Inferyx’s Post

What are the key takeaways from the new Financial Conduct Authority consultation on its financial crime guidelines? Here are four points on transaction monitoring that financial institutions should note: 1. The FCA recommends gaining a holistic view of customer behavior 2. They highlight the importance of monitoring transactions at multiple levels 3. They encourage focusing on the overall results that new systems can deliver, rather than a like-for-like comparison with traditional approaches 4. They endorse the use of new approaches to automated monitoring This indicates a move towards increased use of machine learning, network analysis, and entity resolution as key tools in the fight against financial crime. Read more: https://lnkd.in/dqUupfKY Contact Hawk if you'd like to know more about how we can help with AI for transaction monitoring and other anti-financial crime solutions. #aml #transactionmonitoring #fincrime #fca #compliance #banking #payments

Are your Data & Systems ready for Detecting and curbing Mule Accounts Illegal financial activities, particularly money laundering, are facilitated by use of mule accounts, thereby posing significant risks to the banking industry. Money mules have also been extensively used to transmit proceeds of crime across multiple accounts & layers to avoid detection. Early detection of mule accounts requires efficient and effective strategies and technologies in banks, to safeguard the financial system. #RBI #FraudRiskManagement #EWS #FinancialCrimesManagement #AI #ML Vineet Khanna, FIAI, FRM, SCR Pradeep Godbole Kiran Surve Srinarayan Pareek www.riskintellect.com

Our All-in-One Compliance Solution 🚀 Simplify your regulatory filings with Regscape! Our powerful platform consolidates all your filings in one place, helping you navigate complex regulatory landscapes effortlessly. Whether you’re in banking or insurance, Regscape ensures full compliance across jurisdictions. 🌍 Stay ahead with our built-in XBRL templates, AI-driven analytics, and flexible data models! 📈 Want to know how? Let’s chat! #Regscape #Compliance #RegulatoryFiling #AI #Banking #Insurance #XBRL #DataValidation

Explore the top five fintech AI use cases driving innovation in 2024. Discover how artificial intelligence is revolutionizing fraud detection, customer service, risk management, personalized banking, and investment analytics in the financial sector. 🎯 𝐊𝐧𝐨𝐰 𝐌𝐨𝐫𝐞 👉 https://lnkd.in/eGNp8au2 #FintechAI #AIUseCases #FraudDetection #CustomerService #RiskManagement #PersonalizedBanking #InvestmentAnalytics #FinancialInnovation

As financial networks become more complex and globalised, it gets even more difficult to detect TMBL risks. Financial institutions are shifting from the traditional KYC (Know Your Customer) approach to an even more comprehensive KYCC (Know Your Customer’s Customer)/KYCS (Know Your Customer’s Supplier) approach, to better identify and mitigate risks. Pressure from regulators is another driver for this shift - financial institutions are expected to have a more wholesome view of the entire transaction chain. Technology is the banks’ best resort. Advanced technologies, such as Complidata’s FCRR, provide banks with dynamic, updated information around a customer, instead of the static data that they manually gather, much faster and much more accurately. Banks are now able to leverage these data from a much earlier stage, from a transaction, pre-payment level, for the detection of TBML risks, without having to escalate to the investigators. Our CEO Ben Arber discussed this in more details in the video cut below. He also touched upon the specific uses and limitations of some of the AI techniques being used on the market. Watch the full video here: https://lnkd.in/d7vAn_Xw #kycc #kycs #banking #genai #amlcompliance Alan Morley Huron Dennis Greenberg Mike Willhelm Gary Collyer Matthias Verbeke Roderick Trekels Alex Gray Bharat Ram Ammu Mathieu Cruts

Banking, Financial Services and Insurances Just Got Smarter! 🏦💡 Dive into the future with AI/ML innovations tailored for BFSI. From predictive analytics to fraud prevention, Harrier Information Systems has you covered. Transform your operations today! 🚀 [email protected] | 91 9860001615 | www.harriersys.com #BFSI #AI #MachineLearning #Fintech #PredictiveAnalytics #FraudDetection #CustomerExperience #Innovation #DigitalTransformation #DataScience #TechSolutions #FinancialServices #FutureOfFinance #BusinessIntelligence #HarrierInformationSystems #Acceleratingdisruption

In 2023 alone, consumers lost a record $10 billion to financial fraud. With bad actors using advanced mechanisms, companies across the banking, investment, insurance, and accounting sectors are feeling the impact. While many use rules-based fraud detection, these methods fail to keep up with sophisticated hacker techniques. Explore how AI models can enhance financial fraud prevention: https://lnkd.in/dpNVZn8V #FinancialFraud #AI #FraudPrevention #Banking #Insurance #Investment #Technology #Innovation #Pratititech

Fraud prevention and payments? See how this article from Discover Global Network gives insight into how fraud prevention is an important commercial payment feature to SMEs and corporates.  #DiscoverEmployee #FraudPrevention #Crucial #Commercial #Payments 

Discover how FSIs can enhance their financial crime and fraud programs by leveraging the power of #AI and #data in our latest blog. Read more for practical insights and real-world applications that can transform your compliance teams: https://okt.to/kOdzTX #DecisionIntelligence #FinancialCrime #insurance #insurtech #fintech Brian Ferro, CAMS

HSBC has harnessed Silent Eight’s #AI to dramatically improve its risk management since 2020 – and now I’m excited to announce they’re continuing to step up their #compliance game with our Automated Alert Closure for Transactions   Like the other Silent Eight offerings already part of HSBC’s tech stack, this solution is powered by our signature white-box AI, built with transparency and total explainability in mind. That means it doesn’t just enhance the efficiency and accuracy of risk management – it also significantly improves its auditability, ensuring the bank can easily provide necessary information to regulatory organizations and ensure #compliance to sanctions and other #FinancialCrime-preventing measures.   Learn more ⬇️ #TransactionScreening https://lnkd.in/dJv25uxb