money laundering

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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2019: An artificial intelligence-enhanced AML odyssey

Welcome to the brave new world of regulatory technology. On December 3, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint statement encouraging the use of […]

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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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It’s getting expensive not to be compliant

Banks around the world are continuing to be penalized heavily for their inability to meet with ever-changing and complex financial regulations. Regulatory fines imposed in 2017 alone proved this to us in many ways. For example, financial intelligence regulator Austrac handed gaming giant Tabcorp a fine of AUD 45 M (USD 35 M) for non […]

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