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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-02-29T16:46:00
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
The Treasury said in a press release Wednesday it “recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes [AI] at the beginning of fiscal year 2023.”
Its focus on check fraud stemmed from instances of the practice skyrocketing since the Covid-19 pandemic. Suspicious activity reports conveying potential check fraud increased 21 percent during 2021 before doubling from there in 2022, the Treasury said.
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News and analysis for the well-informed compliance or audit exec.
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2024-06-04T14:10:00Z By Kyle Brasseur
The Equal Employment Opportunity Commission announced the appointment of an officer overseeing the use of artificial intelligence, becoming the latest agency to create the role called for in a President Joe Biden executive order.
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Data center owner Equinix boasts artificial intelligence as a boon to business when power consumption costs related to implementing AI could be detrimental to its profitability, according to short seller Hindenburg Research.
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Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
2024-06-21T18:28:00Z By Aaron Nicodemus
A new report on the use of artificial intelligence in financial services predicts that the technology will drive profits, disruptions, and change over the next decade.
2024-05-08T13:06:00Z By Aaron Nicodemus
Three experts join the Compliance Week podcast to discuss opportunities and risks posed by artificial intelligence, as well as governance frameworks your organization can implement to ensure AI tools are utilized safely and ethically.
2024-05-06T20:23:00Z By Adrianne Appel
Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.
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