KYC

Financial crime in finance: Unlocking communications to find hidden risks

FINRA and other regulators have informed firms of their expectation to adopt practices of “heightened supervision” to isolate high-risk brokers and activities, including those who have previously committed financial crimes. In the past two years, FINRA has released guidance to strengthen controls on high-risk brokers and further indicated it would be an ongoing priority. In […]

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Uncovering hidden risks behind mirror trades

Recently, financial institutions have come under fire for a not illegal, but potentially suspicious form of investing. And while not especially complex in its execution, this scheme exposes the lack of insight and oversight across large institutions, especially institutions that operate across different geographies. Of course, I’m talking about mirror trading. ‘Mirror trading’ is a […]

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Blockchain for KYC: Game-changing RegTech innovation

IBM RegTech Innovations. One of the best things about working at IBM—and in the RegTech field in particular—is meeting daily with the engineers and developers who are driving technological innovation in the financial industry. Consider, for example, the blockchain space. While blockchain’s decentralized, distributed-ledger technology is most popularly known as the basis for cryptocurrencies such […]

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How AI is redefining financial crimes detection technologies

There is a quote in the most recent Star Wars movie, “The Last Jedi” that gets me thinking about innovation; ‘We are the spark, that will light the fire”. The Star Wars movies, books, games and mythos is a masterfully woven tapestry telling the tale of a little guy triumphing over an established, organized and […]

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IBM and Promontory: Looking for a needle in a haystack with Watson

Carrying out Know Your Customer (KYC) due diligence is a delicate balancing act. On one side you’re always looking to streamline your customer’s onboarding process with quick and painless client verification and due diligence. On the other, you need to observe ever-changing regulations, manage voluminous amounts of structured and unstructured data, and perform often repetitive […]

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