What is Identity Verification Software? Attempts at money laundering and other financial crimes happen every day. This is where Anti-Money Laundering (AML), Know Your Customer (KYC), and Customer Due Diligence (CDD) regulations come into play. AML regulations require financial institutions to have...
Find an AML software solution: Relying on purely manual processes is not sustainable and increases the potential for error. In response to the volume of data required for effective onboarding, and the increasing regulatory complexity of AML regulations, highly capable software solutions have been deve...
Voice recognition software is now enmeshed in our daily lives. Asking Siri to set a timer when you’re cooking or asking Alexa what the weather is outside are both examples of how we use AI day-to-day. Over time, when we use this voice recognition technology more frequently, the AI lea...
What is False Assurance ® about We thought everything was in place for a successful future but how wrong we all were. Alex Frayn, the former Chief Financial Officer of a fictitious company called D-Merton, tells the story of two turbulent years in the life of that company. He ...
AML software is designed to help financial institutions (FIs) and other regulated organizations remain compliant with regulations and monitor, detect and report money laundering, terrorist financing, and other financial crimes. AML software is used by banks, financial institutions, fintechs, money servi...
CIP is also important for the entity’s anti-money laundering (AML) program as it helps them to comply with various regulatory requirements. Let’s delve into the details of the CIP process. Verification of customer identity The CIP compliant financial institutions must verify the customers’ ...
What Is Anti-Money Laundering (AML)? Anti-money laundering (AML) is defined as a set of regulations and procedures that are designed to detect and prevent money laundering and other illegal financial activities. Advertisements Criminals use money laundering to make the proceeds of crimes such as...
applying for a loan, or other financial processes. Though identity verification is an important security measure in combattingnew account fraud, Identity verification also plays a role in Know Your Customer (KYC) and anti-money laundering (AML) efforts at financial institutions which assess and monit...
Find out why perpetual know your customer (pKYC) checks are so important to your AML compliance, with SmartSearch.
Is AI the same as automation? No, AI isn’t the same as automation. AI itself can do tasks like writing a business proposal. But — AI and automation can work together to do a lot more than either could manage on its own. That team-up is where you get cognitive automation. Auto...