Amlyze provides anti-money laundering (AML) and counter-terrorist financing (CFT) solutions for financial institutions. The company offers transaction monitoring and customer risk assessment tools to help prevent financial crime.

AMLYZE

Amlyze

Simplifying compliance is our expertise. Our integrated solutions enable you to manage complexity with ease. Developed by a team of former regulators, IT and AML/CFT experts, we’ve got you covered.

Let us take care of what we do best, so you can do the same!

Preventing financial crime, implementing compliance and AML programs are all too familiar for any financial institution, but with new technologies being developed rapidly, fulfilling essential requirements might not be enough. 

At AMLYZE, we offer a sustainable solution to minimize financial and white-collar crime. Our goal is to help our clients not only to fulfil their compliance obligations imposed by the regulators but to increase security levels to a higher level, actualizing companies' internal standards and avoiding reputational and financial damage.

FIRSTPICK

Practica Capital

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

Scary day for the financial markets? 😱 

We will see how this turbulence in the markets develops, but have you heard that the role of AML/CFT and compliance teams during financial market crashes is significant. And here is why:

1️⃣ Market crashes can lead to an increase in transaction volumes as investors react to market conditions. This increase can result in a higher number of alerts for AML teams to review, potentially causing delays or backlogs in processing.

2️⃣ During market crashes, there is often increased regulatory scrutiny to identify any suspicious activity that may have contributed to the instability. So be prepared for the possibility that financial institutions may need to step up and request additional information.

3️⃣ The stress on financial markets during a crisis can affect the operational capabilities of financial institutions. AML/CFT teams may face resource constraints or technological challenges that affect their ability to effectively monitor and respond to suspicious activity.

With regulatory insiders and AML/CFT experts on board, we have seen many market crashes. Our suggested practices for turbulent times would be as follows:

💡Adjust your monitoring systems during cracks to detect unusual patterns of activity that may indicate money laundering or other financial crimes.

💡Ensure adequate resources and staffing to handle the increased volume of alerts and conduct thorough investigations.

💡Maintain open lines of communication with regulators to stay informed of sudden changes and ensure compliance

💡Train employees on emerging risks and new regulatory requirements related to AML/CFT during market downturns.

#FinancialTurbulences #AML #CFT #compliance

You’ve probably seen the news 📰 about $4.5 million from a UK regulator for the British arm of Coinbase, one of the largest global crypto exchanges, for breaching a voluntary agreement with the regulator related to risky user onboarding.

It wasn't a record or an extraordinary fine from the Financial Conduct Authority (FCA), but it still deserves the attention of AML officers for a couple of reasons.

1️⃣ The million-dollar fine was not imposed for systematic and massive breaches, but for the fact that 0.34% (or 13,416 in absolute numbers) of onboarded customers were classified as 'high risk', which precisely was a breach of their voluntary agreement with FCA. This suggests that even this level of inequity led to the FCA's last investigation and subsequent action.

2️⃣ The investigation didn't focus on crypto asset transactions, but on the company's e-money transfer services. This sends a message that these types of services are on the FCA's radar.

3️⃣ FCA's decision could mean more scrutiny for other cryptocurrency exchanges in the country (deja vu of crypto scandals in the US?) and lead to platforms seeking more crypto-friendly regulatory jurisdictions. This fine marks the first time the FCA has taken enforcement action under the Electronic Money Regulations 2011.

4️⃣ Voluntary agreements with regulators do not guarantee tranquility, as Coinbase entered into a voluntary agreement with FCA back in 2020 that prevented it from taking on new high-risk customers while it addressed those issues.

5️⃣ There is still room for negotiations with this regulator as the FCA said that Coinbase "qualified" for a 30% discount on the fine as it "agreed to resolve the matter".

#crypto #FCA #ClientOnboarding #AML

🔍 Introducing Our Upgraded Customer Screening Solution 🔍

In collaboration with our regulatory insiders, AML/CFT experts, and IT teams, we've developed a cutting-edge tool to combat financial crime. 

With the growing importance 📈 of sanctions, now is the perfect time to highlight our Customer Screening solution. 

Here below are 5️⃣ compelling reasons to consider it for your organization.

These are just some of the reasons why you will find this product unique when you need to screen against global sanctions lists, politically exposed person (PEP) databases or negative media reports. And for a more detailed product description, click here:

👉 https://lnkd.in/dU6aXacw

#CustomerScreening #Sanctions #PEPs #AdverseMedia #AMLYZE

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