Yair Samban

UK financial institutions spent £38 billion on financial crime compliance in 2023, this is up by almost 33% since 2021. Get a comprehensive snapshot of UK financial crime compliance trends in the latest True Cost of Compliance report. Download the 2024 report to discover: [Link: ➡️https://lnkd.in/dV6Qg7Xh] ◾How much UK firms are spending collectively per hour and annually on financial crime #screening ◾The effects of rapid technology adoption on high-volume #KYC (Know Your Customer) processes ◾Which #CDD (Customer Due Diligence) screening processes have achieved the highest levels of automation ◾The future technology investments most firms are planning #TrueCostOfCompliance

3

𝗔𝗿𝗲 𝘆𝗼𝘂 𝗰𝗼𝗻𝗰𝗲𝗿𝗻𝗲𝗱 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗿𝗶𝘀𝗶𝗻𝗴 𝘁𝗵𝗿𝗲𝗮𝘁𝘀 𝗼𝗳 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗰𝗿𝗶𝗺𝗲 𝗶𝗻 𝘁𝗼𝗱𝗮𝘆'𝘀 𝘁𝘂𝗿𝗯𝘂𝗹𝗲𝗻𝘁 𝗲𝗰𝗼𝗻𝗼𝗺𝘆? This recent blog post by my excellent colleague Brian Ferro, CAMS dives into the challenges faced by anti-financial crime professionals and the urgent need for innovative solutions. Read more about how we're tackling these issues head-on with decision intelligence: https://okt.to/TEpm4j #DecisionIntelligence #FinancialCrimePrevention #AML

10

Ignore security, race to IPO, so you have the budget to implement security, suggested Taher Elgamal, partner, Evolution Equity Partners (note that was all in jest as he played our "Department of No" game). Huge thanks to Taher and Neatsun Ziv, co-founder and CEO, OX Security for participating in today's discussion of "Hacking the Conversation about Risk" on today's Super Cyber Friday. And thanks to our sponsor, OX Security. Please join us NEXT Friday, June 21st, 2024 at 1 PM ET/10 AM PT for "Hacking Generative AI Anxiety." Why are we so worried about the security implications of AI? REGISTER: https://lnkd.in/gQUnh_Ra #CISOseries #CISO #security #infosec #informationsecurity #cybersecurity

3

Alex Pillow has once again delivered another gripping episode of KYC Decoded, this time featuring Derek Vadala, Chief Risk Officer at Bitsight, who shared his views and expertise on a key #Compliance topic of today - #CyberRisk. What I found particularly interesting is Derek’s insistence that the real issue is not exclusively cyber risk as adversarial activities – i.e., attacks on companies and governments with the aim of disrupting, stealing data, or inflicting other damage – but also about other, wider technology-related risks, such as: - Technology issues that stem from using inadequate technology or not implementing tech solutions well enough, etc. - Digital transformation risks, the scale of which depends on how well an organization adopted new technology and which measures they’ve taken to protect sensitive data in these new surroundings Since these risks also create vulnerabilities and make organizations more exposed to cyber risk in a narrower sense, it’s crucial that they put time and effort into efficiently managing these areas as well. They’re all tied together, and Derek and Alex do a great job of illustrating that in the podcast. Give it a listen!

44

There’s an unprecedented increase in sanctions imposed by major global powers, highlighting the strategic responses of the US, UK, and the EU. What’s the role of technological advancements in addressing sanction evasion? AML expert Adam McLaughlin discusses that in this blog: https://okt.to/py645i #AML #Screening #Sanctions #AI

2

Our CTO, 🎤Christophe Willemsen, has shown us how easy it is to use #graphs to identify circular ownership structures. Watch the webinar for details on how graphs spearhead UBO investigations with advanced querying capabilities: 🔗 https://lnkd.in/dtEbwpEB 🔗 Or check our blog on improving UBO #investigations: https://lnkd.in/ep2c7nNz #compliance #dataAnalysis #LawEnforcement

