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
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
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)
This post focuses on the second: the Know Your Customer practice area. Thanks to
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)...
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
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
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