by gegwp1 | Oct 8, 2024 | Economic Consulting, Industry News
There is an interesting case in the UK where a woman, Wen Jian, is accused of helping an alleged Chinese fraudster, Qian Zhimin, laundering the proceeds of a $6.3B fraud scheme using Bitcoin. Qian is accused of defrauding nearly 130,000 investors in China with...
by gegwp1 | Oct 8, 2024 | Economic Consulting, Industry News
NASDAQ’s Verafin business unit released its 2024 Global Financial Crime Report this week, highlighting the scale of the problem with an estimated $3.1 Trillion in illicit funds flowing through the global financial system. One interesting aspect of the report is the...
by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
In a recent interview, Donna Achimov – the Chief Compliance Officer and Deputy Director of Canada’s FINTRAC financial intelligence unit – highlighted how they increasingly use artificial intelligence to monitor bank activity for suspected money laundering and...
by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
The release of ChatGPT to the public in November of 2020, along with the APIs that allowed developers and businesses to integrate it into their applications and services, has created tremendous demand for AI-driven capabilities. Why? Interacting with a...
by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
Most conversations about using AI in financial crime compliance programs focus on efficiency, especially reducing the rate of false positives. Most transaction monitoring programs have false positive rates above 90%, and investigating these alerts is a wasted effort....
