financial crime

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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AML is a global issue – are your risk controls global too?

Money laundering is an increasing global issue, often involving multiple countries, intermediaries and organizations. One needs to look no further than recent headlines concerning an Iranian-backed Lebanese terrorist organization or a Malaysian government development company to witness this troubling trend. AML and sanctions risk in every corner of the world As the United States increases […]

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Stop money laundering with a proactive AML approach

The recently revealed $8.8 billion Troika Laundromat offshore money laundering scandal was a vast and complex deception. Not just a limited scheme, between 2006 and 2013 it facilitated fake trade deals, reinsurance fraud, tax evasion, hidden investments, a fuel pricing fraud scheme at Sheremetyevo Airport—and much more. The Organized Crime and Corruption Reporting Project and […]

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Holistic surveillance: Treating a business like family

If you’re a parent, you have most likely discovered the benefit of technology to help keep your children safe. Tech like video cameras can assure you your child has made it home from school, while apps can let you know your child’s location or notify you if they’re speeding while driving, or can even tell […]

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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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Agile fraud management takes more than the right models

In recent months, some prominent organizations have begun moving away from their traditional pattern of purchasing colossal, general-purpose infrastructure technology, and have begun looking towards personalized technology options.  This well-publicized trend has also highlighted a wider change in the market, namely, the increasing importance of picking not only the right application, but also the right […]

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Address financial crime and high costs with IBM Cloud Private

In the beginning of the cloud computing era, “private clouds” promised the scalability, flexibility and manageability of public clouds, combined with the security and control of on-premises data center environments. But some early private clouds, in fact, were neither private nor clouds. Over time, however, such offerings matured and firms like IBM have led the […]

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Have banks reached an AML compliance inflection point?

Nearly two years ago Lloyd Blankfein, CEO of Goldman Sachs, predicted that the demand for compliance analysts to meet the institution’s regulatory obligations would soon be leveling off: This has a Y2K feel about it – that is, we have to hire additional people because we have to get ourselves up to speed. I think […]

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Fighting financial crime at IBM Think 2018

Regulatory pressure, in terms of policy changes and increased scrutiny, is forcing banks to seek technological changes and advancements to meet evolving regulatory and compliance requirements. This is resulting in financial institutions spending heavily on KYC, AML and surveillance solutions. IBM is committed to bring the newest and best advances in technology to tackle these […]

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