Blog
Reputational Risk in Financial Compliance
In the financial industry, reputation is everything. If you make even one mistake, it can cause a lot of problems. People won't trust you anymore, customers won't be as loyal, and your business will suffer. Financial compliance officers are like guardians at the gate. They have a big job of maintaining integrity and dealing with changing regulations....
Sanction Screening Quick Guide
Sanction screening is a crucial process for businesses to prevent financial risks and protect their reputation....
Transaction Monitoring In a Nutshell
This article provides detailed information on transaction monitoring for banks and how it can be applied in your organization....
2022 – Year in Review
2022 was a year of growth and recognition for OMNIO. With the help of our new partners, Ocean Investments and Ivo Evgeniev, OMNIO was able to rapidly expand and solidify its position as a key RegTech player....
OMNIO Partners Up with Ocean Investments
As a strategic investor in OMNIO, Ocean Investments will support us throughout our path to rapid growth with financial resources and domain knowledge, business strategy, and the entire team of professionals and experts behind its back....
5 Tips for Banks to Prevent Fraud Right Now
You've heard stories about how fraud affects real people through scams, identity theft, account takeover attacks, and other means. What can financial institutions do right now to protect their businesses and customers from fraud?...
How to Make BNPL Platforms More Secure for Merchants
Fraudsters typically rely on two key tactics when targeting BNPL platforms: synthetic identity (ID) fraud and account takeover....
How New Tech Eases the Burden on Fraud Teams
Because it is a low-risk, high-reward endeavor, online banking fraud has grown into a massive industry for cybercriminals. The sheer volume of fraud alerts received by banks and other financial institutions overwhelms fraud teams. The volume of false positives and negatives generated by traditional anti-fraud solutions exacerbates the situation. A new approach is urgently needed to save fraud teams time and money....
OMNIO Partners Up With SightSpan
We are excited to announce that we have partnered with SightSpan....
What is the Difference Between KYC and AML?
Because the terms KYC and AML are so close and are frequently used interchangeably, it can be difficult to understand how they differ in a regulatory context....
4 Advanced ATO Techniques You Should Be Aware of
Account takeover (ATO) is commonly thought of as a fraudster using someone's genuine but stolen credentials to access and steal funds from their online account. However, technological advancements, combined with the increasing sophistication of cybercrime and organized crime gangs, are spawning new, more complex ATO techniques....
Fraud: The New Language of Love
Last year saw 56,000 new reports of romance scams. And the crime wave has already cost victims and financial institutions billions. So, what can we learn from the thousands of victims who’ve already fallen prey to these scammers, and why should we care?...
How to Solve the Challenges of Sanction Screening
For financial institutions, the sanctions landscape is a minefield. It is not enough to be aware of the risks and dangers associated with violating sanctions regulations. It's a one-sided game. As a result, using sanction screening solutions is now more important than ever....
OMNIO Named Among the Top AI Companies in the Balkans
We are thrilled to announce we have been featured in the Best Startup EU Magazine as one of “80 Top Artificial Intelligence Startups and Companies in The Balkans”....
The Costs of Compliance
In this article, we will discuss the rising costs of compliance and non-compliance for financial firms, as well as how OMNIO can help to reduce those costs....
How to Solve the Biggest Problems in Transaction Monitoring
Organizations that use ineffective or traditional transaction monitoring solutions face extremely difficult compliance processes and, more importantly, they may face penalties for failing to comply with regulations....
3 Data Considerations for Successful AI Implementation in AML
Sophisticated technology solutions can assist regulated firms in dealing with the massive amounts of data they manage as part of their anti-money laundering efforts....
AML Red Flags in Crypto Exchanges and Wallets
As the use of cryptocurrency grows, cryptocurrency service providers must deal with a growing number of threats from money launderers who take advantage of the speed and secrecy involved with trading virtual assets online....
Why KYC is Important for Crypto Exchanges
Crypto exchanges must address concerns about anonymity in crypto transactions by having good KYC practices to identify who their customers are and how they use their services....
Money Laundering – Top 3 Crimes Which Drive It
Human trafficking, illicit wildlife trading, and corruption are the main factors in money laundering. Each has a unique but damaging societal impact....
Fraud Trends 2022: How Fraud Will Change This Year
Fraudsters will do this year is pay more attention to the lives of their victims. Continue reading to discover about the fraud trends to look out for in 2022:...
Environmental Crime and Money Laundering
Environmental Crime, also known as green crime, is a frequent means for money laundering offenders. Many governments do not emphasize it....
Omnio Awarded “Innovative Newly Started Enterprise”
We are proud to announce that we won "Innovative newly started enterprise" awarded to us by Applied Research and Communications Fund and the President of Bulgaria, Rumen Radev. We appreciate the recognition and we will continue to innovate within the RegTech industry!...
Why Identity Verification Needs to Advance in FI’s
Identity verification has progressed significantly in recent years as it evolves in tandem with the modern economy. Identity verification is crucial in establishing confidence between organizations and their clients, from loan applications to creating bank accounts, cryptocurrency trading, and more....
4 Million Credit Cards Details Leaked to the Dark Web
According to a new study released by NordVPN, over 4 million credit card credentials belonging to consumers in 140 countries are being trafficked on the dark web....
Difference Between Terrorist Financing and Money Laundering
The terms "money laundering" and "terrorist financing" are so frequently discussed together that you might believe they're the same offense with no distinction....
India to Ban Crypto Currencies?
India is ready to to ban most crypto currencies in the nation. The ban would apply to cryptocurrencies, except the promotion of the technology and its uses....
NFT’s: Art Money Laundering in the 21st Century?
While the potential for NFT's growth is great, money laundering and other financial crimes pose a threat to the creation of a trust worthy long-term market....
The Challenges for Crypto Regulation
The value of crypto assets is rising, attracting more people's attention to the market. That attention also gave rise in interest of crypto regulation....
Money Laundering and Its Consequences for Charities
Charities that work on a global scale face significant financial and reputational risks. Even unintentional participation in financial crime, regardless of a charity's good intentions, can result in substantial legal ramifications, irreversible reputational loss, regulatory penalties, donor funding withdrawal, and financial service disruption....
Financial Crime Compliance – Why It’s Struggling
The prevalence of tick box culture when it comes to financial crime compliance work is part of the reason why fighting financial crimes is ineffective....
Fighting Financial Crime Using AI
More adaptive systems are required, which do not require a total reconfiguration when the MO changes. Instead, they have more discovery and holistic monitoring baked in, so that when fraudsters switch to a new approach, the system can respond automatically rather than having to start over....
How Fraudsters Exploit Social Engineering
The term "social engineering" may sound like something out of a behavioral psychology textbook, but it is a real and present danger to citizens and financial institutions all over the world....
5 Key Elements of a Powerful Compliance Program
Before you even thinking about using software to make your program more complex, you need to make sure you have the basics straight...