2023 was an eventful year, marked by new regulations and legislation, technology advancements, and political strife. We continued to work together and strengthen as a community to combat financial crime.
January 8th, 2024
In the modern world, financial transactions unfold with unprecedented speed and intricacy. Hand in hand, with this increase in the velocity and complexity of money movement also comes substantial increases in the amount of information being processed. This increase in the amount of information available, increases the risks hidden in the data associated with that information. Failures of Know Your Data (KYD) can lead to potential disaster for financial institutions. Given the importance of data, it is critical now, more than ever, that financial institutions adopt robust controls, mitigating hidden risks in transactional and consumer information.
January 1st, 2024
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.
December 12th, 2023
Payments innovation and big regulatory recommendations marked 2023, and fraudsters are changing tactics and leveraging technology to test for weaknesses in fraud controls. This year’s fraud predictions for Enterprise Fraud Management follow three core themes: Uniting to overcome industry obstacles Growing concern about scam growth and losses Focusing on money mule activities These factors may […]
December 5th, 2023
In the complex and dynamic world of wealth management and stockbroking, firms play a critical role in guiding individuals and families towards financial well-being. However, recent scrutiny from the Financial Conduct Authority (FCA) has brought forth significant challenges, demanding an unwavering commitment on consumer protection, financial crime prevention, and fair pricing.
November 28th, 2023
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.
November 23rd, 2023
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.
November 10th, 2023
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?