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.
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.
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.
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.
In this blog, we cover how generative AI is impacting financial crime management and compliance and how financial institutions can leverage it in systems and processes.
In this blog, we cover how community banks and credit unions must protect themselves from flash fraud.
Financial institutions (FIs) submitted more than 3.6 million Suspicious Activity Reports (SARs) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2022. SAR filings in March 2023 set a monthly record, with more than 351,000 reports.
Illicit financial flows through the global system have exceeded $3 trillion. Given such alarming amounts, how can compliance teams keep pace using only traditional, mainly manual tools and processes?