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Reducing ICO Participant Risk with AI-Powered KYC Due Diligence
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.
Artificial Intelligence Can Identify Absence of Normal Business Activity, Indicating Possible Risk of Financial Crime
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…
AI-Based Link Analysis and Data Visualization Can Uncover Hidden Relationships Between Entities and Networks
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…
The Role of Advanced Data Analytics and Artificial Intelligence in Mitigating Fraud Risk
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.
How AI Can Help Overcome Challenges in Correspondent Banking Relationships
The Financial Crimes Enforcement Network (FinCEN) recently levied a $2 million civil money penalty…
How Data Cleansing and Enrichment Can Improve the AML Process
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.
Impact of Artificial Intelligence on Financial Crime – What is Possible?
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.
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.
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.
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…
Artificial Intelligence Can Help Firms Prevent Fraudulent Account Openings That Use Breached Consumer Data
The many inefficiencies of legacy transaction monitoring systems (TMS) continue to hinder anti-money laundering (AML) programs.
Implementing Artificial Intelligence into Existing AML Ecosystems
The many inefficiencies of legacy transaction monitoring systems (TMS) continue to hinder anti-money laundering (AML) programs.
Transforming Internal Audit Investigations with Artificial Intelligence Technology
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…
Enhancing Compliance Programs with Predictive Data Analytics and Artificial Intelligence
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.
Artificial Intelligence Can Help Companies Reduce FCPA Risk
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…
Liberty Asia Brings Anti-Slavery & Human Trafficking Expertise to QuantaVerse
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…
Anti-Money Laundering Regulations and the Response from the Financial Services Industry
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…
What Money Laundering Looks Like in Small Community Banks
If you grew up in a small or medium sized town, your parents and neighbors most likely banked with a small community institution.
Artificial Intelligence Can Accurately Identify Patterns and Typologies Indicative of Financial Crimes
Global financial institutions (FIs) continue to serve as the first line of defense for law enforcement against various financial crimes such as money laundering…
Utilizing Artificial Intelligence to “Tune-Up” Bank Compliance Programs
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 is No Match for Artificial Intelligence
Trade-based money laundering (TBML) is rapidly becoming a preferred method of money laundering for transnational drug trafficking and terrorist organizations.
Artificial Intelligence Can Reduce Money Laundering Risk Related to Shell Companies
It wasn’t until after the Panama Papers were released that shell corporations (“shells”) gained their high level of notoriety.
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.
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.
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.
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