The integration of AI into Anti-Money Laundering (AML) programs has the potential to revolutionize how financial institutions ensure data governance. Generative AI, with its ability to predict, create, and automate, offers unprecedented opportunities to enhance the accuracy and efficiency of AML data. This article explores several ways AI can transform data governance in AML by offering an alternative path for financial institutions to execute on their data strategy, as well as simplify and enhance data management, completeness, quality, and integrity.
November 6th, 2024
NACHA’s new rules kicked in on October 1, 2024, and they’re reshaping how community banks, credit unions, and small to mid-size financial institutions detect and respond to fraud. This isn’t just another policy update—it’s a game-changer aimed at tackling sophisticated credit-push payment fraud schemes. For financial institutions (FIs) that often face resource constraints, this shift demands quick action to stay compliant and protect customers.
November 5th, 2024
Financial institutions (FIs) are facing unprecedented challenges as fraud evolves. As criminals take advantage of new technologies, banks and other financial institutions need to leverage cutting-edge solutions to stay ahead. A proactive approach to fraud prevention, rooted in real-time monitoring, collective intelligence, and advanced analytics, is essential to safeguard customers and their assets.
November 4th, 2024
After a successful executive roundtable this past April, NICE Actimize and Guidepost Solutions hosted another roundtable recently. Over a dozen surveillance heads from the US and EMEA attended the event. Several key takeaways, insights, and trends emerged from the discussions, which are highlighted below.
October 28th, 2024
In the competitive landscape of modern business, achieving operational excellence is a crucial differentiator for any organization striving to stay competitive in an ever-changing environment. One powerful tool that organizations can leverage to achieve this goal is benchmarking. By comparing the organization’s performance metrics to industry metrics, organizations can identify areas for improvement and drive significant enhancements in efficiency and effectiveness.
October 16th, 2024
Shifting fraud dynamics can undermine a financial institution’s current fraud controls. The fraud prevention landscape can change so quickly that it takes constant vigilance to thwart emerging threats.
October 7th, 2024
The financial sector is at the forefront of adopting artificial intelligence (AI), particularly in Anti-Money Laundering (AML). While AI offers transformative potential, financial institutions (FIs) remain cautious in fully deploying these systems. This balance between innovation and prudence was a key topic during a recent roundtable hosted by Regulation Asia in Hong Kong.
October 4th, 2024
On Wednesday 4 September, the U.S. Securities and Exchange Commission (SEC) fined six Nationally Recognized Statistical Rating Organizations (NRSROs)—aka ratings agencies—for failures to properly maintain and preserve electronic communications, a breach of federal securities laws. In addition to paying substantial fines, four of the firms will also be required to retain a compliance consultant.