Consortix Group’s Post

AI IN FINCRIME: HOW to implement #AI to combat top #AML typologies is a hot topic right now - and the subject of an expert webinar for #FCC professionals on April 17 next. Interest from the banking and fintech #compliance chiefs has been strong for this event, being co-hosted by AMLintelligence.com and Napier AI. We will examine screening customers during and after onboarding. The discussion will also look screening throughout the client lifecycle, which is a must for meeting the needs of regulators. This insightful webinar, ‘How to implement AI to combat top AML typologies‘, will be moderated by 'AML Intelligence's' Stephen Rae and hear the expert analysis of Dr Janet Bastiman Bastiman from Napier AI, as well as experts from leading financial institutions. “The applications of artificial intelligence for financial crime compliance are game-changing and can facilitate unparalleled operational efficiencies and transform your organisation’s compliance function,” Stephen said. Are you a senior leader in #FCC #KYC #CDD #AFC in #banking, #banks #fintech #FSI? Have you registered for this top-level briefing? You can book your place here: https://lnkd.in/eKxBy9Zb #followthemoney #compliance #nonfinancialrisk #cft James Treacy Alisha H. Luke Townsend Elise Thrale https://lnkd.in/ed5bCwkT

The European Parliament today approved the EU AI Act. What does the Act mean for AML compliance and fraud detection? There's good news. The rules for the use of AI will add to existing regulations for banks and other financial organizations but the governance is similar. The governance required by the Act for AI models will include control measures such as effective risk management. Banks already have risk management processes in place for AML and fraud, and AI systems with built-in risk management procedures already exist. This means banks can comply with incoming legislation like the AI Act without a significant additional burden. How does HAWK:AI help FIs to address the requirements? HAWK:AI's explainable AI and built-in model governance processes enable banks to comply with AI regulations. You can read more in our whitepaper, written by Wolfgang Berner and Maximilian Riege, LL.M. (NYU): https://hawk.ai/eu-ai-act #aml #fraud #ai #eu #europeanparliament #fincrime #regulatorycompliance #euaiact

The battle between financial institutions and financial criminals is intensifying as both parties adopt emerging technologies. AI/ML technology is set to play a core role in supporting AML/ATF detecting patterns, enhancing KYC, transaction monitoring, and assessing risks. As such, modernizing compliance tools is no longer an option, but a necessity for financial institutions. Forbes Tech Council shares more on the importance of fighting financial crime with AI. #financialinstitutions #AI #financialcrime #compliance #AML #KYC #transactionmonitoring #riskassessment

Putting guideposts around AI is necessary as the European Parliament did by approving the EU AI Act yesterday. Understanding and implementing necessary risk management, processes and controls can be challenging. The good news is frameworks that help exist today and technology is absolutely ready to cope with measures such as AI explainability and model governance. Maximilian Riege, LL.M. (NYU) and me layed out how that can be done for banks addressing #financialcrime in our whitepaper

The rise of AI in combating financial crime is a game-changer. With financial crimes on the rise, it's crucial that institutions stay ahead with innovative solutions. AI technologies are reshaping anti-money laundering (AML) efforts by enhancing detection and prevention capabilities through advanced data analysis and pattern recognition. By minimising false positives and enabling real-time monitoring, these AI-native solutions not only streamline AML processes but also strengthen overall security measures. This proactive approach not only safeguards financial institutions but also protects customers and the integrity of the financial system as a whole. #FinTech #AI #FinancialCrimes

In his new blog, CGI´s Abhay Deshmukh explores how leading banks are pursuing promising #AI use cases in the #AML arena to deliver trusted outcomes responsibly. He also shares four recommendations on how banks can best navigate the challenges of integrating AI and AML. #banking #compliance

In his new blog, CGI´s Abhay Deshmukh explores how leading banks are pursuing promising #AI use cases in the #AML arena to deliver trusted outcomes responsibly. He also shares four recommendations on how banks can best navigate the challenges of integrating AI and AML. #banking #compliance

In his new blog, CGI´s Abhay Deshmukh explores how leading banks are pursuing promising #AI use cases in the #AML arena to deliver trusted outcomes responsibly. He also shares four recommendations on how banks can best navigate the challenges of integrating AI and AML. #banking #compliance

In his new blog, CGI´s Abhay Deshmukh explores how leading banks are pursuing promising #AI use cases in the #AML arena to deliver trusted outcomes responsibly. He also shares four recommendations on how banks can best navigate the challenges of integrating AI and AML. #banking #compliance

AI is a game-changer in anti-money laundering technology empowering global banks and financial institutions to identify and detect nefarious patterns and money trails and build agile compliance programs. Learn about the power of AI in AML programs here: https://lnkd.in/eF-9pS33