AMLYZE

Is the glass 🥛 half full or half empty? This is the❓question that arises after reading the Basel AML Index Report 2024 from published today. Yes, there is some good news for some countries on how they look in the overall report, but we would rather choose the "half empty" answer to the question as we would like to focus on the highlights of the report that really send a strong signal that the world is not doing enough to fight financial crime. These are just a few of the "red flags" highlighted in the report 📙: 🔺"The average effectiveness of AML measures worldwide, as measured by the FATF, remains at the low level of 28 percent, down from 30 percent in 2021." 🔺"The effectiveness of investigations, prosecutions and sanctions is at the bottom of the list at just 20 percent, followed by the abuse of legal persons and arrangements and the availability of beneficial ownership information at 21 percent." 🔺"Effectiveness in confiscating criminal assets - a FATF priority in 2022-2023 - has fallen by two percentage points since 2021, to 27 percent." At AMLYZE, we believe that the fight against financial crime is directly related to peace, justice and sustainable development globally, and that AML/CFT has much broader goals than just protecting financial systems and economies. You can read the full report by clicking on the link in the Comments section 👇 #AMLYZE #AMLindex #BaselAMLIndex

High-net-worth individuals (HNWIs) are a desirable client segment for many financial institutions 🏦, offering significant profitability through larger transactions, a broader range of services, and higher commissions. But from an AML/CFT perspective, this isn’t an easy segment to manage. Recent revelations from leaked Morgan Stanley documents, cited in an investigation by The Wall Street Journal, show a startling reality: 1 in 4 ultra-wealthy clients raises a red flag for potential money laundering (link to the article – in the Comments 👇). This highlights a crucial challenge for financial institutions – balancing ⚖️ the profitability of HNWIs with the heightened compliance risks they pose. Ensuring robust AML measures for this segment is not just a regulatory requirement – it’s a necessity to protect institutions from reputational and financial harm. That’s where AMLYZE comes in. Our platform offers a comprehensive suite of tools to help financial institutions identify and manage red flags effectively, ensuring compliance without compromising on operational efficiency. Whether it’s enhanced due diligence, transaction monitoring, or risk assessment, AMLYZE empowers you to tackle the complexities of HNWIs with confidence. Request a demo 🖥️ to see how AMLYZE can support your institution in navigating the challenges of AML/CFT compliance for HNWIs. #AML #CFT #HNWIs #Compliance #FinancialCrime #AMLYZE

It is not every day that AMLYZE is mentioned by global media giants 📰 such as Euronews as one of the most promising fintech enablers in the country, and that Lithuania is named as a unicorn hub of the future. But when it happens, it really makes us proud of how much our team and Lithuania itself have achieved since first adopting an open-door policy for global 🌍 fintechs a few years ago and the overall value it created for the country's economy and its people. Today, Lithuania is home to more than 1️⃣7️⃣0️⃣ fintech startups with an overall valuation of about €1.8 billion, and these startups raised about €228 million in venture capital in the 18 months to February 2024. But most importantly, the Fintech sector and its extended circle (tech, legal, administrative providers, etc.) employs ca. 7️⃣4️⃣0️⃣0️⃣ persons, and grows every year 📈. This is one of the reasons why we see headlines in the media now naming the country not only as a Fintech hub, but also as a potential Unicorn hub in the future. And don’t get it it wrong, this is no luck but the result of a wide range of people and organisations working hands in hands towards the same direction (Invest Lithuania, Fintech Hub LT, Lietuvos bankas | Bank of Lithuania, Ministry of Finance of the Republic of Lithuania , Unicorns Lithuania, Practica Capital, FIRSTPICK, ROCKIT Vilnius, Coinvest Capital, NGL Ventures, and many more). You can read Indrabati Lahiri's full article by opening the link in the Comments section 👇, and let's remember that like any ecosystem, Fintech needs to be actively nurtured to strive!   #Fintech #FintechHub #UnicornHub #Lithuania

This month the European Banking Authority (EBA) has made a groundbreaking move by issuing two sets 📚 of final guidelines that establish common EU standards for financial institutions to ensure compliance with both EU and national sanctions. This marks the first-ever issuance of such guidelines and represents a significant step toward standardizing sanctions compliance across the European Union. In addition, the EBA has published own-initiative guidelines to tackle broader internal controls and risk management issues, leveraging key principles from relevant EU Regulations and Directives. These new guidelines will come into force on 30 December 2025. For financial institutions, this is not just an update - it's a call to action. Enhanced internal controls, robust sanctions compliance frameworks, and risk management practices will be critical to staying compliant in this evolving regulatory landscape. We will leave the link to the 7️⃣5️⃣+ documents in the Comments section 👇 for your convenience, and, to make your life easier, have summarized the 🔟 key points to keep in mind as to what the new EBA guidelines are targeting. Oh, and by the way, have you read how one of our customers was able to improve their sanctions screening efficiency by 10 times by implementing AMLYZE's screening solution? You can find it here: https://lnkd.in/d8twmyw7 #Sanctions #SanctionScreening #Compliance #EBA #AMLYZE

Are correspondent relationships important for your organization? While talking with our existing and potential clients, we often hear that there is a clear need in the market for a concentrated guide 📙 on the concept of correspondent relationships and the key factors💡to consider when building them. Because everyone knows how important it is to the success of a financial institution. So yes, we took the initiative and together with Egle Kontautaite, our Head of Client Solutions, prepared one that not only helps understand the essence of correspondent relationships, but also reviews the money laundering risks associated with them and provides a case study based on a real company example. It is free. And it only requires you to fill out the form to download it. Link to it - in the Comments section 👇 #CorrespondentBanking #CorrespondentRelationship #banks #FinTechs #AMLYZE

