AML

Why shell companies are so risky (and hard to spot)

Shell companies and the hidden threat of entity risk While not inherently illegal, shell companies have been getting a lot attention recently for the role they play in illegal activity. This makes sense, as two of the legitimate uses of shell companies are the ability to shield owners from litigation and as a vehicle for […]

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Is “openness” the next big word in financial crime?

About a month ago, I attended the IBM RegTech Summit in London, which brought together a mix of financial services professionals, regulatory experts and technologists. But the terminology was markedly different than most financial crime and compliance events I’ve attended. With terms like “AI,” “machine learning,” “cloud” and “innovation,” you could make a successful run […]

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IBM Algo FIRST becomes IBM FIRST Risk Case Studies

In the continued evolution of the IBM Governance Risk and Compliance (GRC) product line, I am pleased to announce that effective today, Algo FIRST (FIRST) is rebranded to IBM FIRST Risk Case Studies. Algo FIRST was acquired by IBM as part of the Algorithmics acquisition which took place in October 2011. During its time at […]

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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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Model governance comes to fraud detection

Payment fraud detection has always had a bit more latitude than its counterparts in anti-money laundering, customer due diligence and even trade surveillance compliance. Unlike the latter areas, fraud prevention is an area not as heavily governed by regulations or specific rules of what a financial institution should or should not allow. It is obviously […]

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Succeeding in the future of payments

Embracing the future in the age of instant gratification The payments industry is at an inflection point. Customers increasingly demand new payment options like real-time payments and P2P payments, underpinned by security and trust. The costs of running payments operations, complying with a myriad of regulations and enforcing payments standards are increasing. Exposure to operational […]

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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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IBM RegTalk webinar series 2019: The beginning of AI-enhanced AML

Around the world, financial institutions and the regulatory bodies who govern them are awakening to the potential applications of technology in financial crime prevention. While this has long been a promise of technology providers in this area, it is now finally, coming to fruition. Join our in-depth conversation, hosted by Watson Financial Services General Manager, […]

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