AML

Anti-money laundering (AML) refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.

Company cover image
Whistleblowers Allege Inadequate Customer Due Diligence by Cash App
Whistleblowers Allege Inadequate Customer Due Diligence by Cash App
February 16, 2024  |  Security & Fraud

Federal financial regulators are reportedly investigating allegations made by two whistleblowers regarding Cash App. The whistleblowers claim that the mobile payment platform and the entities...

READ MORE >
Hawk AI Appoints Napier Veteran Robin Lee APAC General Manager
Hawk AI Appoints Napier Veteran Robin Lee APAC General Manager
February 16, 2024  |  Personnel

Hawk AI, a provider of artificial intelligence (AI)-powered technology for fraud and anti-money laundering (AML) surveillance, has appointed Robin Lee as general manager for the Asia-Pacific (APAC)...

READ MORE >
PortX, Hummingbird Partner to Fight Financial Crime
PortX, Hummingbird Partner to Fight Financial Crime
February 06, 2024  |  Partnerships

PortX, an integration technology company for financial institutions (FIs), has teamed with compliance platform Hummingbird. The collaboration is designed to make it easier for FIs to use...

READ MORE >
Crypto Firms Fined $5.8 Billion in 2023 For Loose Financial Controls
Crypto Firms Fined $5.8 Billion in 2023 For Loose Financial Controls
January 09, 2024  |  Cryptocurrency

Cryptocurrency and FinTech companies were fined $5.8 billion in 2023 for lax financial controls. That figure marks the first time fines against these groups exceed...

READ MORE >
Canada Taps AI as Suspected Money Laundering Efforts Spike
Canada Taps AI as Suspected Money Laundering Efforts Spike
January 08, 2024  |  AML

Canada is reportedly upping its use of artificial intelligence (AI) to combat money laundering. Donna Achimov, deputy director of the country’s Financial Transactions and Reports Analysis...

READ MORE >
India to Block 9 Offshore Virtual Digital Asset Service Providers
India to Block 9 Offshore Virtual Digital Asset Service Providers
December 28, 2023  |  Cryptocurrency

The Financial Intelligence Unit India (FIU IND) aims to block the URLs of nine offshore virtual digital asset service providers (VDA SPs). The regulator has...

READ MORE >
BNP Paribas Part of French Money Laundering Probe
BNP Paribas Part of French Money Laundering Probe
December 27, 2023  |  Regulation

Prosecutors in France reportedly launched a money laundering investigation that involves BNP Paribas. The Paris prosecutor’s office is looking into allegations of “aggravated money laundering”...

READ MORE >
This Week in AI: Healthcare GPTs, EU’s AI Act, the Future of Work
This Week in AI: Healthcare GPTs, EU’s AI Act, the Future of Work
December 15, 2023  |  Artificial Intelligence

The holidays are approaching, and generative artificial intelligence shows no sign of slowing down. A provisional deal on landmark European Union rules governing the use...

READ MORE >
Salv Raises $4.3 Million to Expand Financial Crime Compliance Solutions 
Salv Raises $4.3 Million to Expand Financial Crime Compliance Solutions 
December 14, 2023  |  Investments

Estonia-based Salv, a provider of financial crime compliance solutions, has raised 3.9 million euros ($4.29 million) in new funding to fuel its expansion in the United...

READ MORE >