Fraud & AML

IMPACT AWARDS

FRAUD & AML

Nominations are now closed for Aite-Novarica Group's Fraud & AML Impact Awards. The winners will be announced in July and honored on September 19, 2022 at Aite-Novarica Group's Fifth Annual Financial Crime Forum.

The winners of Aite-Novarica Group’s Impact Awards in Fraud & AML are leading the industry and pioneering new and disruptive financial crime products and capabilities. Their innovations are bringing the financial services industry one step closer to triumphing over fraud, money laundering, and other illicit activity. They are the firms that others will follow.

Award submissions will be evaluated by a panel of internal Aite-Novarica Group advisors and external industry experts drawn from financial institutions and the media. Evaluation criteria include level of innovation, competitive advantage, market needs/drivers, impact and value, and future roadmap.

The categories for consideration under the Impact Awards in Fraud & AML program are:

Fraud Award Categories

  1. Best Authentication: New solutions or innovations that deliver best-in class identity proofing and/or user authentication (Note: nominated solution may be transparent to the user and not require user action or it may require user action).
  2. Best Orchestration: New solutions or innovations that deliver leading multi-faceted, integrated suites of tools and technologies that provide identity proofing, user authentication, and/or transaction fraud monitoring.
  3. Best Transaction Fraud Monitoring and Decisioning: New solutions or innovations that deliver superior transaction fraud analytics, monitoring, detection, and case management solution that protect the financial transaction.
  4. Best Digital Identity Verification: New solutions or innovations that deliver exceptional individual identity verification in a digital (aka non-face-to-face) environment leveraging PII and non-PII information.

AML Award Categories

  1. Best Know Your Customer/Business (KYC/KYB): New solutions, innovations, or datasets streamlining and enriching the KYC processes underlying the onboarding, servicing, and ongoing risk profiling and due diligence of individual and corporate customers.
  2. Best AML Transaction Monitoring: New solutions, innovations, or datasets that elevate ongoing risk-based AML transaction monitoring to detect suspicious or unusual activity indicating potential money laundering, terrorist financing, or other illicit activity.
  3. Best Sanction/Watchlist Screening: New solutions, innovations, or datasets that optimize the risk-based checking of individuals, entities, and incoming and outgoing payments and transactions, against sanctions, Politically Exposed Person, and adverse media lists as well as other risk relevant information.
  4. Best Financial Crime Investigation and Reporting: New solutions, innovations, or datasets that transform and modernize the tasks and processes supporting prioritizing, decisioning, and documenting suspicious activity and watchlist filtering alert investigations, as well as developing and submitting necessary reporting to senior management and regulatory authorities.

Requirements for Participation:

  • Any vendor, financial institution, or fintech firm can submit a nomination.
  • There are no restrictions in terms of size or location of nominated firm.
  • Nominated innovations must be in production and must have been implemented within the last two years (i.e., in production after January 1, 2020).
  • All nominees must be willing to allow Aite-Novarica Group to publicly announce and describe their innovation should they win. [Note: A follow-up briefing may be requested by Aite-Novarica Group to aptly develop the appropriate communications and reporting].
  • Award submissions must be received by May 10, 2022.

Check out the Impact Briefs profiling the winners of our 2021 Fraud & AML Impact Awards:

The 2021 winners for AML Innovation:

The 2021 winners for Fraud Innovation: 

Hear about the awards process and brief Q&As with executives at the winning firms in the below videos:

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