Artificial Intelligence Can Help Financial Institutions Mitigate AML and KYC Risks

Around the globe, bribery, corruption and other financial crimes are continuing to increase in scale and diversity which have serious adverse effects on the worldwide economy. As recently reported by the press, the Monetary Authority of Singapore (MAS) and Indonesian banking regulators and agencies are investigating the suspicious transfer of approximately $1.4 billion USD in 2015. The transfers originated from private banking accounts from the island of Guernsey and ultimately terminated in Singapore accounts. The […]

(Read More)

Making the Regulators More Comfortable with Artificial Intelligence

A leading argument for why financial institutions have not rushed to adapt or implement artificial intelligence (AI) into their current anti-money laundering (AML) compliance programs is the looming fear over how the regulators would react to the use of this emerging technology. To take the guess-work out of compliance, the discussion needs to shift from “why” the regulators should get on board with financial institutions using AI, to “how” AI can be implemented in a […]

(Read More)

Artificial Intelligence Can Help Companies Mitigate Bribery & Corruption Risk

Acts of bribery and corruption are unfortunately often accepted in corporate circles as the cost of doing business, and as demonstrated in recent news coverage, these unlawful activities touch nearly every aspect of our society, including our favorite ride sharing apps and college sports. However, law enforcement is becoming increasingly vigilant in investigating these illegal activities. According to a report from U.S. Department of Justice (DOJ), federal prosecutors in 2016 filed 50 charges related to […]

(Read More)

Artificial Intelligence Can Help Firms Prevent Fraudulent Account Openings That Use Breached Consumer Data

As expected, financial institutions and other corporations must surmount varying challenges and risks as a natural course of business, with fraud being the one of the biggest culprits. The recent and devastating Equifax data breach should remind us all that our sensitive, personally identifiable information (PII) is at risk, and is viewed as a highly valuable commodity by identity thieves and fraudsters. Criminals are increasingly targeting consumers’ PII and then using the stolen data to […]

(Read More)

Implementing Artificial Intelligence into Existing AML Ecosystems

The many inefficiencies of legacy transaction monitoring systems (TMS) continue to hinder anti-money laundering (AML) programs. The United Nations Office on Drugs and Crime (UNODC) estimates that the amount of money laundered globally annually is two to five percent of global GDP, or $800 billion to $2 trillion in U.S. dollars. This is trillions of dollars linked to the money generated from crimes such as human trafficking, the drug trade, terrorism, white-collar crime, and other […]

(Read More)