Data Science and Artificial Intelligence Enhance Correspondent Banking Transaction Monitoring

Two key challenges within large banks for transaction monitoring investigations include establishing an economic purpose and verifying complementary lines of business for correspondent banking (CB) customers. Banks often find themselves filing conservative suspicious activity/transaction reports (SARs) because the necessary data is unavailable. Fortunately, data science and artificial intelligence (AI) solutions are available to assist banks in verifying business relationships for CB customers. Global businesses are now identified through a North American Industry Classification System (NAICS) […]

(Read More)

Artificial Intelligence Can Improve Financial Institutions’ Counter-Terrorist Financing Detection and Reporting

The combatting of terrorist financing (CTF) is a prime concern for global financial institutions’ (FI) which serve as a front-line defense mechanism for local, state, federal, and international law enforcement and intelligence agencies. Terrorist attacks have evolved from large complex attacks to smaller ones perpetrated by one to two attackers, often from the same country where the attack occurs.   Another dynamic that FIs have had to adapt for is the foreign fighter typology where citizens […]

(Read More)

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 […]

(Read More)

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 […]

(Read More)

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 […]

(Read More)