How innovation can help bolster the AML sector

How innovation can help bolster the AML sector

In an age where cyberattacks and money laundering are becoming more commonplace, the need for cutting-edge tech in AML is key.

A Day in the Life at Anti-Money Laundering: Christina Piserchia

Interested in learning more about working in Anti-Money Laundering at the world’s most global bank? Hear from our employees as they share their stories and insights!

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What is AML (Anti Money Laundering) in banking?

What is Anti Money Laundering (AML) regulation in the banking industry? In this video, Signicat VP of Identity & Innovation John Erik Setsaas explains clearly.

In general, AML consists of four steps: First you need to identity the individual or organisation. Second, you do background checks. Third step is to determine whether this customer is a risk for your organisation. Finally, you have the continuous monitoring of transactions.

Want to learn more about AML solutions from Signicat? Visit:

Anti-money laundering – practical tips for managing AML risks (Compliance Officers conference 2020)

Give us your feedback about this session – https://form.sra.org.uk/s3/Compliance-AMLrisks

Learn what law firms need to do to help keep the proceeds of crime out of legal services.

With a focus on practical examples from the everyday issues law firms face, this session will offer support to make sure you are doing the right things to keep your firm and the public safe.

You will also hear about the types of issues – and good practice – the SRA has seen from its recent round of visits to review AML practice within law firms.

Poll 1 – Your client is purchasing a residential property. They advise that the funds for the purchase are coming from savings they have accrued via their salary. What steps, if any, would you take in regards to the source of the funds?

A. Accept the client’s explanation of where the funds are coming from 0.8%
B. Request bank statements to show funds exists 10.2%
C. Collect bank statements and any further information necessary to also satisfy on client’s wealth 87.3%
D. None of the above 1.7%

Poll 2 – Your client is purchasing a residential property. They advise that the funds are coming from savings they have accrued via their salary. On obtaining bank statements you see a large payment from a third party. You ask the client about this and they advise it is a gift from their parents. What further checks, if any, do you do?

A. Speak with the parents and accept their explanation of the source of funds 1.4%
B. Accept the parents explanation and obtain ID and verification 6.2%
C. Speak with the parents, obtain ID and verification, and bank statements confirming the origin of the funds 82%
D. Speak with the parents and obtain bank statements confirming the funds 10%
E. None of the above 0.5%

Machine Learning & Anti-Money Laundering | Capital One

We’re creating real-time, intelligent, automated customer experiences using artificial intelligence in financial services. From informing customers about unusual charges to answering their questions in real time, our applications of AI & ML are bringing humanity and simplicity to banking. Learn more at https://capital.one/309SqMB.

Capital One provides a broad range of financial products and services from personal credit cards or business credit cards, savings accounts, to auto loans. See how Capital One can help you with your banking and financial needs: https://capital.one/3qqOdie

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