FICO

FEBRUARY 13, 2017

One of the places where AI can make a huge difference today is in anti-money laundering (AML). As regulations become ever more demanding, the rules-based systems grow more and more complex with hundreds of rules driving know your customer (KYC) activity and Suspicious Activity Report (SAR) filing.

Money Laundering 74

Money Laundering AML AI Suspicious Activity Report (SAR) 74

Stax

DECEMBER 4, 2023

With the global economy moving online, corruption, fraud, trafficking, and other illicit activities continue to rise. According to a UN report, money laundering activities of about $1.6 As such, the Bank Secrecy Act (BSA) establishes certain AML program requirements for financial institutions in the US.

Money Laundering 88

Money Laundering Compliance AML BSA 88

FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. AML Threat Score: Reducing False Positives Amid Defensive SAR Filings.

Money Laundering 52

Money Laundering AML SARS AI 52

The Fintech Times

AUGUST 17, 2024

The US subsidiary of a Canadian bank was issued a fine of $65million for unsafe practices related to operational, compliance, and strategic risk management controls. The bank was ordered to pay the fine to resolve investigations by The Office of the Comptroller of the Currency (OCC), an independent bureau of the US Department of the Treasury.

APACS 59

APACS Suspicious Activity Report (SAR) Office of the Comptroller of the Currency Financial Crimes 59

PYMNTS

JUNE 23, 2016

A recent guest blog presented by G2 Web Services explores the obligations acquirers and third parties have when it comes to filing a Suspicious Activity Reporting (SAR) form if there is any suspicion of transaction laundering. According to the post , authored by Theodore F. Monroe and Bradley O.

Suspicious Activity Report (SAR) 40

Suspicious Activity Report (SAR) SARS BSA MSPS 40

FICO

JANUARY 8, 2018

One of the newer applications of artificial intelligence rose to the top of the Fraud & Security blog last year: anti-money laundering. AI Meets AML: How Smart Analytics Fight Money Laundering. Readers were also keenly interested in learning more about cybersecurity and ATM compromise trends.

AML 53

AML Posting AI Suspicious Activity Report (SAR) 53

FICO

DECEMBER 15, 2020

Duguid before the end of June 2021, I believe the court will not only provide some clarity on what an ATDS is but, in doing so, will further facilitate the use by banks and other businesses of legitimate, non-marketing automated or prerecorded voice and text messages to the mobile phones of customers who have the provided requisite consent.

BSA 52

BSA Suspicious Activity Report (SAR) Financial Inclusion AML 52