Financial Services

What Money Laundering Looks Like in Community Banks Although they generally have smaller compliance teams and budgets, the nation’s community banks face the same arduous compliance challenges as their larger bank counterparts. Artificial intelligence and machine learning solutions can greatly assist community banks by detecting suspicious entities and transactions in an effort to improve regulatory compliance and AML investigation efficiency....

A Much-Needed Intelligent Approach to Segmentation Anti-money laundering (AML) is a complex and persistent challenge for financial institutions. AI is transforming key elements of the AML workflow and delivering an order of magnitude in performance improvements in the process. Money laundering has become the leading source of compliance fines for North American and European institutions. In 2016 alone, regulators levied...

Post 2008, banks operate in an atmosphere of increased compliance and shifting regulation. Broker-dealers and big banks need to understand the risk they are undertaking by operating in this heavily regulated environment. FINRA’s 2016 Priority Letter has a heavy focus on data quality and governance; banks need to know how to navigate these new standards. Hefty fines and censures prove...

Regulators have continually penalized banks for deficiencies in their financial crime programs, and this is especially evident in the case of correspondent banking. But is there room for improvement and increased sophistication?