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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-01-17T22:45:00
A recent survey of financial crime professionals at U.S. banks and nonbank financial institutions found that while three of every four companies had more anti-money laundering (AML) employees in 2023 compared to 2022, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
The key to combating ever-increasing and complex financial crime attacks on their institutions, respondents to Nasdaq’s 2024 Global Financial Crime Report said, is to find and implement technology solutions that employ artificial intelligence (AI) and data analytics tools to detect fraud efficiently and effectively.
The size of the problem, of course, is almost incomprehensibly large. The report found $3.1 trillion in illicit funds flowed through the financial system in 2023, accounting for global fraud-related losses at more than $485 billion.
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News and analysis for the well-informed compliance or audit exec.
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2024-04-16T16:59:00Z By Jeff Dale
The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
2024-02-14T21:32:00Z By Jeff Dale
Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.
2024-02-01T21:06:00Z By Aaron Nicodemus
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
2024-05-21T12:45:00Z By Ruth Prickett
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
2024-05-14T12:00:00Z By Adrianne Appel
Large public companies say they are prepared to comply with the disclosure requirements of the SEC’s new cybersecurity incident rule, according to a survey conducted by Compliance Week and DLA Piper, but concerns exist that those reports could enhance the threat of future cyberattacks.
2024-05-06T09:45:00Z By Aaron Nicodemus
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
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