Contributors: Marc Andrews

Stop waiting to apply AI for financial crimes

Challenges from financial crime incidents and penalties grow Criminal enterprises are becoming increasingly sophisticated at the same time as new payment methods are emerging (peer to peer and faster/immediate payments) and transaction volumes are exploding. And financial institutions across the globe are feeling the pain of high-profile financial crime incidents in the form of significant […]

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Stemming the AML crisis and seeing immediate value with AI

When it comes to AML compliance, or the lack thereof, the financial industry is having rough year. A number of money laundering schemes have come to light, including the $8.8 billion Troika Laundromat, which have exposed or implicated a large swathe of the industry. Despite wide talk of deregulation, penalties from Office of Foreign Assets […]

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Reducing costs of AML while still appeasing regulators

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. Several companies have invested a lot of money and time over the past several years to increase their level of compliance and ensure they are able to effectively identify and manage potential […]

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Intelligent AML: How banks use advanced analytics to achieve a compliance win-win

A few weeks ago, my colleague Sam Kalyanam discussed the challenge facing financial institutions regarding the way they conduct anti-money laundering (AML) compliance. They face an important decision: maintain the status quo, thereby adding to the swelling ranks of their AML compliance teams, or leap ahead by applying cutting edge techniques to existing labor-intensive processes. […]

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Demystifying AI for risk and compliance

Artificial intelligence (AI) is no longer a new idea. From autonomous vehicles to spam filters, AI is affecting our lives and the way many companies do business. A recent explosion of AI applications is taking place in financial institutions, particularly in the area of risk and compliance.  Some may see this as a no-brainer, but […]

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Cognitive Technology: A shelter in the storm of regulatory change

Turbulence and disruption have been the mainstay of the financial services industry for more than a decade and there is little to suggest that a long calm is in the offing. Quite the contrary, the industry had to adapt to an onslaught of new regulations in the aftermath of the Global Financial Crisis. A decade […]

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Cognitive Compliance Highlights an Opportunity for Banks

Today, banks are dealing with an overwhelming morass of regulations – more than 20,000 new ones in 2015 alone.  By the year 2020, there may be 300 million pages of banking regulations. When I was in college, buying used textbooks had two benefits.  It was a way to save a few dollars.  Even better, if […]

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