Artificial Intelligence Vital to Solving Today’s AML Challenges and Tomorrow’s Unforeseen Problems

Most of us have probably secured a great ‘win’ at something in our personal or professional lives only to realize that tomorrow is a new day that will present new challenges. In law enforcement, a classic example of this is the culmination of a great investigation, arresting numerous defendants, and seizing massive amounts of money; but then shortly after, your boss walks in and asks, “What have you done for me today?” Today’s compliance leaders […]

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AI-Enhanced AML Tools Critical to Thwarting White-Collar Crime

White-collar criminals attack the integrity of global financial systems and victimize thousands of people each year. These criminals must launder their illicit funds like any criminal group because they need and want to spend their “clean” money. Investigating white-collar criminal offenses such as bank fraud, wire fraud, mail fraud, consumer fraud, identity theft and other similar offenses is time-consuming and difficult. Complex international cases, such as the well-known Ponzi scheme, can involve hundreds of separate […]

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Data Science and Artificial Intelligence Solutions Help Financial Institutions Curb De-Risking Practice

The ability to make and receive international payments via correspondent banking (CB) is vital to the global economy. Whether it is Texas-based manufacturer exporting parts to Brazilian customers or an engineer working in Europe sending money to his family in Asia, financial institutions (FIs) rely on CB relationships to move their customers’ money.  By its simple definition, CB is an arrangement where a correspondent bank provides services to another bank (the respondent), often so the […]

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Artificial Intelligence Breaks the Money Laundering Code

In World War II, the Allies successfully cracked secret German codes through arduous analysis. Today, financial institutions (FIs) have artificial intelligence (AI) to break a different kind of code: the money laundering code. Criminal organizations are growing in sophistication, talent, and persistence. These organizations often fund their operations through money laundering, and therefore need to frequently change the methods and the details of their money laundering schemes to thwart conventional anti-money laundering (AML) defenses. AI […]

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How Data Science and AI Can Help Banks in Fight Against Human Trafficking and Human Smuggling

The reprehensible crimes of human trafficking and human smuggling continue to be a growing concern across the globe. There is a heavy reliance on local, state, federal, and international law enforcement agencies in fighting these problems, but in reality, financial institutions (FIs) and data science companies are equal partners in the global fight against human trafficking and human smuggling. FIs face perceived insurmountable challenges daily in analyzing thousands of transactions while trying to detect, investigate, […]

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