Shifting fraud dynamics can undermine a financial institution’s current fraud controls. The fraud prevention landscape can change so quickly that it takes constant vigilance to thwart emerging threats.
October 7th, 2024
The financial sector is at the forefront of adopting artificial intelligence (AI), particularly in Anti-Money Laundering (AML). While AI offers transformative potential, financial institutions (FIs) remain cautious in fully deploying these systems. This balance between innovation and prudence was a key topic during a recent roundtable hosted by Regulation Asia in Hong Kong.
October 4th, 2024
On Wednesday 4 September, the U.S. Securities and Exchange Commission (SEC) fined six Nationally Recognized Statistical Rating Organizations (NRSROs)—aka ratings agencies—for failures to properly maintain and preserve electronic communications, a breach of federal securities laws. In addition to paying substantial fines, four of the firms will also be required to retain a compliance consultant.
October 3rd, 2024
In this blog, we cover how generative AI is impacting financial crime management and compliance and how financial institutions can leverage it in systems and processes.
September 27th, 2024
In this blog, we cover how community banks and credit unions must protect themselves from flash fraud.
September 16th, 2024
Financial institutions (FIs) submitted more than 3.6 million Suspicious Activity Reports (SARs) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2022. SAR filings in March 2023 set a monthly record, with more than 351,000 reports.
September 13th, 2024
Illicit financial flows through the global system have exceeded $3 trillion. Given such alarming amounts, how can compliance teams keep pace using only traditional, mainly manual tools and processes?
August 12th, 2024
Check use might have decreased, but check fraud attempts and losses are growing. NICE Actimize’s 2024 Fraud Insights Report found that check fraud grew by 4% by volume and 31% by value year over year.