AML

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In the News

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Digital Currency

PaymentsJournal: Cryptocurrency is Better for Anti-Money Laundering than You Might Think

Author: Matt Van Buskirk, Co-CEO and CoFounder, Hummingbird Learn how technology can benefit AML compliance pros in their fight against financial crime in this article from the PaymentsJournal: Cryptocurrencies are a haven for fraud, money laundering, and all sorts of criminal activity —this has been a truism since the first days that cryptocurrencies became a topic of conversation in regulatory circles. This perceived risk carried through to compliance functions in banks across the country, w

July 20, 2021

AML

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Best Practices

The Top Item for Your Anti-Money Laundering List: Clean Data

The Overwhelming Volume of Suspicious Activity Reports Makes One Thing Clear: Get Your Data Ready for RegTech There’s a vast disconnect between the bleeding edge of technology and the financial infrastructure on the ground. Most average Americans would be shocked by how much inefficiency remains in the typical financial organization. Not only are we still waiting for jet packs, we’re still waiting for a lot of basic automation. Fragmented data sources from legacy systems have been hobbling

July 06, 2021

SAR

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AML

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Best Practices

Setting up an AML Compliance Program Part V: Filing SARs

Filing SARs Doesn’t Have to Hurt! RegTech Can Automate Tedious Tasks, Reduce Costs, and Maybe Even Help Stop Crime Slight possibility you could help identify a crime ring? Okay, that does make regulatory compliance kind of exciting. Filing out long, complicated forms? Ah, not so much. We’ve been going fairly light in this series on explaining how Hummingbird’s anti-money laundering RegTech tools can help, but Suspicious Activity Report (SAR) filing has such a glaring need for automation that

June 16, 2021

Setting up an AML Compliance Program Part IV: AML Case Investigations

Setting up a strong AML investigations practice. When your anti-money laundering (AML) transaction monitoring system flags an activity, or another trigger prompts a review, your compliance team will need to conduct a case investigation. The customer behavior could have a perfectly legitimate explanation. Or it could be a tip that helps law enforcement crack a terrorist financing syndicate. Case investigations are particularly critical junctures in AML, both for companies as well as regulato

June 02, 2021

Setting up an AML Compliance Program Part III: Transaction Monitoring

The first two parts of this series outline a framework for assessing the risks of money laundering that your financial institution faces, and provide an overview of the Know Your Customer (KYC) practice area. We recommend reading through those two parts if you haven’t already. 1. Assess Risk 2. Know Your Customer (KYC) 3. Monitoring 4. Investigations 5. Reports This post covers the third AML compliance area - transaction monitoring. A transaction monitoring system will, unsurprisingly, mo

May 18, 2021

AML

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Best Practices

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Compliance

Setting Up an AML Compliance Program Part II: Know Your Customer

We started this series by providing a framework for assessing the risks of money laundering that your financial institution faces. We recommend reading through that framework if you haven’t already. Once you have assessed your unique risks, you’ll want to work through each of the five pillars of a strong AML program: 1. Assess Risk 2. Know-Your-Customer (KYC) 3. Monitoring 4. Investigations 5. Reports This post focuses on the second: the Know Your Customer practice area. Thanks to

May 05, 2021

Three Major Takeaways from Congress’ Recent Overhaul of AML Policy

Anti-Money Laundering programs in place today resemble a juggler with about twice as many balls in the air as they could reasonably handle. Over the years, evolving priorities have accumulated without considering whether monitoring for some older crime patterns may have become redundant. Compliance teams are spread thin, making it difficult to think about investing in innovation or keeping up with evolving trends. This accumulation is a byproduct of the mismatch between continuous innovation

April 20, 2021

In the News

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Digital Currency

Digital Transactions: Central Banks Are Pondering the Privacy/Transparency Balance of CBDCs

“We are looking very carefully at the question of whether we should issue a digital dollar,” said Federal Reserve chairman Jerome Powell in testimony before the Senate banking committee. “We are the world’s reserve currency and we have a responsibility to get this right.” As digital currency moves from the outer edge of crypto to a future replacement for fiat cash, governments have had to consider a complicated range of risks and benefits in issuing central bank digital currencies (CBDCs)... R

April 13, 2021

AML

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Best Practices

Setting Up an Anti-Money Laundering Compliance Program? Part I: Start Here

Part I of Setting Up an AML Compliance Program. There’s a moment of reckoning when a company determines—even though it may not be a bank—that it needs to put an anti-money laundering (AML) compliance program into place. This situation arises when fintech startups and other non-bank financial institutions offer products and services that fall under Bank Secrecy Act / Anti-Money Laundering (BSA/AML) regulation. Or, often the case, when a regulated bank requires an AML compliance program from

April 08, 2021

In the News

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Compliance

The Fintech Times: Why Modern RegTech is the Key to a Successful Fintech

Author: Matt Van Buskirk, Co-CEO and CoFounder, Hummingbird Learn more about RegTech for fintechs in this article from The Fintech Times: Creating a new fintech from scratch is an incredibly complex process. Founders need to define the concept, build the product, grow the team, attain approval from a bank partner, and get customers to try it out. From the founders’ perspective, all of these steps are necessary and require attention, but some could argue that compliance and regulation are some

April 08, 2021