A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
AML
Posted inRisk Management
Google Cloud touts impact of new AML AI product
Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence and machine learning to replace manually defined rules used to spot suspicious transactions.
Posted inEurope
FATF flags Cameroon, Croatia, Vietnam on AML/CFT watchlist
The Financial Action Task Force added Cameroon, Croatia, and Vietnam as part of the latest updates to its so-called “grey list” of jurisdictions under increased monitoring for money laundering and terrorist and proliferation financing.
Posted inRegulatory Enforcement
Crown Resorts agrees to pay $292M over AML/CFT violations
Crown Resorts agreed to pay 450 million Australian dollars (U.S. $292 million) and overhaul its anti-money laundering and combating the financing of terrorism compliance controls for repeatedly violating Australia’s AML/CFT law.
Posted inRisk Management
Inflation: A breeding ground for financial crime
Inflation has ripple effects on individuals and businesses, posing a wide variety of threats to the economy. It not only affects a country’s financial stability but also results in increased financial crime rates.
Posted inAccounting & Auditing
COSO report offers updated fraud risk management program blueprint
A new report from the Committee of Sponsoring Organizations of the Treadway Commission offers a blueprint to organizations for establishing an overall fraud risk management program.
Posted inAML
SEC reopens comment period on beneficial ownership proposal
The Securities and Exchange Commission reopened the comment period on proposed changes to “modernize” its beneficial ownership rule, including shortening certain filing deadlines.
Posted inRegulatory Enforcement
Attorney pleads guilty to aiding sanctioned Russian oligarch
New York attorney Robert Wise faces up to five years in prison after pleading guilty to making payments to maintain U.S. properties secretly owned by sanctioned Russian oligarch Viktor Vekselberg.
Posted inRegulatory Enforcement
FinCEN annual report: How DOJ, IRS use SARs to aid probes
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
Posted inRegulatory Enforcement
Kingdom Trust fined $1.5M over ‘substantially inadequate’ AML controls
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Financial Crimes Enforcement Network for anti-money laundering deficiencies that resulted in violations of the Bank Secrecy Act.