Hawk’s Post

What are the pitfalls that you need to avoid when you're implementing AI to detect financial crime? Our Chief Solution Officer, Michael Shearer, has highlighted a number of things that should be avoided during implementation: - Rushing data collection - Training too soon - Training on insufficient casework Michael provides more advice from his personal experience of implementing AI at a global bank in this article: https://lnkd.in/eqKCWmfT If you'd like to know more about how Hawk can help your organization use AI for AML and fraud detection, book a demo with us today: https://hawk.ai/ #aml #fincrime #banking #financialinstitutions #compliance #ai #machinelearning #aiimplementation

💡 For professionals in FinCrime prevention, our latest infographic provides a clear and insightful look at the top seven trends shaping Compliance and Financial Crime in 2024. It's a crucial tool for anyone in the industry, offering a concise overview of key developments: 1. Generative AI in FinCrime Analysis 2. Convergence of AML and Sanctions 3. The Industrialization of Fraud 4. The Importance of Real-Time Monitoring 5. Upcoming Stricter Financial Crime Regulations 6. Rise of Cyber-Enabled Economic Crime 7. Growth of Economic Crime Groups (OCGs) This resource is designed to help professionals stay informed and adapt their strategies in an evolving landscape. 🔽 Download your free copy of the infographic here: https://lnkd.in/e3TaDJhJ #fincrime #financialcrime #compliance #regtech #antimoney #laundering #generativeAI #chatGPT #GenAI #banking #fintech #payments #AI #sanctions #fraud #trends #2024

Fighting Fraud and Financial Crime The continuing battle against fraud and financial crime demands constant adaptation and innovation. This report by Information Security Media Group explores how AI is currently being harnessed in the banking sector to combat fraud and financial crime and what benefits and risks are associated with the expanding integration of AI in fraud/financial crime detection and prevention. https://buff.ly/4907wl0 #banking #fraud #financialcrime #economiccrime

Never too late to share BioCatch's 2024 AI, Fraud, and Financial Crime Survey! 600 fraud, AML, and risk and compliance professionals from all over the world contributed their thoughts on AI's role in both preventing and perpetrating different types of fraud and financial crime. Download here : https://okt.to/KmtMl9 #FinancialCrime #FraudPrevention #ArtificialIintelligence

Cool to see The AML Megamind report covered by AMLintelligence.com 🧠 However, the 70% number should not be shocking to anyone - or new information for that matter. What's striking is that despite all the investments and efforts that has gone into AML and fincrime prevention the past few years, the majority of experts still think it's inefficient. We need to wake up! Criminals are deploying AI at lightning speed. We need regulators to lead the way, adopting new technologies themselves and speak even more positively about what can be automated with AI. And we need compliance leaders to shake up check-box-compliance cultures and lean-in into AI and automation. And we definitely need to enable more efficient data sharing between banks. If you're off-boarded, there is nothing stopping you from going across the street and opening an account in the next bank. This report was based on the 100 first episodes of The Laundry. When we reach 200, my dream to see this number cut in half. https://lnkd.in/dsbYkJ_e

Pioneering AI-Driven Fraud Detection and AML Strategies: Transforming Azerbaijan's Banking Landscape through Innovative Machine Learning Algorithms and Behavioral Analytics: The essay aims to examine how AI-based strategies for fraud detection and AML in Azerbaijan’s banking establishments are potentially capable of playing a transformational role. It explores the fact that fraud and anti-money laundering (AML) are current issues and, hence, provides the reader with novel machine learning algorithms and behavior analytics built by the author. Research shows that these methods are good at discerning fraud and identifying people who are sly. The paper also covers the matter of implementation barriers and presents ideas for successful implementation, creating a better way for more secure and effective banks in the Azerbaijani context. #compliance #antimoneylaundering #transactionmonitoring #aml https://lnkd.in/deVEtuBx

Proud to share BioCatch's 2024 AI, Fraud, and Financial Crime Survey! 600 fraud, AML, and risk and compliance professionals from all over the world contributed their thoughts on AI's role in both preventing and perpetrating fraud and financial crime. Download now: https://okt.to/UganxL #FinancialCrime #FraudPrevention #ArtificialIintelligence

🚨 The stakes in financial crime prevention couldn’t be higher. In finance, trust is your greatest asset, but it can vanish in an instant. That’s why we’re excited to unveil Skan AI’s Real-Time Execution Visibility—the only tool that fully empowers you to protect your operations from compliance failures and reputational risks. Recent headlines, like TD Bank’s record fine, highlight what happens when processes lag—delayed reporting, compliance gaps, and inefficiencies that cost both money and reputation. That’s where we come in: 🔍 Instant oversight for seamless compliance ✅ AI-driven insights to detect suspicious activities in real time 🔄 Comprehensive visibility to identify bottlenecks and errors ⚙️ Detection of automation opportunities to enhance efficiency and reduce costs 📊 Scalable solutions tailored for institutions of all sizes With Skan, institutions gain the clarity to act and the agility to respond, preventing fraud and keeping operations compliant 24/7. Welcome to the future of financial integrity. 👉 Learn how we’re transforming AML programs >> https://hubs.ly/Q02V5lgb0 #AML #AMLCompliance #FinancialCrime #BankingRisk #AI #ProcessIntelligence #RiskManagement #FinancialRegulations #SkanAI #FinTechSolutions #TDBank #USEconomy #USFinance #EUFinance #EUCompliance #USCompliance #Press #Pressrelease

Explore how effective KYC is fundamental to leveraging AI, machine learning, and data analytics in your AML programme at Fraud and Financial Crime Asia 2024. Register here: https://okt.to/ICTrMP #KYC #CDD #AML #FinancialCrime #AI #Onboarding

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