Category: AML Compliance

How Criminals Exploit KYC Vulnerabilities and Loopholes

April 17, 2024

Know Your Customer (KYC) protocols are the backbone of Anti-Money Laundering (AML) efforts, requiring financial institutions to verify their customers’ identities. However, criminals exploit KYC vulnerabilities, money launderers are relentlessly innovative, constantly probing for new vulnerabilities to bypass KYC checks and integrate their dirty cash into the legitimate financial system, often through these methods. Account Opening Attacks … Continued

Revolutionising AML Compliance: The Impact of AI-Powered Transaction Monitoring

April 3, 2024

Advancements in RegTech are having a crucial effect on financial services’ approach to achieving AML compliance. Automation processes can provide accurate real-time risk alerts and continuous KYC, reducing manual work and, more importantly, the threat of laundered money moving through the system.  Fuelling this tech revolution is AI, whose generative functions are reshaping operational processes … Continued

Leveraging AI for Continuous KYC Monitoring

March 22, 2024

Concerning anti-money laundering (AML), financial institutions face increasing pressure to stay ahead of sophisticated financial crime tactics and stringent regulatory requirements. Traditional periodic know-your-customer (KYC) reviews are no longer sufficient – customer information can become outdated quickly, leaving institutions vulnerable to financial crimes and non-compliance risks. Enter perpetual KYC (pKYC), also known as continuous KYC monitoring, a game-changing … Continued

Platform news: RelyComply adds goAML feature for advanced fincrime reporting

March 19, 2024

We are pleased to announce the latest addition to our platform, goAML, the standard software application tool to support reporting capabilities for Financial Intelligence Units’ (FIU) anti-money laundering (AML) and countering terrorist financing (CFT) measures. With more than 60 member states worldwide using goAML – and counting! – we’re excited to join the global community in strengthening … Continued

The Top 8 KYC Mistakes – Safeguarding Your Business and Customers

March 1, 2024

In today’s increasingly regulated world, Know Your Customer (KYC) procedures are no longer optional for businesses. KYC involves initial and continuous identity verification to help prevent financial crime and safeguard your customer’s data and your business’s reputation. But navigating the complexities of KYC can be tricky, and even small mistakes can have significant consequences. This article examines … Continued

Monitoring and Compliance: How to ensure regulatory compliance and streamline operations

February 8, 2024

Staying compliant relies heavily on a financial company’s operational arm. Under the watchful eyes of regulatory bodies, it’s imperative to provide evidence for adequate anti-money laundering (AML) systems. This is not relatively easy if data is juggled between multiple platforms and people. And without an audit trail, potentially harmful criminal activity can slip out of … Continued

Resourcing a modern AML compliance function

January 27, 2024

With digitalisation playing a significant part in our lives, it’s no different for modern AML compliance. However, regulatory technology (RegTech) cannot work best alone. Human ingenuity still plays its role in solving the problems that permeate financial services regarding money laundering, terrorist financing and other crimes; it’s calculated that around 99.8% of laundered money is still untraced, while … Continued

Our RegTech100 inclusion, and the crucial need for evolving regulatory technology

December 6, 2023

Criminal webs that launder money are only getting trickier to identify and prosecute. That’s why local and global regulators, particularly in light of the open-border nature of transactions these days, are requiring firms to adhere to stricter rules when strengthening their anti-money laundering (AML) processes. That can often mean adapting to regulations that are introduced … Continued

South African startup RelyComply honoured in prestigious RegTech100 list of most innovative companies for 2024

December 6, 2023

RelyComply, a leading provider of cutting-edge regulatory technology solutions, proudly announces its inclusion in this year’s prestigious RegTech100 list.  Founded in 2020, James Saunders and Bradley Smith created RelyComply to safeguard financial firms struggling to implement proper anti-money laundering (AML) processes using existing technology providers. As money laundering techniques grew in complexity, so too did regulatory … Continued

Choosing the Right AML Software for Your Organisation

November 27, 2023

In today’s era of mass digital payments and financial transactions, anti-money laundering (AML) compliance has become critical for banks, financial institutions, and other regulated businesses.  Technology is now vital to run an effective intelligence-driven AML programme – your software should provide the automation and analytics that compliance teams need to accurately identify financial crime risks amidst … Continued

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