Category: Uncategorized

UK Banks Waste £5M Annually on Inefficient KYC Checks

A new report from Consult Hyperion, commissioned by Mitek, reveals that the average UK bank is currently wasting £5 million each year due to manual and inefficient know your customer (KYC) processes. What’s more, with the introduction of AMLD4  (European Anti-Money Laundering Directive) and later on the introduction of AMLD5, the required frequency and scope […]

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Singapore Launches Data Science and AI Schemes

The National Research Foundation (NRF) in Singapore launched a new nation-wide programme to boost Singapore’s use of artificial intelligence (AI), alongside a new partnership between research institutions for data science. The NRF will invest up to $150 million over five years in the new initiative, dubbed AI.SG in its bid to become both a smart […]

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New UK AML watchdog to be set up by 2018

The UK Government is set to get tougher on money laundering and criminal financing activities by creating new watchdog the ‘Office for Professional Body Anti-Money Laundering Supervision’ (OPBAS).  The body will act alongside the UK Financial Conduct Authority (FCA), as the government seeks to introduce new, stricter money laundering regulations to meet global finance standards. The […]

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Businesses using AI See Huge Growth in Jobs and Sales

A recent study conducted by Capgemini revealed that organisations that are implementing AI, either as a pilot or at scale, found 83% of firms saying that the technology has actually generated new roles in their organisation. The research, “Turning AI into concrete value: the successful implementers’ toolkit,” surveyed nearly 1,000 organisations with revenues of more […]

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Data Protection Bill introduced before UK parliament

The Data Protection Bill is primarily designed to complement the EU’s General Data Protection Regulation (GDPR), which will have direct application in the UK from 25 May 2018, and implement another EU directive on the processing of personal data by law enforcement agencies. “This is a complex piece of legislation that is best read with a […]

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