Financial crime stories

A report reveals that over 50% of financial institutions in Asia are failing to adopt AI for anti-money laundering, risking exposure to financial crime.

The persistent ability of criminals to exploit legitimate structures to launder money has banks and others on the hunt for new tools and techniques to counter the threat.

Microsoft's Digital Defense Report highlights a rise in cyber threats, naming Australia as the sixth most targeted nation with a 2.75-fold increase in ransomware.

Kaspersky has identified 547 dark web listings for software vulnerability exploits from January 2023 to September 2024, with average prices hitting $100,000.

Fraudulent banking transactions in the UK could hit GBP $38 million over the next five years, warns Juniper Research, as the country battles a 111% surge in financial crime.

BioCatch's latest report on APAC digital banking fraud trends reveals a 70% rise in mobile app fraud and a dramatic 108% surge in voice scams, alongside a notable decline in fraud losses in Australia.

HSBC and BNY Mellon join Quantexa's Lighthouse Programme to deploy Q Assist, a context-aware generative AI suite, debuting at London Tech Week to optimise financial services.

Lucinity unveils an advanced AI copilot plug-in at Money2020 Europe, promising instant ROI and up to 90% productivity boosts for financial institutions.

A new report by IFX Payments reveals that 78% of UK SMEs are set to expand globally despite facing challenges from ring-fencing regulations and Brexit.

A BioCatch study reveals that artificial intelligence (AI) is increasingly used by criminals for financial crime and digital fraud, posing significant challenges to global financial institutions.

Innovate Finance, City of London Corporation, and Encompass Corporation launch a RegTech Platform to expedite fintech initiatives, provide guidance to RegTech providers, and address sector challenges.

Dow Jones Risk and Compliance is set to launch an AI-powered research platform, Dow Jones Integrity Check, promising to revolutionise diligence reports.

Neil Acworth steps into the role of Chief Information Security Officer at Encompass Corporation, bolstering the firm's commitment to delivering robust, data-centred financial security measures.

Specialist in compliance technology, Encompass Corporation, earns 'One to Watch' status from Chartis Research's FCC50 list, highlighting performance in battling financial crime.

London's Ripjar launches Compliance CoPilot, an AI-risk management assistant, aiming to revolutionise threat monitoring.

PPRO has bolstered its leadership, appointing Selene Brett as Chief Legal, Risk and Compliance Officer, and Marc Kuzak and Massimiliano Conte as Legal and Compliance Director respectively to bolster governance.

Global spending on Anti-Money Laundering (AML) systems is projected to reach USD $51.7 billion by 2028, an 80% increase driven by AI's role in enhancing risk assessment, according to Juniper Research.

Dow Jones Risk and Compliance unveils Risk and Compliance Financial Instruments, a cutting-edge solution for optimising pre- and post-trade investment screening amid an increasingly complex regulatory environment.

In its inaugural AML transaction monitoring solutions evaluation, Chartis Research recognises analytics giant SAS as a category leader, underscoring its impressive capabilities in analytical modelling, risk typology modelling, and workflow automation.

Singapore battles rising online scams as LRN Corporation delivers accredited courses to enhance ethical practices in the financial sector, in line with the Monetary Authority regulations.