News & Articles
Industry Insights & Perspectives From The GlobalEcon Staff
A Tale of Two Hot Sauces: Spicing Up Diversification
Achal Bassamboo and James G. Conley The contrasting paths of two hot sauce manufacturers show that managing exposure on multiple fronts is essential. It was the best of times, it was the worst of times. The divergent fates of two rival condiment businesses — the best...
The Risk of Prompt Transformation
The recent controversy around Google’s image generation where it is accused of engineering its Gemini AI application to produce “woke” images intentionally highlights a concept in AI development known as Prompt Transformation. Most users interact with AI Large...
Can banks ever achieve 100% compliance with international sanctions?
According to an article in the February 5th, 2024, Financial Times, an Iranian state-owned oil company, Petrochemical Commercial Company Iran (PCC), used UK-registered front companies to evade US sanctions and hold active accounts at Santander UK and Lloyds. Leaked...
Where is the Gen AI Easy Button?
The buzz around Gen AI has reached a fever pitch. At the recent WEF conference in Davos, it was all anyone wanted to discuss. Sorry ESG. Sorry Crypto. As my daughter would say – “you are so last semester!” Forecasts predict that workers will lose all sorts of...
Chinese Money Laundering Case Highlights Challenges with Crypto
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...
Is it Time to Consolidate Your Surveillance Infrastructure?
Financial institutions have multiple obligations to surveil the activity and behavior of their clients, counterparties, and associates. The scope of these obligations is growing as a higher percentage of client interactions are digitized, creating the expectation by...
User Experience is a Big Factor in Preventing Financial Crime.
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...
Regulators Looking to AI to Combat Financial Crime
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...
Global Economics Group Expands Treasury and Capital Management Team
Global Economics Group Expands Treasury and Capital Management Team
Do Faster Payments Facilitate Financial Crime?
The world is moving to real-time or near-real-time payments. The G20 established a Roadmap for enhancing cross-border payments in November of 2020. The roadmap aims to reduce costs and increase cross-border payments' speed, access, and transparency. The speed target...
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