NICE Actimize Blog

Fighting Financial Crime

The Assembly Canada Recap

Embarking on #ACAMSAssembly Canada 2023, Sarah Paquet, Director and CEO of FINTRAC, delivered an inspiring keynote, urging financial crime professionals to see beyond routine and recognize their direct impact in preventing victimization. Throughout the day, meaningful conversations unfolded with our cherished customers and esteemed partners. The day concluded with an engaging Q&A, providing a glimpse into the promising future ahead.

Challenges of Customer Risk Scoring

Money laundering enables criminal organizations and facilitates crime—it’s a continuing threat to society. Victims of these crimes suffer physical or psychological harm, but it also has far-reaching consequences that affect thousands of people and industries, such as the severe environmental impact from illegal mining, deforestation and wildlife crime or economic impact through reduced tax revenues or bribery.

The Ethics of AI in Monitoring and Surveillance

AI is set to advance every aspect of our society. But, with great power comes great responsibility. AI is an imperfect technology that has the potential to cause both intentional and unintentional harm. As we implement AI into our monitoring and surveillance systems, we must understand the ethical challenges that can arise with the technology, as well as how to ensure its proper usage and outcomes.

The UK Economic Crime and Corporate Transparency Act in 7 Minutes

Gaps in financial crime legislation and controls have created opportunities for criminals to hide in the void between organisations and behind corporate entities and opaque digital identities. How can we address these weaknesses?

Lessons Learned from How a Scam Closed Down a Bank – A Discussion with Peter Tapling of PTap Advisory, LLC & NICE Actimize

Scams are nothing new to fraud strategy and banking fraud risk appetites—what’s clearly changing is the amount of consumer loss, and it is staggering. As an example, the FBI’s Internet Crimes Complaint Center (IC3) reported investment scam losses to be $3.31 billion, and investment scams were the most common type of scam reported to IC3 in 2022. Scam losses are driving changes in regulations, such as the ample amount of discussion in market on the UK PSR’s pending APP fraud liability shift for Faster Payments, as well as considerations and effected plans at payment-network levels (P2P particularly) that also affords some level of additional consumer scam protection, but those protections are not widely adopted.

Money20/20 Recap

The stage was set for AML and Fraud Leaders with innovative ideas and new perspectives to share their stories and key learnings at Money20/20. Thousands of attendees from about 3,000 companies came together to hear about the disruptions, trends, challenges, and new technology in the fintech ecosystem that are changing the industry.

From Alert Fatigue to Optimized Operations: The Case for Next-Gen Enterprise Risk Case Management

Financial institutions (FIs) often struggle with low-impact case management processes that severely impede financial crime and compliance operations in a dynamic, high-velocity threat environment.

Enhancing BSA/AML Quality Assurance With AI

In an age where financial transactions occur at lightning speed across borders, ensuring the integrity of the financial system is paramount. Money laundering and financial crime pose a significant threat to the global economy and the stability of financial institutions (FIs). To combat these risks, FIs rely on robust Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. In recent years, artificial intelligence (AI) has emerged as a powerful tool for enhancing the productivity, effectiveness, and precision of both individuals and organizations. In this article we will look at the possible benefits of augmenting BSA/AML quality assurance (QA) programs with AI.

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