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.
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.
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.
In this blog, we cover how community banks and credit unions must protect themselves from flash fraud.
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.
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?
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.
Suitability and related regulations have grown in scope and impact in the Americas. New regulatory guidelines and requirements that further protect consumers and provide new objectives for wealth management teams are being addressed from a technology support standpoint, and NICE Actimize continues to lead in addressing these new challenges.