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Financial Crime Developments, Resources and Stories: July 2024 Edition

Welcome to the July 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:  FinCEN

8 Questions to Ensure Your Financial Crime Compliance Program Pursues AI Correctly

Bad actors are continuously innovating their money laundering schemes, pushing the compliance organizations within banks and other financial institutions to do the same. Yet, compliance organizations have struggled in recent years to stem the flow of employee departures and to find candidates who can help overcome shortfalls in employee headcounts. As

Understanding Secondary Sanctions and Their Compliance Requirements

Over the last 15 years, the U.S. government has increasingly applied secondary sanctions as a tool to expand the reach and effectiveness of U.S. primary sanctions programs. With the use of primary sanctions, the U.S. government prohibits U.S. entities and individuals from engaging economically with designated foreign entities and individuals.

Financial Crime Developments, Resources and Stories: June 2024 Edition

Welcome to the June 2024 summary of news you can use to help keep your bank or financial institution up to date in the world of BSA/AML compliance. This is our monthly series of curated news about financial crime developments, resources and stories.   In this edition, four main stories emerge: 

AI in Compliance: Bridging the Business and Technology Divide

With most financial institutions (FIs) now either using or exploring AI, the key to fully leveraging AI’s power effectively lies in its successful integration with people, process and technology. This is especially true for compliance departments that seek to use AI to keep pace with the fast-moving FinCrime landscape and

Understanding United States Sanctions Programs and Lists

Governments and multinational bodies impose economic sanctions to try to alter the strategic decisions of state and nonstate actors that threaten their interests or violate international norms of behavior. Sanctions are meant to influence the behavior of other nations and individuals and are intended primarily to restrict or block access to

Third-Generation Release of Evelyn and Tara: GenAI + Enhancements Drive Higher Automation Rates, Improved Performance and Better Customizability

WorkFusion has announced the general availability of its third generation of Digital Workers, Evelyn, an AI adverse media and sanctions screening alert review analyst and Tara, an AI transaction screening analyst. The latest release, which incorporates GenAI, provides significant product enhancements and further revolutionizes the way financial crime compliance teams

U.S. Sanctions Hundreds More Foreign Entities: How Compliance Teams Can Handle the Surge in Volume and Complexity

On May 1, 2024, the United States imposed sanctions on multiple companies in China as well as Azerbaijan, Belgium, Russia, Slovakia, Turkey, and the UAE – nearly 300 in all – for their support of Russia’s war in Ukraine. “The almost 300 targets being sanctioned by both Treasury and the

Great Data Plus AI-Driven Decisioning: A Winning Formula in Adverse Media Screening

Over the past ten years, the level of regulatory scrutiny of financial services firms’ financial-crimes compliance has expanded significantly, with regulators around the globe taking scores of enforcement actions and levying $36 billion in fines. Many financial institutions have scrambled to implement effective remediation efforts, and as a result, staffing

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