White Papers

Please feel free to download the following White Papers.

Overcoming Challenges of the 4th European Anti-Money Laundering Directive

Discover how to comply with the new, expanded AML requirements. All European Union countries must implement the 4th European Anti-Money Laundering Directive (MLD4) into their national law by June 26, 2017. In anticipation of the new regulations, organizations will need to review their existing anti-money laundering policies and systems, including their AML software solutions..

Real-Time AML: The Technology Is Ready, But Is the Industry?

Sanctions screening and fraud prevention solutions use real-time detection to prevent terrorist financing and financial crime; whereas anti-money laundering (AML) primarily follows an “observe and report” process. Such a process is all that is currently required by many regulators. Increasingly though, international compliance teams are choosing to stop transactions before they are executed – based on suspicions of money laundering activity. More and more, the industry has been asking itself if this approach of rejecting suspicious activity is a more effective strategy to prevent money laundering. This paper explores where and why AML real-time detection might make sense as a new paradigm for global financial institutions

Mobile Remote Deposit Capture: Balancing Fraud Prevention and Customer Convenience

According to the 2014 Fiserv Consumer Trends Survey, 65% of households now own a smartphone, and 48% of customers use their smartphone to access mobile banking. As a result, mobile services, including mobile remote deposit capture (RDC), are now must-haves for institutions. This is evidenced by the fact that more than 4,000 U.S. financial institutions are expected to offer mobile RDC services by 2016, up from just 1,000 in 2012. Based on vendor surveys spanning seven years and conducted by the research and consulting firm Celent, approximately 60 million US consumers are expected to use mobile RDC services by 2016, compared to just 10.8 million in 2012.

Lifting the Veil: Why Understanding Beneficial Ownership Is Now Essential for AML Compliance

Recent Global anti-money laundering (AML) standards have long required that understanding beneficial ownership be a part of a financial institution’s AML program. Beneficial ownership outlines the identity of individuals with a controlling interest in a privately held company, enabling a financial institution to understand the ultimate beneficiary of a financial transaction. Identifying beneficial ownership can be a complex process, but it’s one that institutions must conquer if they are to remain in compliance with industry rules and legislation.

Tax Evasion: Power FATCA/CRS Compliance with AML Technology

The continued global focus on the issue of tax evasion means the perpetual quest for regulatory compliance has never been more complex or time consuming. As organizations comply with the U.S. Foreign Account Tax Compliance Act (FATCA), and look forward to reciprocal legislation in other jurisdictions, many recognize the similarities between the processes and technologies required to meet tax evasion regulatory compliance and anti-money laundering (AML) regulatory requirements. Understanding these similarities and supporting technologies enables synergies that drive technology, resource cost savings and more efficient operational practices. Accordingly, many organizations consider integrating tax evasion compliance into their existing AML infrastructure.

How Financial Institutions Can Achieve a Robust Defense Against Electronic Payment Fraud

Financial institutions are fighting a growing threat of electronic payments fraud across a range of payment channels, from SWIFT, Fedwire, SEPA and ACH, to electronic funds transfers. Fraud techniques are many and varied, from malware and phishing, to batch file manipulation, account takeovers and internal fraud. ACH fraud exposure in the United States is estimated to be more than $1.2 billion annually, based on a recent American Banking Association report. At the same time, wire transfer fraud is also a major concern for banks, with typical per-transaction losses in the U.S. estimated at more than $60,000 – 30 times that of a typical check fraud, according to the same American Bankers Association report.