Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 244

Posts Tagged ‘laundering’

Mercury Payment Solutions and Arion Bank Select Fiserv Anti-Money Laundering Technology

Posted by fidest press agency su sabato, 4 maggio 2019

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that a payment scheme in the Middle East and a universal bank in Iceland have chosen Fiserv technology to streamline anti-money laundering (AML) processes and effectively manage fraud risk. Mercury Payment Services and Arion Bank were seeking a provider with proven expertise and join more than 1,200 organizations worldwide that rely on AML Risk Manager from Fiserv. Both will implement the solution to address the four essential areas of an anti-money laundering risk management program, including Know Your Customer (KYC) requirements; monitoring, detection and alerts; case management; and reporting.“Financial crime is continually evolving as criminals develop new schemes and ways to execute them,” said Andrew Davies, vice president, global market strategy, Financial Crime Risk Management, Fiserv. “Successful risk mitigation depends on a firm’s ability to keep pace with changing conditions and incorporate new intelligence at every step of the process, and that requires adaptive, configurable technology.”Mercury Payment Services, a payment scheme based in Dubai and part of Network International, LLC, selected AML Risk Manager because it will enable them to deploy AML capabilities more quickly and take advantage of Fiserv expertise. Fiserv will manage the solution end-to-end, including the administration of watch lists and sanctions screening, helping to reduce overall costs and the need for in-house support. The fact that AML Risk Manager can handle large transaction volumes and is compliant with UAE Central Bank guidelines were also important considerations for Mercury.”Our rapid growth prompted a reevaluation of our AML strategy, and our move to Fiserv,” said Deepak Achar, vice president, Mercury Payment Services. “They listened to us and it was clear they understood our specific needs. We have a small in-house team and working with Fiserv enables us to operate more efficiently to detect and prevent fraud more effectively.”Arion Bank, a universal bank headquartered in Reykjavik, Iceland, chose Fiserv as part of an initiative to enhance operational efficiency and improve AML detection rates. The bank appreciated the advanced analytics capabilities of AML Risk Manager, which help minimize false positives and prioritize alerts, so employees can focus on fraud prevention efforts.
“We needed a proven AML platform that would allow us to improve our fraud detection rate while maximizing our team’s time,” said Nolan Williams, head of financial crime, Arion Bank. “The robust functionality of the Fiserv solution was a draw for us because it meant that we could cut back on manual processes and focus our attention in the areas where we can have the most impact.”In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

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Money laundering: Parliament and Council negotiators agree on central registers

Posted by fidest press agency su mercoledì, 17 dicembre 2014

commissione europeaThe ultimate owners of companies would have to be listed in central registers in EU countries, accessible to people with a “legitimate interest”, such as investigative journalists and other concerned citizens, under a deal struck by Parliament and Council negotiators on a draft EU anti-money laundering directive on Tuesday. The rules would also require banks, auditors, lawyers, real estate agents and casinos, among others, to be more vigilant about suspicious transactions made by their clients.”For years, criminals in Europe have used the anonymity of offshore companies and accounts to obscure their financial dealings. Creating registers of beneficial ownership will help to lift the veil of secrecy of offshore accounts and greatly aid the fight against money laundering and blatant tax evasion”, said Economic and Monetary Affairs Committee rapporteur Krišjānis Kariņš (EPP, LV).”The new rules agreed today will provide much greater transparency of the shadowy business structures that are at the heart of money laundering schemes, as well as schemes used by businesses to avoid their tax responsibility”, added Civil Liberties Committee rapporteur Judith Sargentini (Greens/EFA, NL).The fourth anti-money laundering directive (AMLD) will for the first time oblige EU member states to maintain central registers listing information on the ultimate beneficial owners of corporate and other legal entities, as well as trusts. These central registers were not envisaged in the European Commission’s initial proposal, but were included by MEPs during the negotiations. The aim is to enhance transparency, make dodgy deals harder to hide and fight money laundering and tax crime.The central registers would be accessible to the competent authorities and their financial intelligence units (without any restriction), to “obliged entities” (such as banks conducting their “customer due diligence” duties), and also to the public, which may be subject to online registration of the person and to the payment of a fee to cover administrative costs.Any person or organisation who can demonstrate a “legitimate interest”, such as investigative journalists and other concerned citizens, would also be able to access beneficial ownership information such as the beneficial owner’s name, month and year of birth, nationality, residency and details on ownership. Any exemption to the access provided by member states would be possible only on a case-by-case basis in exceptional circumstances.The deal also clarifies the draft rules on “politically-exposed persons”, i.e. people at a higher than usual risk of corruption due to the political positions they hold, such as heads of state, members of government, supreme court judges, and members of parliaments, as well as their family members. Where there are high-risk business relationships with such persons, additional measures should be put in place, e.g. to establish the source of wealth and source of funds involved.

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Parliament toughens up anti-money laundering rules

Posted by fidest press agency su giovedì, 13 marzo 2014

The ultimate owners of companies and trusts would have to be listed in public registers in EU countries, under draft anti-money laundering rules voted by Parliament on Tuesday. The draft law would also require banks, auditors, lawyers, real estate agents and casinos, among others, to be more vigilant about suspicious transactions made by their clients. The aim is to make dodgy deals harder to hide and fight tax evasion.
“The public registers will make life more difficult for criminals trying to hide their money. Our economy currently loses huge amounts to tax evasion”, said Civil Liberties Committee rapporteur Judith Sargentini (Greens/EFA, NL). “Today is a good day for law-abiding citizens, but a lousy Brafa 2011 - Musée Mayer van den Bergh - La Mise au Tombeau de Saint André, Bruxelles, vers 1510-1515day for criminals”, added Economic and Monetary Affairs Committee rapporteur Krišjānis Kariņš (EPP, LV).Under the anti-money laundering directive (AMLD), as amended by MEPs, a public central register in each EU country would list information on the ultimate beneficial owners of all sorts of legal arrangements, including companies, foundations, holdings and trusts.These registers would be interconnected across the EU and would be “publicly available following prior identification of the person wishing to access the information through basic online registration”, MEPs say. They nonetheless inserted several provisions in the amended AMLD to protect data privacy and to ensure that only the minimum information necessary is put in the register.

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