16

The UK consumer lending sector thrives on trust, but fraudsters are constantly devising new methods to exploit vulnerabilities. From fake applications to account takeover scams, financial crime can have a devastating impact. Here's how LexisNexis® FraudPoint™ UK can help: ✅ Make informed lending decisions with our risk scoring system. ✅ Combat application fraud with LexID®, our industry-leading identity linking technology. ✅ Streamline operations and reduce costs with automated fraud checks. Ready to learn more?: ➡️ https://lnkd.in/eHGM94bp #FraudPrevention #FraudDetection #FinancialServices

2

Bluefin's strategic focus on commercializing #P2PE (Point-to-Point Encryption) and Shieldconex products in Europe is yielding significant success in #enterprise and tier II businesses across the continent, and the UK. This success is driven by several key factors: **Regulatory Compliance: Europe's stringent data protection regulations, particularly GDPR, necessitate high levels of security for personal data handling. P2PE solutions encrypt data at the point of entry, ensuring secure information processing and aiding #GDPR compliance. **Market Demand for Security: With the rising #digital transactions and awareness of data breaches in Europe, there is a strong demand for robust #cybersecurity solutions. P2PE and Shieldconex provide advanced #security features appealing to businesses aiming to protect customer information. **Competitive Differentiation: Specializing in high-security products like P2PE and Shieldconex sets Bluefin apart from competitors in Europe. By focusing on these solutions, Bluefin positions itself as a leader in payment and #datasecurity, gaining a competitive edge. **Integration with European Payment Systems: P2PE systems are compatible with various European payment methods, such as #EMV chip and PIN technology, widely used across Europe. This compatibility streamlines integration with existing payment infrastructure, making it an attractive option for European businesses. **Potential for Scalability: As European businesses increasingly shift to digital platforms, the #scalability of P2PE and Shieldconex products can meet diverse security needs across industries and business sizes. This scalability positions them as a strategic choice for long-term growth in the European market. Bluefin's emphasis on #encryption and #tokenization, leveraging regulatory requirements, market demands, and product compatibility, underscores its successful expansion and establishment of a robust presence in the European market. Find out why 35,000 businesses in 60 countries trust Bluefin at www.bluefin.com. #devaluethedta #paymentsecurity #dataprivacy

34

1 Comment

Discover our range of solutions recognised by leading global analyst firms including: 🔍 Identity Verification 💼 Financial Crime Compliance 🛡️ Fraud Prevention 💳 Payment Fraud Solutions 📉 Credit Risk Assessment 📑Access the reports here: https://lnkd.in/esHs7dR5 Find out why industry experts recognise our offerings as leaders and uncover how they can reshape and elevate your business journey. #identityverification #FinancialCrimeCompliance #FraudPrevention

1

The transition from SWIFT's MT format to ISO 20022 marks a significant shift in financial messaging standards. While SWIFT's MT format was limited in data structure, ISO 20022 offers a more flexible, data-rich XML format, enhancing data detail and processing efficiency. This global standard improves interoperability and straight-through processing (STP), reducing manual errors and operational costs. The phased migration to ISO 20022 requires financial institutions to update systems and adopt new protocols, paving the way for more innovative financial services and better transaction transparency

3

Join Vixio Live Tomorrow for the FCA Consumer Duty Webinar 📅 Date: Sept 26th, 2024 | ⏰ Time: 2pm BST | 9am EDT With consumer protection becoming a key focus for global authorities, it's the perfect time to revisit the UK FCA's Consumer Duty and explore how its high standards are shaping the financial services industry. In this Vixio Regulatory Intelligence webinar, an expert panel will examine: ✅ What Consumer Duty is and how it has evolved since its July 2023 rollout ✅ Key principles and obligations for financial services firms ✅ Successes, challenges, and lessons for other jurisdictions ✅ Enforcement trends to watch and more! 🗣 Speakers include: -Jimmie Franklin, Senior Journalist, Vixio (Moderator) -John Gidla, Head of Payments Compliance, Vixio -Stuart O’Sullivan, Associate Director, Protiviti Register now: https://lnkd.in/emiGYeV2 #VixioWebinar #ConsumerProtection #FinancialCompliance #FCA

12

There’s an unprecedented increase in sanctions imposed by major global powers, highlighting the strategic responses of the US, UK, and the EU. What’s the role of technological advancements to address sanction evasion? AML expert Adam McLaughlin discusses that in this blog: https://okt.to/TAL1HC #AML #Screening #Sanctions #AI

