All posts by Timothy Choon

Fraud & Security 5 Reasons Why AML is More Important Than Ever in 2019

Money Laundering Techniques
Jan302019

There’s a pervasive view that compliance for money laundering remains a cost-centre activity, and is primarily a “check-the-box” exercise to keep the auditors and regulators satisfied. However, that has evolved in recent times. As business volumes and data complexity increase exponentially, AML compliance has taken on a bigger role. There’s a growing realization that compliance needs to be imbued as a culture from the top-down to the entire organization for it to be effective, and that a wider perspective of tackling financial crime is required, rather than separate siloed risk operations. Leaders realize that it not only safeguards the institution’s reputation and shields against regulatory pressures, but works in tandem with other risk operations in the financial institution to reduce risks and thereby improve long-term business prospects. The more modern and relevant view now, is that compliance brings real value to the entire organization, rather than being a distraction or inhibition to business.... [Read More]

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Fraud & Security Stamping Out Financial Crime in Kathmandu

Feb132017

It’s not often that we enter a greenfield market that is just on the cusp of significant growth, but earlier this month FICO announced its entry in the Nepalese financial market. Nepal is looking to grow its economy and the government recently called for enhanced risk management compliance capabilities to help combat cases of financial crime in the country. “There is clear evidence that economic and financial crimes are some of the fastest growing offences globally,” said Dr. Chiranjivi Nepal, governor, Nepal Rastra Bank. “In Nepal, we can ill afford for these activities to drain our economy or to destroy business and banking confidence. It is therefore imperative that we match the technologies of sophisticated organized criminal groups, with advanced analytics to help banks closely monitor the vast volume of financial transactions they handle on a day-to-day basis.” With the perspective of regulatory compliance turning increasingly global, the Nepalese banks... [Read More]

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