AI’s ability to process large volumes of data with speed and accuracy can potentially transform regulatory compliance — but not without attendant risk and challenges. In the short term, the technology can be used to assist business leaders to understand compliance requirements easily and take apposite action, but circumventing human intelligence and our ability to think ethically and abstractly makes AI’s role in compliance controversial and complex.
Emerging technologies help companies compete and scale, while providing consumers with speedy access to innovative or safer products. And there’s certainly a role for AI and algorithms in fraud prevention. And yet, regulators are increasingly interested in how emerging technology may — perhaps inadvertently — negatively impact consumers.
Read moreTo police financial crime, more businesses are incorporating artificial intelligence — machine learning, in particular — into monitoring, prevention and compliance programs. CCI interviewed Leslie Bailey, vice president of financial crime compliance strategy at LexisNexis Risk Solutions, who insists the most effective programs are built on a foundation of advanced ...
Read moreCalifornia-based Trustero is making a RegTech splash, announcing that it has exited stealth, raised $8 million in seed funding and achieved SOC2 type 1 certification for its newly available compliance-as-a-service platform. Zetta Venture Partners led the round with participation from Engineering Capital and Vertex Ventures. “As software industry veterans and ...
Read moreFraud prevention platform nSure.ai has raised $18 million in Series A funding, led by MoreTech Ventures with additional investments by seed-round participants, including DisruptiveAI, Gryffin Ventures and Moneta Seeds. Tel Aviv-based nSure.ai uses real-time fraud protection backed by AI, and its most frequent customers are in the prepaid and gaming ...
Read moreIncreasing financial inclusion can advance numerous UN Sustainable Development Goals and improve equity worldwide. But doing so is risky for banks, and customers with no financial history may face high interest rates regardless. Though AI can be biased, Anand Pandey argues that the benefits of using predictive machine learning to ...
Read moreAnkura Consulting Group, a global expert services and advisory firm, has acquired Noragh Analytics. Terms of the deal between the two D.C.-area firms were not disclosed, but the acquisition is aimed at enabling Ankura to enhance and expand its data and technology offerings thanks to Noragh’s advanced, real-time analytics. Noragh’s ...
Read moreThe COVID-19 pandemic has proven an inflection point for the use of AI and ML technology in the health care sector. Regulators across jurisdictions have provided guidance, but many uses and implementations of AI remain in their infancy. To navigate this legal quagmire, boards will need to use every tool ...
Read moreSince last year's Data Privacy Day, system down times have continued to lengthen. Cyber insurance has continued to grow more expensive. AI remains a double-edged sword. As always, awareness training and security protocols serve the best shields in the ongoing defense against cybersecurity breaches. Data Privacy Day – or Data ...
Read moreIn 2022, nations and organizations around the world will continue working to protect customer data against hackers and accidental breaches. From new international regulations to artificial intelligence, here is a look at how cyber compliance is shifting priorities. We often associate a new year with fresh hopes and optimism. While ...
Read moreMOSTLY AI, an Austrian data privacy startup, has raised $25 million in Series B funding led by Molten Ventures with participation from existing investors Earlybird and 42CAP and new investor Citi Ventures. The Series B funding announcement comes just shy of two years after a $5 million Series A round, ...
Read moreDisruptive technologies like AI, cryptocurrency, biometrics and blockchain have taken the world by storm, but fintech regulations have struggled to keep pace. While technological advancement is often propelled by the private sector — such as big tech, startups and venture capital funding — regulatory change is constrained by lengthy and convoluted legislative processes. Although the ...
Read moreTeren, formerly SolSpec, has announced $4 million in seed funding led by Allos Ventures, as well as formally rebranding to Teren. The AI machine learning software and content company, which provides geospatial data and insights, said in a news release that the funding will allow it to expand its workforce ...
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