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News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

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Finextra's year in review

Finextra's year in review

With 2023 drawing to a close, we take a look back at our most popular news items, videos and community engagement activities over the course of the past year.

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DoJ cracks down on fraudsters using microtransactions

DoJ cracks down on fraudsters using microtransactions

Managing compliance complexity with emerging technologies

Managing compliance complexity with emerging technologies

Symphony and Google launch AI-based JV for phone calls

Symphony and Google launch AI-based JV for phone calls

Do Kwan to be extradited from Montenegro

Do Kwan to be extradited from Montenegro

UK companies backsliding on sanctions screening

UK companies backsliding on sanctions screening

Celsius Network to pay back customers as bankruptcy case concludes

Celsius Network to pay back customers as bankruptcy case concludes

Sam Bankman-Fried found guilty on seven counts for multi-billion dollar FTX fraud

Sam Bankman-Fried found guilty on seven counts for multi-billion dollar FTX fraud

ING CISO says data sharing is key to financial cybersecurity

ING CISO says data sharing is key to financial cybersecurity

FCA fines Equifax £11m for major consumer data breach

FCA fines Equifax £11m for major consumer data breach

FCA bemoans lax response to new crypto promotion rules

FCA bemoans lax response to new crypto promotion rules

More news
[On-Demand Webinar] Open banking for B2B: Maximising data for corporates[On-Demand Webinar] Open banking for B2B: Maximising data for corporates
Financial Crime blogs
Artificial Intelligence and Financial Services  

Maximizing Conversions While Minimizing Financial Fraud: The Benefits of Machine Learning Models

Priya Kumari

Priya Kumari - MSys Technologies - Pune

Artificial Intelligence and Financial Services  

A Year In, the Outlook for Generative AI in FS

Gabriel Hopkins

Gabriel Hopkins - Ripjar - London

Banking  

How a persona-based approach can help banks tackle human trafficking

Silvija Krupena

Silvija Krupena - RedCompass Labs - London

 

What haven’t we learned? The Binance money laundering debacle tells us there’s a long way to go

Steve Marshall

Steve Marshall - FinScan - Pennsylvania

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Latest TV
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Managing compliance complexity with emerging technologies

Managing compliance complexity with emerging technologies

At Sibos 2023, David White, Vice President Product, Financial Crime Compliance and Payments, LexisNexis® Risk Solutions, updates us on the areas affected by increased sanction screenings and the technologies organizations are using to address these issues.
The Future of Confirmation of Payee in Europe

The Future of Confirmation of Payee in Europe

At Sibos 2023, Damien Dugauquier, Co-founder & Chief Executive Officer, iPiD, and Alain Raes, Founding Partner & Chief Commercial Officer, iPiD, discuss their recent whitepaper 'The Future of Confirmation of Payee in Europe', covering the payments solutions aimed at combating identity fraud, new European regulations, and the global potential of CoP.
Trade finance – the weakest link?

Trade finance – the weakest link?

At Sibos 2023, David Loeser, Senior Director, Product Strategy at LexisNexis® Risk Solutions, discusses the trade finance gap and the impact of shifting regulations on financial institutions, cargo carriers and insurers. He also shares insights into red flags for potential sanctions violations and trade-based money laundering, plus the transformative power of digitization in bridging the trade finance gap.
Transforming Payments Through Strategic Partnerships

Transforming Payments Through Strategic Partnerships

At Sibos 2023, Michael Mueller, CEO, Form3, and Darren Parslow, Global Head, Visa Commercial Solutions, discuss the industry benefits for strategic partnerships including account-to-account payments, cloud adoption, and fighting against financial crime with risk reduction technologies.
The long read
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Michael Haley

A data-driven response to economic crime in the UK

Michael Haley - CEO, Cifas
Discussion
How a persona-based approach can help banks tackle human trafficking
Raktim Singh

Raktim Singh

  Really good points and wonderful article. I liked the point of 'banks should rely on personas rather than rules to help identify suspicious activity in financial data'. Though earlier this was cumbersome but now with technology, this can be done easily.

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UK companies backsliding on sanctions screening
Ketharaman Swaminathan

Ketharaman Swaminathan

  Survey? As in they asked companies "Are you backsliding on sanctions screening?" and 75% of the surveyed companies said "Yes"? There are many ways of finding out whether companies comply with sanctions screening requirements but I never thought survey could be one of them.

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A Glimpse into the Future: Next-Gen AI and LLM in AML Compliance
Prasoon Mukherjee

Prasoon Mukherjee

  Liked your article, though I am not totally convinced about use of Generative AI on financial markets use cases where exact data needs to be extracted and the same extracted data needs to be used in downstream processes. Have explained in the below article as why..    https://www.finextra.com/blogposting/24436/large-language-models-are-not-a-solution-for-precise-data-extraction-in-banking

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AI: Do Regulators Have a Hope of Keeping Pace?
Ketharaman Swaminathan

Ketharaman Swaminathan

  No. Regulators cannot keep up with AI.  Take ChatGPT itself as an example. It's the pinnacle of leveraging of Regulatory Gap, which has been the strategy followed by fintech, rideshare, room share and many startup industries in regulated industries.  While training ChatGPT, OpenAI scraped data from billions of websites without their express permission and probably in violation of their TOS. Now that ChatGPT is launched and popular, OpenAI has announced steps that website owners can take to prevent their websites from getting scraped by OpenAI's bot. This is unethical, if not also illegal in some jurisdictions. But will any regulator shut ChatGPT down now? Had OpenAI announced, in advance, its plans to slurp the content of billions of websites when it started doing so a few years ago, I can bet that ChatGPT would have been DOA.

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Featured
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FCA urges Brits to watch out for loan fee fraud

FCA urges Brits to watch out for loan fee fraud

Spanish banks form fraud fighting JV

Spanish banks form fraud fighting JV

Mastercard AI tool helps UK banks take on real-time payment scams

Mastercard AI tool helps UK banks take on real-time payment scams

Payments Association warns UK govt on APP fraud plans

Payments Association warns UK govt on APP fraud plans

The long read
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Níamh Curran

What is a DDoS attack and what impact do they have on financial services?

Níamh Curran - Senior Reporter - Finextra
Elsewhere...

  1. Proactive Investors

    Santander refunded millions by EY over supposed money-laundering failures

  2. New Money Review

    Dark money concerns over Boris Johnson donor

  3. Raconteur

    Challenger banks challenged on fraud

  4. The Guardian

    Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians

  5. Sydney Morning Herald

    'Integrity' of financial system at stake as $1.3b Westpac fine upheld: Federal Court

The long read
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Níamh Curran

Deepfake fraud: the rising threat in financial crime

Níamh Curran - Senior Reporter - Finextra