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Financial Crime Developments, Resources and Stories: April 2024 Edition

Welcome to the April 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, three main stories emerge: 

How to Boost Automation Rates Using Targeted AI Plus an LLM

Maximizing automation rates is the key to cost-efficient compliance operations at banks, FinTechs and other financial services businesses. It has led to the popularity of WorkFusion AI Digital Workers because they leverage AI, ML and multiple other technologies to maximize automation to reduce manual work, enhance quality, increase speed, and

Financial Crime Developments, Resources and Stories: March 2024 Edition

Welcome to the March 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, three main stories emerge: 

How People Plus GenAI Make A Great Combination

Organizations across industries are looking to simplify the discussion of how AI can be adopted and implemented for true operational efficiency gains. Early successes with machine learning and other forms of AI have accelerated the availability of Large Language Models (LLMs) and Generative AI (GenAI). With that, AI-driven digital workers

Leveraging Explainable AI to Support Model Risk Management 

Model risk management (MRM) is the practice of identifying, measuring, and mitigating the potential dangers arising from using inaccurate or misused models. Think of it as building a fence around a powerful tool, ensuring its outputs are reliable and its use responsible.  MRM is crucial in various fields, especially finance,

Financial Crime Developments, Resources and Stories: February 2024 Edition

Welcome to the February 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: 

Why 3 Banks Switched from Outsourcing to AI for FinCrime Compliance 

When it comes to the challenges of mitigating FinCrime threats – money laundering, terror financing, entanglement with sanctioned persons – the strategy of outsourced FinCrime compliance is failing. This failure is plain to see in the results of Celent’s recent study of bank compliance programs, Technology Transformation in Financial Crime

Helping Compliance Teams Progress with AI

The ACAMS January 2024 meeting of the Boston chapter was held last week and provided a lot of great insights around financial crime fighting in the age of AI. In fact, the event title was Financial Crimes Modeling in the AI Era: Explainability, Optimization, and Governance.  The most significant takeaways arose

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