How to Automate Risk Management and Grow Faster
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An effective risk automation platform can both provide a superior customer experience and help your team to identify potential fraud cases quickly.
Real-Time Payments & Fraud Prevention: Transaction Monitoring
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Transaction monitoring is pivotal in helping financial institutions (FIs) mitigate financial crimes like fraud and money laundering. By identifying irregular patterns in real-time or near-real-time, transaction monitoring provides an essential line of defense. Automated systems flag suspicious activities, such as excessive transfers or unusual account activity, triggering further investigation or even blocking high-risk transactions.
2024 Beneficial Ownership Rules Explained: How Banks and Credit Unions Can Stay Compliant and Avoid Penalties
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In the fight against financial crime, new beneficial ownership rules are becoming increasingly crucial for financial institutions (FIs). Beneficial owners, those who control or own 25% or more of a deposit account, must now be clearly identified and verified. While these regulations may seem cumbersome, they’re essential for curbing money laundering and fraud.