Money mule schemes, multi-customer cross-wallet activity and the use of crypto exchanges are the most common money laundering techniques, yet most firms are failing to make use of available technology to mitigate the threat, according to the latest research from Feedzai, the RiskOps platform for financial risk management.

The State of Global Anti Money Laundering Compliance Report surveyed 636 anti-money laundering (AML) compliance experts, representing 77 companies around the world, most of them from the financial services industry, and overall 74 per cent of respondents cited money mule schemes – both unwitting (44 per cent) and witting (30 per cent) – as the most common money laundering threats.

Money mule schemes, multi-customer cross-wallet activity and the use of crypto exchanges are the most common money laundering techniques, yet most firms are failing to make use of available technology to mitigate the threat, according to the latest research from Feedzai, the world’s first RiskOps platform for financial risk management.

The State of Global Anti Money Laundering Compliance Report surveyed 636 Anti-Money Laundering (AML) compliance experts, representing 77 companies around the world, most of them from the financial services industry, and overall 74% of respondents cited money mule schemes – both unwitting (44%) and witting (30%) – as the most common money laundering threats.

IT happens to half the population and sees firms lose 14million working days per year.

So why aren’t companies doing more about the menopause?

One in ten working women has left a job due to their symptoms, with a further 26 per cent forced to take time off, according to The Fawcett Society, a gender equality and women’s rights charity.

Feedzai, the world’s first RiskOps platform for financial risk management, announced that it has been named as a leader in the IDC MarketScape: Worldwide Responsible AI for Integrated Financial Crime Management Platforms 2022 Vendor Assessment. ( doc #US47457622, July 2022.)

The IDC MarketScape evaluated the vendors on fairness, explainability, robustness, lineage and transparency – the five foundational elements of responsible Artificial Intelligence (AI), or the framework that builds trust within AI solutions. According to the report, “Feedzai has been at the forefront of responsible machine learning for financial crimes management identification and detection for a few years now and has implemented some of the most widely used open source frameworks and tools for flexibility in ML creation. Organizations appreciate its ability to improve and accelerate development and deployment of those models into a wide variety of environments.”

Feedzai, the world’s first RiskOps platform for financial risk management, and Al Rajhi Bank Malaysia (ARBM) have announced a partnership which will see Feedzai’s leading RiskOps solution implemented onto the platform.

“We are delighted that Al Rajhi Bank Malaysia has selected Feedzai as a trusted partner. In addition to providing the highest level of financial security for ARBM and its customers, our unified RiskOps platform will ensure that their teams have a single platform to handle everything fraud and financial crime-related,” said Nuno Sebastião, CEO at Feedzai. “By selecting a single, scalable solution that is already trusted by many of the world’s largest banks, Al Rajhi Bank Malaysia will ensure its customers are well protected against financial crime such as money laundering or scams which ultimately erode consumer trust in the financial system.”

Florida ranks as the No. 1 state for financial fraud perpetrated on consumers, and Miami stands as the No. 1 tourist city for fraud, according to a study from Feedzai, a financial risk management firm.

In particular, Florida heads the list for in-store debit-card fraud, the report said.

“The number of in-store card transactions showed no significant change [from 2019 to 2021], making the massive spike in card-present fraud attacks particularly noteworthy,” the study said.

Feedzai, the leading RiskOps platform, announces that it ended its fiscal year with +40% year-over-year growth in exit annual recurring revenue (ARR). With a total of 24 tier one new logos across the globe, the company also recorded no churn on core customers. Additionally, extended contracts were signed with key clients like Citi Bank in North America, Lloyds Banking Group in EMEA, Picpay in LATAM, and Cuscal in APAC.

Last year the company received a $200 million Series D investment that gave it “unicorn company” status and allowed it to acquire Revelock, a leading behavioral and biometrics platform, later in the year. But it was also the year in which the company defined RiskOps as a new approach to risk management. RiskOps meets key industry challenges to seamlessly solve for Identity, Real-Time data, and collaboration across the customer lifecycle, increase productivity and enable financial services companies to deliver better outcomes for their customers.