AMLYZE

An important❕change in the fight against money laundering in Europe is about to take place, which can make the fight against money laundering a step easier for law enforcement authorities. Two months ago, a new directive came into force. It requires establishment of a single access point🚪for law enforcement, managed by the European Commission. Why is it important❓ 1️⃣ Financial intelligence is essential for investigating serious crime and freezing the proceeds of crime, but EU investigators often lack the tools to investigate effectively, especially when dealing with cross-border crime. 2️⃣ Authorities will have quick access to transaction records of financial, credit and crypto asset service providers, i.e. bank statements, in a harmonized format when exchanging them as part of an investigation. 3️⃣ Member States have until 10 July 2027 to adopt the necessary legislation to comply with the Directive, and financial institutions can already plan how they will enable timely and accurate reporting and what changes will be needed to their systems and compliance procedures. You can check details about the coming changes here below 👇. At AMLYZE, we support all relevant initiatives that contribute to increasing the transparency of the financial services ecosystem and thus see this directive as a positive development in the AML/CFT sphere, particularly when it comes to in cross border payments. At the same time, it is a confirmation from the European Commission of the importance of information exchange in the fight against financial crime. #SingleAccessPoint #InformationSharing #AML #CFT

Is changing 🔄 core banking software something you are considering in the future? It is a huge and important step for any financial institution, and one that requires in-depth knowledge and homework. We sat down with Neill Elliott, Chief Product Officer of SaaScada, NextGen's data-driven core banking engine, and discussed what the key challenges are when implementing such a move. And while you and your team are at it, have you ever considered that switching your core banking provider could be the perfect opportunity to also upgrade your AML/CFT software? Read the interview here 👉: https://lnkd.in/d59sUfQ7 #CoreBanking #CoreBankingSoftware #AML #CFT #AMLYZE #SaaScada

New promising partnership!🤝 Success to the moon and back CTO2B!

It’s been several years since sanctions compliance 🔎 became the focus of business attention. At the same time, it is no secret that it took time for law enforcement agencies to adapt and start applying the newly introduced sanctions on a full scale. The increased regulatory scrutiny on sanctions has already begun to bear fruit - the number of sanctions breach investigations has begun to rise. Below 👇 is an example from just one country, but the situation is likely to be similar in other countries too. The requirements for sanctions screening have changed so dramatically in recent years that it is now almost impossible for a financial institution or larger company (yes, some of them are obliged entities too❗) not to have an automated sanctions screening tool. At AMLYZE, we are proud of our sanctions screening tool, which is dedicated to both customer and payment screening. Our customers choose it for a number of reasons: 👉 Less than 1% false positive rate, proven by customer experience and testing. 👉 Over 40 parameters available for fine tuning. 👉 Over 100 data sources used for the most accurate cross-referenced results. We invite you to try our sanctions screening tool and see if your sanctions screening tactics are working as they should. And, by the way, have we mentioned the possibility of a completely free sanctions screening test that we can perform at your institution? #sanction #SanctionScreening #SanctionTest #AMLYZE

When talking to potential clients, we sometimes hear👂the wishful thinking of AML/CFT and compliance officers hoping that "we won't be the ones inspected this year". And this is often used as a "strong" argument for not doing one thing or another, or not implementing practices that could improve the AML/CFT system within the financial institution. Of course, optimism is a good thing and can be a driving force 🔝 in a business. But let's face reality and take example from specific country. Let's take the example of Lithuania, one of the leading fintech centers in Europe, where our roots are. A very recent report by the Lietuvos bankas | Bank of Lithuania (link in the Comments 👇) shows that in a country where there are 3️⃣ 0️⃣ 4️⃣ supervised financial market participants, only in 2023 there were 2️⃣ 1️⃣ inspection, 3️⃣ 0️⃣ enforcement actions, 1️⃣ 5️⃣ fines for the companies, 1️⃣ 0️⃣ warnings for the companies, 4️⃣ license revocations and 1️⃣ fine for the management. Here are the probabilities based on this data: ⚠ Probability of inspection: 7% ⚠ Probability of enforcement action: 10% ⚠ Probability that the company will be fined: 5% ⚠ Probability of receiving a warning: 3% ⚠ Probability of having a license revoked: 1% ⚠ Probability of management being fined: 0,3% Do these probabilities sound like an argument for entering an “AML/CFT lottery” and doing nothing or not enough? We're sure they don't. And it is just one statistic from one❗of several market regulators. It is always better to invest in your AML/CFT before an inspection than to deal with the consequences after your firm has been inspected. #AML #CFT #inspections #probabilities

As the summer season is officially coming to an end ⏹, the event season is about to begin ▶! It is thus the right  time to remind you that AMLYZE will be exhibiting at Seamless Europe on the 10th and 11th of September in Munich, Germany! This is the perfect event for the payments, fintech, e-commerce and retail industries to come together and generate new ideas. With over 5,500 attendees, 400+ speakers and 350+ exhibitors, you'll be in the perfect environment to network with industry leaders and discover the latest innovative solutions. Gabrielius Erikas Bilkstys, Alexandre Pinot, CAMS and Liutauras Žilinskas from AMLYZE will be there ready to chat with you. We won’t be coming alone to represent Lithuania as the Fintech Hub LT’s representatives (ping Anna Pavlovska) as well as some of their members such as Monavate and Walleto will be there too. And if you’re wondering about whether it is even possible to drastically improve both the effectiveness and efficiency of your sanctions screening 🔎 process, Liutauras Žilinskas may even share one or two trade secrets with you during his keynote, so be sure to be marking your calendar 🗓 and be on stage 1 of the keynote area at 14h40 on the Wednesday 11th of September. And yes, it's completely 🆓 for everyone to attend! Don’t forget to register to the event here 👉: https://lnkd.in/d7UdbSkB Full agenda of the event can be found here 👉: https://lnkd.in/dhq23PA6 #SeamlessEU #Munich #AMLYZE

