Recent advances in technology and an increasing internal focus on efficiency and effectiveness present an opportunity for compliance professionals to yield significant organizational benefits. However, how can these advances be used in real-world situations, and how do they meet expectations of auditors and regulators?
In this webinar, Bci Miami, the largest Chilean bank operating in the U.S. and QuantaVerse, explore the role of technologies, such as AI and machine learning, in automating complex and human-led processes in AML programs. The webinar covered the following topics:
- The many possible opportunities available for automation (where AI makes sense, and where it doesn’t)
- How to apply recent innovations to your enterprise (e.g., what are machine learning and natural language processing and how can these techniques help your compliance department)
- Case studies of successful automation including what worked, what didn’t, and what the impact was
- How auditors and regulators view the advances in technology and how you can validate the results
While not mandating that firms invest in technology to automate financial crime investigations, regulators are certainly encouraging it. They are noticing that advanced BSA/AML teams are using robotic process automation (RPA) bots to gather data for investigations. They are aware that those same firms are using machine learning to analyze huge data sets, identify patterns, and pinpoint where exceptions or anomalies exist.
How Artificial Intelligence Can Help Financial Institutions Put an End to Cartel’s Illegal Border Business Bonanza
Current estimates suggest that Latin American cartels who facilitate illegal U.S. border crossings net $400 million each month. These, and related windfalls, must be laundered through the financial system to facilitate other cartel business and fund the lavish lifestyles of the cartel kingpins and their senior management.
Automating High-Risk Entity Reviews to Reduce Errors, Improve Efficiencies, and Ensure CDD Compliance
Federal bank regulatory agencies require that financial institutions regularly review and segment all their customers based on risk. While the Customer Due Diligence (CDD) Rule, which amended BSA regulations in 2018, does not stipulate how often reviews should be...