Client screening, or so-called customer screening, is not just a compliance requirement - it's a cornerstone of trust, transparency and risk management in today's financial world. 🌍💼 In our latest blog post, we break down what client screening is, why it's important, and how it can protect your organization from financial crime risks. Whether you're navigating AML regulations or looking to improve customer onboarding, this guide is packed with valuable insights.   🖥️ Link to article - in the Comments 👇   #ClientScreening #CustomerScreening #AML #Compliance #RiskManagement #AMLYZE

This week we are taking part in Warsaw Finance Week 2024, organized by Future Finance Poland and proudly sponsored by AMLYZE alongside other great partners. Alexandre Pinot, CAMS, our Co-Founder and Head of Innovations and Strategy, joined an expert panel to discuss how Poland's AML and financial crime expertise can be leveraged on the global 🌍 stage. The discussion delved into the evolving regulatory landscape and the role of innovation in the fight against financial crime, sparking lively debate among the panelists. We are truly honored 🙏 to be a part of this event and contribute to conversations that not only combat financial crime, but also position Poland as an emerging center of excellence for AML and fintech innovation. We look forward to connecting with more industry professionals and showcasing how AMLYZE helps fintechs and financial institutions address AML/CFT challenges while driving innovation. 📷 credit: ftl #Fintech #AML #WarsawFinanceWeek #AMLYZE #Poland #Innovation #RegTech

The rise 📈 of deepfake media and generative AI tools is reshaping the fraud landscape, creating new challenges for financial institutions. According to a recent Financial Crimes Enforcement Network, US Treasury (FinCEN) Alert (see full document below👇), criminals are exploiting these technologies to create synthetic identities and open fraudulent accounts for illicit activities. In summary, there are 5️⃣ red flags associated with these schemes: 🔴 Inconsistent identity information: A customer’s photo that shows signs of being altered or does not match their other identifying information (e.g., date of birth). 🔴 Multiple conflicting identity documents presented by the same customer: Suspicious activity during live verification checks, such as the use of third-party webcam plugins or claims of repeated technical glitches. 🔴 Declining to use multifactor authentication to verify identity. 🔴 Rapid transactions and risky payment patterns: Newly opened accounts or accounts with minimal transaction history showing high volumes of payments to risky payees (e.g., gambling websites, digital asset exchanges) or experiencing frequent chargebacks. As the first 4️⃣ red flags are more in the responsibility of identity verification service providers (we can recommend you one of our partners!), the last one you can fully commit to AMLYZE tool, as our AML software is perfectly designed to detect these suspicious behaviors, enabling financial institutions to act quickly and maintain compliance with evolving AML/CFT requirements. Integrating advanced monitoring and KYC tools to identify red-flag indicators is essential to countering the threat of deepfake-enabled fraud. Let's work together to protect the financial system! #AML #KYC #DeepfakeFraud #FinTech #FinancialSecurity #AntiFraud

Do you imagine €20 million 💶 hidden in walls of the house? 🏠 According to recent media reports (link in the Comments 👇), the arrest of Spain’s National Police AML chief, Óscar Sánchez Gil, has exposed shocking levels of corruption. Authorities discovered €20 million hidden in his home walls and another €1 million in cash at his office. The allegations suggest that Sánchez may have been tipping off drug traffickers, earning as much as €1 million per warning to ensure their shipments passed through Spanish ports undetected. For years, he allegedly laundered the proceeds through crypto accounts. This scandal sends a stark message 📨 to the financial sector: even the most trusted figures can be compromised. For financial institutions, this underscores the urgent need for robust AML solutions that detect and prevent insider collusion. At AMLYZE, we’re committed to empowering banks, fintechs, regulated entities and regulators with the tools needed to combat even the most hidden risks and rebuild trust. Our mission is clear – safeguard against financial crime and ensure that trust is more than a word. 📷 credit: Dall-E #AML #FinancialCrime #Compliance #AMLYZE

Back to basics. The recent £16.7 million fine imposed on Metro Bank by the Financial Conduct Authority reminds us all that AML compliance is not just about having complex or elaborate systems – it's about having solid systems that work. Metro Bank's case highlights what can happen when the fundamentals are overlooked. An error ⚠ in how account opening data was fed into their transaction monitoring system left gaps, meaning over 60 million transactions, worth more than £51 billion, went unmonitored between 2016 and 2020. Junior staff raised concerns as early as 2017, yet the issue persisted for years. This serves as a clear lesson💡: without proper scope, accurate data inputs, and continuous validation, even advanced systems can fail. At AMLYZE, we focus on ensuring our clients get the essentials right. Our work emphasizes: 👉 Proper data mapping: Ensuring nothing critical is missed. 👉 Risk-driven scope: Aligning systems with the organization’s actual exposure. 👉 Continuous fine-tuning: Making sure systems remain effective as needs evolve. Metro Bank’s experience is a reminder that AML efforts must prioritize practical, well-executed basics over flashy complexity. Our mission is to empower financial institutions with solutions that are not only compliant but sustainable and efficient. Let’s not underestimate the importance of going back to basics. If you’re looking to strengthen your AML systems, our team is ready to help. #TransactionMonitoring #FinancialCrimePrevention #Compliance #RegTech #FinancialServices #AMLYZE