What does Labour’s sweeping majority mean for the fintech industry? Dan Mcloughlin, Fraud and Security Specialist at Lynx Tech, emphasizes the need for maintaining the UK's global leadership in finance. Tiago Veiga, CEO at Aurum Solutions, highlights the importance of pragmatic AI regulation. #UKPolitics #AI #FinancialServices
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Nowadays, emerging technologies are used to commit financial crimes. These technologies industrialize the perpetrator. Deepfake, Gen AI, and machine learning make them easily exploit the victims. The total loss from the various crimes is trillions of dollars globally, which seriously impacts the global financial system. Scams contribute to the high total losses in every region. It's over 480 million dollars in global losses to consumers and businesses. Stakeholders should reduce risk because financial crime must be stopped as soon as possible. By having advanced intelligence technologies, the FIS can prevent and detect in real time. Moreover, the public-private partnership should be established more since some countries have done it. The collaboration will make the prevention and detection more precise. If you need assistance to get the advanced intelligence to fight financial crime please reach out Q2 Technologies. #ComplyWithQ2 #TBFC #AML #AntiFraud.
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🎁 The holiday shopping season brings many transactions - and with that, it can bring fraud and financial crimes. Financial Institutions are putting in place resources to combat this, using advanced technology like artificial intelligence #AI and machine learning #ML. We're excited to be a part of this PYMNTS article featuring our Compliance-as-a-Service (#CaaS) solution, helping banks this holiday season and always with real-time anti-money laundering transaction screening and AI-powered transaction monitoring. 👇Read more below https://okt.to/bXBOc9
Good vs. Bad: Fraud Losses at FIs Up 65% as Sides Turn to AI
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KYC, Process and Controls - Platforms & Technology at TD | 16 years of AML, KYC, and Sanctions Experience in 1LOD and 2LOD I Let’s discuss Program Uplifts, Operations Management, Data, Automation, and AI
Top financial regulators from both sides of the Atlantic, Nikhil Rathi of the Financial Conduct Authority (FCA) and Gary Gensler of the U.S. Securities and Exchange Commission (SEC), recently delivered speeches about generative artificial intelligence (AI). They highlighted the challenges and opportunities that AI presents, particularly in improving market surveillance and monitoring, addressing fraud and money laundering more efficiently, and providing better information for investors. Tony Sio of Nasdaq Anti-Financial Crime also emphasized AI's effectiveness in identifying patterns of abuse within vast data sets, making it a valuable tool in combating financial crime. #ai #artficialintelligence #generativeai #fraud #insidertrading #moneylaundering #financialcrime #tradesurveillance - Traders Magazine - Financial Conduct Authority - U.S. Securities and Exchange Commission - Nasdaq - Tony Sio
AI Gains Traction as a Surveillance Tool
http://fincrime.news.blog
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Criminals are increasingly using Generative AI for financial crime, creating challenges for traditional anti-money laundering and fraud prevention methods. 🔍💰 The Nasdaq report urges financial institutions and regulators to adopt advanced technologies like Generative AI to combat financial crime effectively. 📈🤖 This technology can predict anomalies, adapt to evolving crime patterns, and cut costs, making it both a necessity and a smart business move. 💡💼 Flagright's AI-powered AML platform is highlighted as a solution to fulfill regulatory requirements and gain a competitive edge. 🛡️🏦 Staying ahead in the fight against financial crime requires the adoption of Generative AI. 🚀🔒 DM me if you'd like to know more! 📲 #FinancialCrime #GenerativeAI #AML #NasdaqReport #AI #RegTech #Fintech
