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Financial Crime Developments, Resources and Stories: November 2024 Edition

Welcome to the November 2024 summary of news you can use as your bank or other financial institution attempts to stay up to date on the world of BSA/AML compliance. Our monthly series of curated news about FinCrime regulatory developments, resources and stories.   In this edition, four main stories emerge: 

The AI Imperative for Sanctions and Adverse Media Screening

Sanctions screening and adverse media screening are two of the most effective processes that banks and other financial institutions (FIs) have for helping to manage and mitigate risk, particularly financial crime risk. When done well, both processes use AI to help review and adjudicate alerts with great impact, as you

How AI Agents De-Risk AML and Sanctions Compliance Operations 

If you are a frequent reader of the WorkFusion blog, you are well aware of how common it is for financial institutions (FIs) to struggle to keep pace with nefarious and sanctioned actors or the array of AML and sanctions regulations put forth to stop them. You can read many

Measuring Sanctions Alert Review Program Success

Organizations are drowning in sanctions alerts. Sanctions screening tools generate a significant number of alerts— of which over 99% are false positives. This can create a huge workload for compliance teams.  That’s why WorkFusion has automated the sanctions screening alert review process with AI-enabled sanctions screening alert review analysts. They

Financial Crime Developments, Resources and Stories: October 2024 Edition

Welcome to the October 2024 summary of news you can use as your bank or other financial institution attempts to stay up to date on the world of BSA/AML compliance. Our monthly series of curated news about financial crime developments, resources and stories. In this edition, four main stories emerge: 

Meet Evelyn LT: Efficient, Affordable Adverse Media Monitoring for All 

In the ever-evolving landscape of financial crime compliance, staying ahead of potential risks is paramount. WorkFusion’s latest innovation, Evelyn LT, is here to revolutionize how organizations handle adverse media monitoring, a critical component of anti-money laundering (AML) due diligence.  What is Evelyn LT?  Evelyn LT is a trial-sized version of WorkFusion’s award-winning AI

The United Arab Emirates Leaps Forward In Its AML/CFT Regime 

Innovation in emerging markets has enabled many nations to ‘leapfrog’ once-leading western nations in certain infrastructure areas. Most infamous among these is mobile communications, wherein great swaths of Asia, the Middle East, and Africa leapfrogged the west – particularly the United States – with advanced mobile networks and devices.   A

The FCA Gets More Hands-On and Innovative with AI

The Financial Conduct Authority (FCA) regulates financial services firms and financial markets in the UK. Following the UK Government’s publication of its pro-innovation strategy in February of 2024, the FCA introduced an update on its approach to AI. In the FCA’s AI update, the regulator makes clear that they are

Relieving the SARs Burden with AI

The volume of suspicious Activity Reports (SARs) filings has started to overwhelm many financial crime compliance organizations. In fact, FinCEN stated in its Year in Review FY 2023 report that 2023 saw a massive 4.6 million SARs filed – a 28% increase over 2022.   The driver behind SARs filing

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