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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.

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.

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…

The many inefficiencies of legacy transaction monitoring systems (TMS) continue to hinder anti-money laundering (AML) programs.

The many inefficiencies of legacy transaction monitoring systems (TMS) continue to hinder anti-money laundering (AML) programs.

Perhaps no other corporate function is challenged more than internal audit departments. Internal audit teams are pressured to find hidden risk by their board, regulatory agencies, and the audit committee…

Global financial institutions (FIs) process billions of transactions per year and create/store petabytes of data through Know Your Customer (KYC) and other related sources.

The Foreign Corrupt Practices Act (FCPA) is a critical area of concern for the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) as instances of corporate corruption…

As demonstrated by the recent tragic event in San Antonio, TX in which 10 immigrants perished in a sweltering trailer, the global human trafficking and slavery problem remains…

Starting back in 1970 to present day, there has been a progressive increase in anti-money laundering (AML) regulations. As depicted by Kamil Kaluza, Managing Director of QuantaVerse…

If you grew up in a small or medium sized town, your parents and neighbors most likely banked with a small community institution.

Global financial institutions (FIs) continue to serve as the first line of defense for law enforcement against various financial crimes such as money laundering…

Much like homeowners who re-organize or clean their homes in the warmer months, it’s imperative for financial institutions (FIs) to give their compliance programs a…

Trade-based money laundering (TBML) is rapidly becoming a preferred method of money laundering for transnational drug trafficking and terrorist organizations.

It wasn’t until after the Panama Papers were released that shell corporations (“shells”) gained their high level of notoriety.

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.

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.

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.

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.