Leveraging Generative AI in the Fight Against Financial Crime: Insights from the Nasdaq Report 🚀 As we continue our deep dive into the Nasdaq report in this third post of our series, the spotlight falls on a critical issue: the use of Generative AI by criminals 🎭. This trend not only underscores a growing challenge but also highlights an opportunity for the 'good guys' to level up their #defense mechanisms. Criminals are increasingly exploiting Generative AI to sophisticate their tactics, from creating synthetic identities to simulating legitimate financial transactions 🕵️♂️🌐. This technology is now a reality in the underworld of financial crime, making it tougher for traditional anti-money laundering (AML) and #fraud prevention methods to keep up. The Nasdaq report makes a compelling case for the urgent adoption of advanced technologies by financial institutions and regulatory bodies 📈. Generative #AI isn't just an add-on; it's a necessity to stay ahead in this high-stakes game. With its ability to predict anomalies, adapt to evolving crime patterns, and analyze complex data, this technology can be a game-changer in AML efforts. But here's the clincher: Adopting Generative AI goes beyond regulatory compliance. It's a smart business move too 🏦💡. It streamlines operations, cuts down costs, and enhances a company’s reputation. It's a clear signal that an institution is not just compliant but also innovative and secure. This is where Flagright's AI-powered #AML platform comes into play 🛡️🤖. Offering cutting-edge, AI-driven tools, it empowers the private sector to not only fulfill regulatory requirements but to also gain a competitive edge in operational efficiency and proactive financial crime prevention, contributing to the integrity and robustness of our financial system globally. The fight against financial crime is not just about keeping up; it’s about staying ahead, and Generative AI is key to that 🚀🔐. #AML #FinancialCrime #GenerativeAI #NasdaqReport #bitesizedcompliance #Fintech #RegTech
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🎁 The holiday shopping season brings many transactions - and with that, it can bring fraud and financial crimes. Financial Institutions are putting in place resources to combat this, using advanced technology like artificial intelligence #AI and machine learning #ML. We're excited to be a part of this PYMNTS article featuring our Compliance-as-a-Service (#CaaS) solution, helping banks this holiday season and always with real-time anti-money laundering transaction screening and AI-powered transaction monitoring. 👇Read more below https://okt.to/7IRlhV
Good vs. Bad: Fraud Losses at FIs Up 65% as Sides Turn to AI
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"𝗔𝗜 𝗼𝗳𝗳𝗲𝗿𝘀 𝗮 𝗽𝗮𝗿𝗮𝗱𝗶𝗴𝗺 𝘀𝗵𝗶𝗳𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗳𝗶𝗴𝗵𝘁 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗰𝗿𝗶𝗺𝗲." 🛡️ Combatting financial crime is crucial in the complex world of financial services, with traditional methods falling short of evolving tactics and costing billions annually. In Compare the Cloud's latest article, NorthRow's CEO, Andrew Doyle, discusses how AI is not just improving, but revolutionising financial crime prevention, touching on several key advantages. 📈 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗗𝗲𝘁𝗲𝗰𝘁𝗶𝗼𝗻: Analyses multiple data sources, minimising false positives 🚨 𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝘃𝗲 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀: Proactively identifies risks before they materialise 🚩 𝗥𝗲𝗮𝗹-𝘁𝗶𝗺𝗲 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴: Flags suspicious behaviour instantly, reducing losses 🔍 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗕𝗼𝗼𝘀𝘁: Adheres to regulations and identifying suspicious transactions 📰 Read up on Andrew's full article here: https://lnkd.in/eAUrsXgw #FinTech - #RegTech | #FinancialCrime | #AI | #FutureOfFinance
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📢 Fincrime folks! - Here's a recent report by Capgemini & WorkFusion This report explains the 7 benefits that AI offers to financial crime teams to stay ahead of the criminals that are also using AI, leaving financial institutions vulnerable. As compliance costs continue to skyrocket due to inefficiencies and false positives. There is hope. By strategically adopting AI, institutions can gain speed, accuracy, and cost savings. However, this power requires careful integration with human oversight to ensure regulatory compliance. AI can be a game changer in the fight against financial crime, but only with a well defined strategy. #financialcrime #aml #sanctions #compliance #kyc #ai #automation #financialservices
Using AI is the only way to address sanctions and adverse media screening
https://www.capgemini.com
