HSBC’s Post

The ongoing debate of AI will continue for many years. AI will make it easier for criminals to perpetrate sophisticated scams at scale, and to impersonate trusted institutions, friends and family members, raising serious questions about trust in content. But it is made equally clear, AI will better enable banks and others to identify and prevent fraud and scams. Chatbots will engage with chatbots uncovering critical information about criminal operations. And AI will free up the time of specialist investigators to focus on the most difficult cases! We must not underestimate the threats AI can pose. Nonetheless, we must take it in our stride to do better to protect others.

Can #AI help combat the trillions of dollars in illicit funds flowing through the global financial system? Deloitte’s Nikhil Aggarwal discusses the technology’s ability to uncover criminal networks and enhance investigations into #financialcrime in a new article from Quartz.

Can #AI help combat the trillions of dollars in illicit funds flowing through the global financial system? Deloitte’s Nikhil Aggarwal discusses the technology’s ability to uncover criminal networks and enhance investigations into #financialcrime in a new article from Quartz

As regulators and industry grapple with the rapidly evolving threats and opportunities brought by technological advancements, the role of compliance officers is crucial in mitigating risks and enhancing AML/CFT programs. New York City Bar Association’s latest report, “Artificial Intelligence and Machine Learning in Financial Services: Opportunities and Challenges in Anti-Money Laundering and Combatting the Financing of Terrorisms”, serves as a resource for financial institutions and AML/CFT Compliance Officers who are implementing or considering implementing AI or machine learning systems into their AML/CFT Compliance Programs. FRA’s Doel J. Kar, Rim Belaoud, Shivam Patel, and Gerben Schreurs lent their forensic accounting and analytics expertise to this comprehensive and practical guide. Access the full report to learn about regulatory expectations, trends in AML/CFT compliance programs, and actionable strategies to navigate the complexities of AI/ML integration effectively: https://lnkd.in/e-EYfJpu  #AML #compliance #technology  

The fight against money laundering and financial crime has never been more critical than in today’s rapidly evolving financial services landscape. Organisations face the daunting task of monitoring vast amounts of transactions and customer data to detect and report suspicious activities. Enter AI and the possibility for game-changing solutions that revolutionise Suspicious Activity Reporting (SAR) and empower organisations to stay ahead of increasingly sophisticated criminal activities. Read more... #Regtech #fraudmanagement #antimoneylaundering

Banks to Save £105 Million Fighting Financial Crime with Breakthrough AI Copilot Plugin Read more: https://lnkd.in/dWANWczC #financialcrime #AI #finance #fintech #FinancialIT

The ongoing development and adoption of AI in financial systems is having a transformative effect on the intricacies of regulation and efforts to combat money laundering. Read more: https://hubs.li/Q02nNG8g0 Post written by Sash Thapa, Forbes Councils Member.

Rather than putting your whole trust in opaque/closed AI in financial crime compliance which may generate alerts, but cannot be well understood by AML analysts; it’s important to pair it up with a library of financial crime typologies most relevant to your business and risk appetite. Read about our compliance first approach to AI, from our Chief Product Officer William Monk: https://hubs.li/Q02ydR0G0

Lucinity has been featured in an article written by Siddharth Venkataramakrishnan from the Financial Times for our innovative use of generative AI to combat financial crime. As financial professionals increasingly raise their concerns about the misuse of AI to perpetrate financial crime, companies like Lucinity are providing tools to support compliance teams to enhance the efficiency and accuracy of their investigations. Learn more at: https://lnkd.in/ey6nd8ti #fincrime #financialcrime #compliance #regtech #antimoney #laundering #generativeAI #chatGPT #GenAI #banking #fintech #payments #AI

Synthetic data can help build more robust models for use case such as financial fraud detection. Join Richard Harmon, Stephen Quick CFA and Jessica Cath to hear about integrating internal, external, and synthetic data into AI models is crucial for safeguarding transactions and customers from fraud. 📅 Don't miss this Finextra webinar with Red Hat, FinCrime Dynamics and Thistle Initiatives! Register here: https://lnkd.in/eifPyDax Tues, July 23rd 15:00 BST | 16:00 CEST | 10:00 EDT #FraudDetection #AI #FinancialCrime #DataIntegration #Banking #FraudDetection #AI #FinancialCrime #DataIntegration