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Serving almost 20 million customers, the bank was concerned about the risks associated with false negatives that its current AML compliance technology was missing. Intent on driving financial crime out of its operation, the bank began searching for a solution that could enhance its existing rules-based transaction monitoring system (TMS) and minimize the risk related to undiscovered financial crime.

While all agree the promise of AI for AML is great, taking the steps to select and implement AI within an institution is relatively new. So, what is the best approach for implementing AI and machine learning into your efforts to combat financial crime?

Over the course of the last two years, we’ve seen regulators and financial institutions make great strides towards thwarting more global crime through the identification of money laundering.

There are more than one trillion U.S. dollars are estimated to be involved in worldwide acts of bribery and political corruption each year.

Recent advances in technology and an increasing internal focus on efficiency and effectiveness present an opportunity for compliance professionals to yield significant organizational benefits.

Financial institutions around the globe continue to face scores of risks related to money laundering, terrorism financing, human trafficking, drug trade and other financial crimes whereby funds are illicitly filtered through the banking system.

Organizations today face a number of challenges and risks which has long been accepted as part of their natural course of business. Fraud detection/prevention is one of those challenges as organizations are continuously battling fraudsters and rogue employees who target their assets, proprietary information, and profits.

From bootleggers hiding profits of their alcohol sales during Prohibition to terrorist organizations using trade-based money laundering techniques today, criminals survive and succeed by constantly varying their techniques to evade detection.

Last year, 45 new FCPA-related investigations were publicly disclosed for the first time, making 2017 the most active year in history for new disclosures of FCPA-related investigations.

Human trafficking is devastating for victims, but typically low-risk for the criminals, whose activities are largely hidden from view. To disrupt human trafficking, law enforcement is partnering with NGOs, financial institutions and forward-thinking technology providers…

Creating, implementing, and maintaining an effective Anti-Money Laundering (AML) program has always been challenging, but in today’s increasingly digital, dynamic environment the task is more arduous.

In just two months, the Final Rule for Customer Due Diligence (CDD) under the Bank Secrecy Act (BSA) will be live for covered financial institutions (those subject to Customer Identification (CIP) requirements, including banks, broker-dealers in securities, mutual funds, futures commission merchants and introducing brokers in commodities.

At the turn of another year, we have dedicated this edition of our On the Front Line with AI podcast to the top financial crime trends we saw in 2017 and what can be expected in the year ahead.

Local, state, federal, and international law enforcement agencies are frontline heroes tasked with combatting international drug trafficking, terrorism and money laundering. Unfortunately, their contributions and sacrifices often go unnoticed in the 24-hour news cycle filled with the political news of the day.

In many parts of the world, acts of bribery and corruption have long been accepted as the cost of doing business. However, global law enforcement is becoming increasingly cooperative in investigating these violations…

Initial coin offerings, or ICOs, are creating a substantial amount of buzz, debate and discussion in the blockchain and cryptocurrency industry as well as within financial institutions and their regulators.

Within financial services, transactional data and supplementary information are vital to the success of financial crime investigations. However, cases that lack typical business activities such as employee payroll or availability of freight receipts could be red flags that indicate…

Shell companies can serve legitimate and legal commercial purposes. However, there is considerable risk for criminals to abuse these vehicles for illicit activity. Whether it is money laundering, terrorist financing, drug trafficking, human trafficking, tax evasion, corruption, white-collar crime…

Fraud-related offenses continue to pose a significant threat to our economy, as criminals seek to trick companies and citizens out of their hard-earned income. According to the FTC, there were more than 3.1 million consumer fraud complaints received in 2016.

The Financial Crimes Enforcement Network (FinCEN) recently levied a $2 million civil money penalty…

Today’s financial institutions regularly collect, store, and maintain customer information in a series of files, systems and databases. Employees operating throughout the financial institution then update and use the data across various lines of business.

In previous posts, we’ve examined specific instances of how artificial intelligence (AI) could be used to thwart global financial crime, and how the use of AI-derived insights by financial institutions could dramatically improve their overall compliance programs.

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.