and technology, and Markit, a provider of financial information services, have jointly launched Markit І Genpact KYC Services. The service will collect and centrally administer legal entity data and documents that banks require from their clients in order to conduct business and comply with know-your-customer and anti-money-laundering regulations,… 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 >>
Q&A: Get Ready for the FATCA Cliff
The U.S. Foreign Account Tax Compliance Act (FATCA) covers tax compliance for foreign financial assets and offshore accounts. The law requires taxpayers with foreign financial assets that exceed specified thresholds to report the assets to the Internal Revenue Service (IRS). The FATCA law will also require foreign financial institutions to report directly to the IRS… 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 >>
