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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.

While covered financial institutions are required by FinCEN to know the identity of the individuals who own or control their legal entity customers (also known as beneficial owners), the standard is increased significantly over the years.

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.

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.