Tag Archives: AML

AI And The Revolution Of The Bank And Customer Relationship

Frank Erdle/ November 18, 2019/ Uncategorized

Digital assistants with Artificial Intelligence (AI) are on the rise in the financial sector.
One in three customers have no concerns using voice commands in banking. How a cutting-edge AI algorithm can lead to better control of sales management and higher business goals.

Digital Transformation and Compliance

Tobias Bumm/ October 15, 2019/ Uncategorized

While digitization is progressing, financial institutions are facing difficult tasks. Data is the new precious asset. New technologies must be implemented fast while the daily business runs on the existing system. But challenges are one of the best ways to spark innovation. Interdisciplinary teams have already been formed to embrace this transformation.

KYT is the Future of KYC

Uwe Henkelmann/ September 25, 2019/ Uncategorized

KYC is a central element in the customer onboarding process and the risk-based transaction monitoring. But how effective is KYC really for efficient transaction monitoring? The content of transaction data is often poorly suited to fully understand what the transaction is about. A closer look into how to better understand your transactions.

Smartphones turn into mobile banks

Matilda Kloiber/ August 14, 2019/ Uncategorized

Despite elaborated systems, financial crime is still an omnipresent topic for many companies. The increasing popularity of so-called direct banks presents compliance with a new challenge.

Full force against money laundering and terrorist financing!

Bianca Schreck/ July 10, 2019/ Uncategorized

At full throttle, the European Union is moving forward with the establishment of a legal framework to combat money laundering and terrorist financing. The 5th EU Money Laundering Directive was published in June 2018. Instead of the usual time frame of 24-months, member states are prompted to implement the 5th EU Money Laundering Directive into national legislation by January 10,

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If supervision turns a blind eye or “Stacks of dirty money”

Matthias Dennig/ June 4, 2019/ Uncategorized

At the end of January, the last 500 bank notes were issued in the euro zone. Exempt were Germany and Austria, where the purple notes were used more frequently than elsewhere.  Now both countries followed suit. At the end of April, the grace period for those 500s expired, but the bills in circulation will continue to be valid indefinitely. This

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RegTech – the way to more compliance efficiency

Tamara Tanaskovic/ April 24, 2019/ Uncategorized

At the risk of making it sound simple, RegTech is largely what its name implies: Regulatory Technology. That means the use of new technologies to facilitate compliance with regulatory requirements. In other words, RegTech aims to provide easy-to-integrate and cost-effective compliance solutions. Banks are currently facing the big challenge of coping with the flood of new regulatory requirements, which has

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International Compliance – Obligation or Opportunity?

Matthias Dennig/ March 21, 2019/ Uncategorized

International Compliance In many countries the number of compliance laws and regulations has multiplied over the last decade. This has led to major discussions and a rapid development of the compliance sector. The pressure is high, but it goes without saying, that all national laws and guidelines must be complied with. For international business, things get even more complicated. While

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