NICE Actimize Blog:
Fighting Financial Crime

Panama, Paradise, Pandora Leaks Expose Financial Risks

A bombshell investigative report was released recently that exposed how the world’s wealthiest and powerful were able to use a hidden financial system to their benefit. It was no surprise that this report was released by the International Consortium of Investigate Journalists (ICIJ), a non-profit newsroom comprised of investigators that work with a global network of nearly 300 reporters and 100 media organizations in more than 100 countries. This group revealed profound investigations that exposed questionable activities, and many times, flat-out illicit activities by some of the most powerful people and organizations in the world.

Fighting Fraud During Extraordinary Times: Part 2 – Unlocking the Value of Data for Actionable Intelligence

Thanks to the proliferation of digital channels, organizations have access to massive quantities of data that can be used to attract and retain customers, and mitigate risk. But understanding what to look for and how to interpret it is a challenge that financial services organizations (FSOs) are facing today.

FATF Report Highlights Opportunities for Japan’s Financial Institutions

The FATF has highlighted several areas where improvement is needed at FIs in Japan. No doubt, the report was based on the AML/CFT measures in place as of November 2019, and as such does not recognise more recent achievements to address known weaknesses based on updated regulations.

The Basics of Fighting Money Laundering

In a world where using digital banking channels becomes easier and more accessible than ever before, the risk of bad actors taking advantage of these changes and laundering money into the economy greatly increases. Due to this ever-looming threat, the global community continuously implements regulations and anti-money laundering (AML) best practices to protect against money laundering threats. AML consists of all the policies, laws and regulations put in place to prevent financial crime.

Fighting Financial Fraud During Extraordinary Times: Part 1

Financial services organizations (FSOs) are confronting a number of challenges that are impacting the way they approach enterprise fraud management (EFM), and how they scale their fraud prevention strategies and agendas in a rapidly evolving threat environment.

Combating Mobile Banking Fraud: The First Line of Defense

Today, you would be hard-pressed to find an average customer who doesn’t conduct their banking through digital channels. Even more so now with the convenience of mobile banking, where it’s quickly becoming the preferred method of banking, due to the ease and convenience found at the tip of your fingers.

Foundations of Ethical AI: Concepts and Principles of Explainability and Trust

Widespread use of Artificial Intelligence (AI) technologies in FSOs and financial crime risk management systems has encouraged debate around the ethical challenges and risks AI-based technology pose. AI technologies have significant impact on the development of humanity, and so they have raised fundamental questions about what we should do with these systems, what the systems themselves should do, what risks are potentially involved, and how we can control these.

Your Guide to Advanced Fraud Prevention with AI

Artificial intelligence (AI) and machine learning (ML) technologies derive patterns from large quantities and diverse sources of data to generate relevant insights that influence decision-making, business operations and processes, and the customer experience. Finance is one of the most data-rich industries, which is ideal for the strategic application of AI and ML in areas like fraud prevention.

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