Do you wonder how certain technologies will affect you in your career? The Tech Scope column features articles on fintech, artificial intelligence, cryptocurrency and more technological advancements in the anti-financial crime field.
Our contributor is Ari Redbord, head of legal and government affairs at TRM Labs. If you would like to contribute to this column or have any topics you would like to suggest, email editor@acams.org.
One of the biggest responsibilities of our time is to protect the most vulnerable, especially in the anti-human trafficking and anti-child exploitation space. The Anti-Human Trafficking Intelligence Initiative (ATII), a nonprofit organization, is continually expanding its presence and systems to combat human trafficking and child...
Understanding your organization’s various entities and their interrelated relationships is crucial for any risk management program. Over the years, the regulated sector has increasingly adopted new financial crime compliance systems. In addition, it is now starting to use the latest advanced analytics technologies to help...
When slacker high school failures Bill and Ted get their hands on a time machine, they go back in time to engage some of history's most critical influencers to save the future. While life is not exactly like cult comedy classic Bill and Ted's Excellent...
Trade-based money laundering(TBML) is a massive problem worldwide, as criminals increasingly use trade activities and transactions to transfer large quantities of illicit cash into legitimate or less suspicious commodities to hide the origins of their ill-gotten gains. According to the World Trade Organization, the average...
Machine learning, a powerful subset of artificial intelligence, and robotic process automation (RPA) have shown promise in addressing various automation opportunities that can benefit the financial services industry. In the Bank Secrecy Act/anti-money laundering world, financial institutions (FIs) are burdened with compliance requirements and growing...
Artificial intelligence (AI) has enhanced financial services, improved regulatory compliance and more. However, AI poses an equally dangerous threat to ethical governance, data protection and cybersecurity, as well as fundamental human rights. There are over 70 proposed definitions for AI, one of which describes it...
The anti-money laundering (AML) community is drowning in false positives. A 2018 review by Microsoft found most transaction monitoring systems have a 95%-99% false positive rate.1 Machine learning and artificial intelligence have been widely viewed as the solution to reducing the number of false...
Financial institutions (FIs) are using advanced analytical techniques, machine learning or some form of artificial intelligence (AI) to reduce compliance costs—or at least that is how it seems. The reality is that many FIs are taking advantage of these advanced methods. The institutions using...
Financial crime and compliance teams are continuously trying to improve money laundering detection while ensuring better alignment with regulators’ expectations. Areas hindering this success are the perpetual concerns for transparency and the partnership with model governance teams. Ten years ago, when the Office of...
This article will provide the setup and execution for a technique to identify how probable it is that a transaction monitoring (TM) alert is nonproductive―sometimes referred to as a false positive. The basis of this exercise was to apply machine learning algorithms to the...