Companies invest tens or even hundreds of thousands in their AML/CFT systems, thousands of compliance people work every day to protect the system from illicit money, and the regulatory framework is getting stricter every year. But for those who want to launder money, sometimes USD 150-1000 💵 is enough to make an illegal payment. This is the sad reality that Transparency International Russia found out when it conducted special research and tried to find out about the possibility of buying an account in some fintech companies registered under someone else's identity, who would act as a money mule - allowing payments to be made without the e-payment systems knowing the true identity of those who really move the money. They contacted 7 providers to understand the terms on which they offer their services and the prices they charge. Although buying a verified account is illegal, they found it to be a straightforward process. Through correspondence with the sellers, they found that the accounts were registered in the names of citizens of Latvia, Estonia and the UK. The sellers offered accounts registered in several European countries: Bulgaria, Poland, Spain, Italy, France, Ukraine and the UK. You can see the communication with these sellers below 👇. The results showed that the price ranged from as little as USD 150 for a personal account to USD 1000-1800 for a business account. The most common offer was for accounts registered in the Baltic States. Each seller stated that original identification documents were used for registration. What does this situation tell us❓ 📌 Obviously, it is one thing to constantly increase the stringency of AML regulatory requirements, but this is of little use without proper enforcement and monitoring. 📌 Of course, there is no silver bullet to deal with all this, but some of the solutions to improve the situation could be international cooperation, analysis of past suspicious transaction reports and investment in reliable and highly sensitive AML tools. #mules #moneymules #AML #TransparencyInternational

Is transaction screening 🔎 something you do daily? Or something that will be within your scope in the future? Then we are sure you will find our latest blog post by 🇺🇦 Egle Kontautaite, our Head of Customer Solutions, useful as it covers many different aspects of this really complex topic.  What’s in it? 📌 Broad explanation of transaction screening 📌 Comparison and synergies with transaction monitoring 📌 Examples of low-risk payment service providers or large financial institutions transaction screening 📌 Regulatory requirements & many more You can find it here 👉: https://lnkd.in/dVh5-mns #TransactionScreening #PaymentScreening #AMLYZE

Last week the European Banking Authority (EBA) published a very insightful report 📖 on payment fraud (link in the Comments 👇). Although the data itself isn't very recent due to the lag in the collection of statistics, the report shows very interesting trends. According to the report, fraud rates (in terms of value) in 2022-2023 remained at low and stable levels for credit transfers, direct debits, cash withdrawals, and even decreased 📉 for e-money payments. But don't be fooled by nice graphs, when: 👉 In contrast, fraud rates are increasing in terms of volume for card payments and e-money transactions. 👉 Card data theft is a very trendy crime, as around two thirds of remote card fraud is due to card data theft.  👉 There are significant differences in fraud levels between countries. The Netherlands and France reported high levels of fraud in terms of both volume and value, while countries such as Lithuania and Cyprus reported lower levels. 👉 Fraudulent credit transfers were concentrated in countries with higher transaction volumes. That's why the Netherlands had the highest fraud rates. And what about us? 🤔 At AMLYZE, we’ve implemented the elements of fraud mitigation into our products at multiple degrees. From the very first days, AMLYZE started with integrated real-time transaction monitoring solutions , which helps to stop fraud in its very early stages. On top of that, our dynamic transaction monitoring rule library provides a number of laser focused anti-fraud rules. This is critical because the key difference between using this technology for fraud and for AML/CFT is timing. We continue to implement solutions that effectively identify fraud threats and collaborate on joint AML/CFT and fraud prevention solutions through our strategic partnerships. #fraud #FraudPrevention #FraudMitigation #EBA #AMLYZE

Important news day! 🎉📰 Today we are thrilled to announce a new strategic partnership with Notabene, a pioneering platform dedicated to identifying and stopping high-risk crypto activity before it occurs. This collaboration comes following the European Banking Authority (EBA)'s (EBA) issuance of new Guidelines in early July on the ‘travel rule’, aimed at combating money laundering and terrorist financing in crypto transactions. Notabene offers the leading compliance solution that connects users with top counterparties to fully comply with FATF's Travel Rule. Headquartered in New York, Notabene‘s platform connects users with over 1️⃣ 2️⃣ 0️⃣ 0️⃣ Crypto Asset Service Providers (CASPs), enabling them to identify entities and jurisdictions behind crypto addresses and ensure compliant transactions with any wallet, including self-hosted wallets. 💬 "This partnership with Notabene is a significant milestone for us," said Jekaterina Govina, Co-Founder and Head of Partnerships at AMLYZE. "Combining Notabene's technology for crypto payments monitoring with our regulatory insider expertise in anti-money laundering (AML) and counter-terrorist financing (CFT) will provide for clients of both companies with a comprehensive solution to navigate the complex regulatory landscape of both fiat and crypto transactions. This collaboration ensures that financial institutions and CASPs can maintain robust compliance frameworks and protect themselves against evolving financial threats." More about the new partnership you can read today in a press (links in the Comments section 👇) or in our website: https://lnkd.in/d_2zmvgj #partnership #Notabene #crypto #CryptoCompliance #AML #CFT #TravelRule Pelle Brændgaard | Magdiela Rivas Núñez | Clay Fain | Liutauras Žilinskas