Velocity FinCrime Solution Suite

 The numbers don’t lie. In 2023 alone: $3.1T in illicit funds flowed through the global financial system. Money laundering accounted for trillions of dollars, including $346.7B in human trafficking and $782.9B in drug trafficking activity, as well as $11.5B in terrorist financing. Fraud scams and bank fraud scams totaled $485.6B in projected losses globally. That’s the scale of the challenge banks face, not just protecting their own systems, but safeguarding their customers from becoming part of these statistics. The end of the year is almost here! While people are focusing on setting new goals, fraudsters are working overtime to come up with more sophisticated techniques. This is where your bank becomes more than just a service provider, it becomes a shield. Customers are counting on you to protect their money, data, and, most importantly, their trust. By stepping up as an educator, banks can help customers stay ahead of fraudsters in 2025. Here’s how you can ma...

 The global financial ecosystem is transforming at an unprecedented pace, and as we approach 2026, financial institutions—especially banks—are stepping into a new era of anti-money laundering (AML) compliance. Regulatory bodies across the world are tightening expectations, expanding reporting standards, and intensifying enforcement to combat increasingly sophisticated financial crime. For banks, the question is no longer whether they are compliant but how fast, proactive, and resilient their compliance strategies are. A worldwide push for deeper financial transparency Over the last decade, global regulators have prioritized financial transparency, but 2026 marks a point where transparency will move from expectation to enforcement. We’re seeing several major shifts: More granular customer due diligence (CDD) Mandatory beneficial-ownership verification Real-time or near-real-time transaction reporting in multiple regions Tighter scrutiny of cross-border payments and c...

 Financial institutions face the challenge of ensuring fast customer onboarding while complying with increasingly strict regulations. Two key components of anti-money laundering (AML) efforts are KYC (Know Your Customer) and CDD (Customer Due Diligence). These steps help verify customer identities, assess risks, and prevent illicit activities. However, many organizations still treat KYC and CDD as separate tasks using disconnected systems. This fragmented approach often results in inefficiencies, data duplication, blind spots, and compliance gaps that can lead to significant penalties. Why Disconnected Systems Fall Short Many compliance teams still rely on manual procedures or outdated technology. This separation creates several problems: Customer Frustration: Slow onboarding processes can drive customers away. Data Redundancy: Information may be entered multiple times, increasing errors. Outdated Risk Profiles: Static risk assessments don’t reflect changes in custom...

Anti-money laundering (AML) compliance is an important pillar of financial integrity. However, since criminals are getting smarter and regulations getting stricter, the pressure on compliance teams has never been higher. Yet, despite so much investment in compliance programs, a lot of financial institutions still stumble on some common compliance mistakes that cost them a lot more than money. And these mistakes happen because of numerous reasons like manual processes, legacy systems, outdated data, and more, making compliance programs vulnerable to errors. This blog post covers the most common AML compliance mistakes and how the right technology can help stay compliant, efficient, and ahead of risk. Let’s get started. Top 5 Compliance Mistakes (and How To Fix Them) From outdated processes to inconsistent monitoring, these compliance mistakes not only weaken defenses but also put institutions at risk of fines, reputational damage, and regulatory scrutiny. Here are the top 5 AML complian...

Financial crime isn’t limited to a specific region - it’s a global issue. However, even though fraudsters operate globally, their strategies change based on local regulations, cultural differences, and various other factors. Let’s say in the USA synthetic identity fraud is the highest growing, money laundering dominates in Australia, and so on. In addition to that, the major markets - USA, Canada, and Australia, have strong financial systems, but their approach to combating financial crimes (and of course the potential risks) differs significantly. For the businesses understanding these differences is crucial because what works for one country might not work for another country. So, how do these fincrime trends vary across the USA, Canada, and Australia? More importantly, what can financial institutions do to stay ahead? Let’s break it down. FinCrime Trends in the USA The United States faces major fincrime challenges due to its fragmented financial system and huge population. Watch for...

Gift cards are everywhere - birthdays, holidays, or even as a quick thank-you gesture. They’re the most versatile, convenient, and universally appreciated thing, right? Check this: The global gift card market was valued at USD 818.42 billion in 2022, and is projected to reach USD 1,897.46 billion by 2030, growing at a CAGR of 10.46% ( Source ) The key drivers? Rising adoption of digital gift cards and increased corporate gifting initiatives. However, here’s the other side: gift cards have become one of the go-to tools for fraudsters. In 2023, card draining and other gift card-related fraud made up $217 million of the record $10 billion in money lost from scams nationwide , according to the latest data released by the Federal Trade Commission. ( Source ) What once used to be a token of appreciation is not a threat in the financial ecosystem, exploited by fraudsters to launder money, scam people, and conduct illicit activities. The question arises: how can financial institutions protec...

- Enhanced compliance efforts - Proper detection of fraudulent activities - AML compliance team working at a 10x speed Sounds too good to be true? Well, it is! The growing advancements in the AI industry are revolutionizing how industries operate, and the FinTech sector is no exception.  The integration of Generative AI in Anti-Money Laundering (AML) compliance processes is revolutionizing the way financial institutions address compliance-related issues. From streamlining operations and strengthening AML compliance to improving efficiency and reducing risk, Generative AI is reshaping the way AML compliance operates. As per reports , the Generative AI in FinTech market size is expected to be worth $6,256.2 million by 2032 from USD 865.0 million in 2022, growing at a CAGR of 22.5% (2023-2032)  Let’s dive deep into the details. Understanding Generative AI and ChatGPT Generative AI is an AI that is capable of generating text, images, audio, videos, and more. It uses neural network...