2

In our latest Global Cybercrime Report, we explore how financial institutions and payment service providers are preparing for a future where assessing beneficiary risk before processing consumer transfers is no longer optional, but essential. With the surge of #APPscams and the UK’s Payment Systems Regulator (#PSR) now enforcing a 50/50 liability split between sending and receiving organisations, the threat of rising reimbursement costs has never been greater. Our report highlights the scale of this challenge. In just one month, over 30% of consumer-initiated payments at a UK digital bank were flagged as fraudulent, thanks to a robust payment defence model powered by machine learning. Read the full report for insights on managing beneficiary risk and to gain a comprehensive view of global fraud trends: ➡️https://lnkd.in/giwgTJ2D #CybercrimeReport #FraudPrevention

2

Confirmation that Experian UK's position has been generally upheld on appeal in the long-running debate between them and the ICO on their use of consumer data. This was an important test of how GDPR should be interpreted. The legislation is not intended to be used to prevent all forms of personalised marketing when this is critical for brands to succeed. The legislation is there to protect consumers from bona fide data malpractice and privacy breaches. The tribunal has drawn a distinction between types of data processing which may *sound scary* but actually don't harm individuals vs data processing that encroaches on people's freedoms. It's an encouraging step for our industry and shows that data businesses can innovate in the UK market without fear of being shut down on loose principle or sentiment, so long as they remain within the law.

3

Meeting EU DORA Requirements: Leveraging Digital.ai for Robust ICT Risk Management in Financial Services The EU Digital Operational Resilience Act (EU DORA Act) is designed to enhance the operational resilience of the financial sector in the European Union. As industries increasingly rely on information and communication technology (ICT), the risks of cyber threats, operational disruptions, and technology failures have grown. DORA addresses these concerns by providing guidelines to manage and mitigate ICT risks effectively. Digital.ai offers a suite of solutions to help financial institutions comply with DORA requirements. These include advanced risk assessment tools, integrated security solutions, and frameworks to ensure continuous operations during disruptions. By adopting Digital.ai, institutions can improve compliance, enhance security, and maintain operational efficiency even in the face of ICT challenges. For a deeper dive into how Digital.ai can help your financial institution meet #DORA requirements and enhance #ICT risk management, read the full report below: https://lnkd.in/eHypNjxx #FinancialServices #ICTRiskManagement #CyberSecurity #OperationalResilience #DORACompliance #DigitalTransformation #FinancialRegulation #Fintech #EURegulations #TechSolutions #RiskManagement #RiskAssessment #BusinessContinuity #FinServTech

3

Power your workflow with our robust Cross Reference Services. With powerful linking capabilities, this solution enables you to seamlessly connect your messy company, security, and industry data and make actionable data-driven decisions. Learn more: https://okt.to/qjNfW3 #DoMoreWithYourData

2

Congrats AnChain.AI team ! 🏆🚀 Bank grade compliance, certified! ✅ SAN FRANCISCO, Oct. 29, 2024 /PRNewswire/ -- AnChain.AI, a global leader in AI-powered digital asset and DeFi investigations, anti-fraud, and AML compliance, today announced the successful completion of its SOC 2 Type II certification. SOC 2 Type II, a rigorous auditing standard developed by the AICPA, involves a stringent, third-party evaluation of AnChain.AI's commitment to data security, integrity, and compliance, underscoring the firm's dedication to protecting sensitive financial and personal information. Dr. Victor Fang, CEO of AnChain.AI, emphasized the importance of the accomplishment: "In a world where Generative AI and GPT technologies power mission-critical solutions to protect digital assets valued in the trillions, trust and accountability are paramount. SOC 2 Type II compliance reflects our unwavering dedication to security, assuring our customers that their most sensitive data is vigilantly safeguarded." Austin Ogilvie, Founder and Executive Chairman of Thoropass, who led AnChain's SOC 2 Type II audit, added: "AnChain.AI is a highly trusted partner, both within and beyond crypto. This SOC 2 Type II achievement is essential in an industry working to rebuild trust after landmark setbacks like the FTX collapse  and Binance violations.  Crypto owes much to pioneers like AnChain, who are setting new standards for security and reliability." https://lnkd.in/gF9iRKep

45

7 Comments