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The ROI of a Financial Crime AI Digital Worker

Global financial crime compliance costs for financial institutions total more than $206 Billion according to the 2023 LexisNexis Risk Solutions Study. These hard costs are compounded by the confluence of complexities facing financial crime compliance organizations, including keeping up with industry regulations, high attrition/low recruitment rates, increased sanctions, and doing

How IDP Solutions Will Tap Into ChatGPT-4V

To understand the capabilities of ChatGPT-4V (aka GPT-4V), a bit of context is needed around LLMs and multimodal LLMs.   Large language models (LLMs) like the original version of ChatGPT, based on the GPT-3.5 architecture, are designed to process and generate human-like text. Most current LLMs are text-only, meaning they excel

Automation Academy Rolls Out LLMs for Better User Experience

Since 2017, more than 50,000 people have attended WorkFusion’s Automation Academy. Automation Academy is a learning management system that offers courses on how to use our products to WorkFusion customers and provides education to WorkFusion employees as part of their onboarding.   While most of Automation Academy’s 50-plus courses and hundreds

The Unvirtuous Cycle of Staffing Challenges for Financial Crime Compliance Teams 

Employee retention and staffing issues are becoming business as usual in financial crime compliance, according to a new report, Technology Transformation in Financial Crime Compliance, from WorkFusion and Celent. The research found that staff shortages and employee retention are perennial issues that create an unvirtuous cycle for financial crime compliance teams,

4 Key Takeaways from ACAMS Las Vegas 2023 

ACAMS Las Vegas was held last week and provided a lot of great insights and strategic thinking around financial crime fighting and related regulatory compliance for the BFS industry. We found that the most significant takeaways arose from four areas:  Mariah Gause, CAMS, Interim CEO and Chief Operating Officer at ACAMS,

Overcoming AML Transaction Monitoring Challenges with AI

Transaction monitoring (TM) is a process that identifies suspicious behavior indicating money laundering or other financial crimes that occur after a transaction is made by a person or an organization. It is a requirement for anti-money laundering/countering the financing of terrorism (AML/CFT) programs globally and is a critical tool for

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