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What Should You Be Looking for in a Packaged AI Solution? (Part 2)
Packaged financial crime solutions are built from the ground up by proven AI experts working alongside experienced AML professionals. Unlike other AI for AML approaches, packaged AI solutions are quick to implement and are continuously updated by the solution provider based on input from multiple customers and regulators.
CASE STUDY: Reducing AML Risk for a Leading Retail Bank in Europe
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.
When Implementing Artificial Intelligence to Improve AML Outcomes, Look to Packaged AI Solutions
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?
Ghost Laundering: Trade-Based Money Laundering’s Counterfeit Twin
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.
Mitigating FCPA Risk with Artificial Intelligence
There are more than one trillion U.S. dollars are estimated to be involved in worldwide acts of bribery and political corruption each year.
QuantaVerse Webinar: The Automation of AML and FCPA
Recent advances in technology and an increasing internal focus on efficiency and effectiveness present an opportunity for compliance professionals to yield significant organizational benefits.
Global Enforcement and Anti-Bribery Violations are on the Rise
In 2018, the U.S. Department of Justice (DOJ) saw a number of courtroom successes in the prosecution of individuals for FCPA (Foreign Corrupt Practices Act) violations…
How Artificial Intelligence Can Help Banks Overcome Financial Crime in South Florida and Latin America
The cost of money laundering equates to approximately 2.7 percent of the annual global GDP and preventing it has become an increasingly essential expense for financial institutions.
Third-Party Risk Assessment Crucial to Correspondent Banking Risk Mitigation
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.
Preventing Internal Fraud with Advanced Data Analytics and Artificial Intelligence
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.
Defeating the Dynamic Money Laundering Culture with Data Science
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.
Podcast: QuantaVerse Discusses the Role of Artificial Intelligence in Addressing FCPA Compliance Concerns
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.
“Tracking the Traffickers:” A new documentary by The Economist documents how NGOs, banks and AI technology can thwart human trafficking
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…
The Importance of an Effective Anti-Money Laundering Compliance Program
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.
Utilizing AI and Advanced Data Analytics to Monitor Account Activity
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.
Podcast: QuantaVerse Discusses Top Financial Crime Trends in 2017 and Identifies What’s Next in 2018
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.
2018 Resolution: Disrupt Narco-Terrorism Cells with Artificial Intelligence and Machine Learning
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.
Implementing AI and Machine Learning Benefits Big Businesses to Support the Fight Against Bribery and Corruption
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…
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.