Anti-money laundering (AML) refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.
Changpeng Zhao, the founder of cryptocurrency exchange Binance, was sentenced to four months in prison on Tuesday (April 30). The sentencing came after Zhao pleaded guilty...
Venezuela is reportedly expected to increase its use of cryptocurrency when the United States reimposes oil sanctions on the country beginning June 1. A Venezuelan opposition...
Artificial intelligence (AI) holds the promise to transform all manner of industries — helping banks, in particular, improve their anti-money laundering (AML) efforts. But as...
Verafin has added an artificial intelligence (AI) copilot to its suite of financial crime management solutions. The new Entity Research Copilot is being rolled out to...
A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and...
Each year, money launders funnel $2 trillion in ill-gotten gains into the financial system. And a lot of that money travels by air, in cash,...
Two U.S. lawmakers have introduced legislation to govern the use of stablecoins. The legislation, announced Wednesday (April 17) by Sen. Kirsten Gillibrand (D-N.Y.) and Sen. Cynthia Lummis (R-Wyo.) would...
Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment...
Oracle Financial Services introduced an artificial intelligence-powered cloud service that helps banks mitigate anti-money laundering (AML) risks. The new Oracle Financial Services Compliance Agent “identifies and remediates vulnerabilities,”...