Hawk’s Post

Hot on the heels of the The Wolfsberg Group statement on the importance of Entity Resolution in Monitoring for Suspicious Activity I'm delighted to share Hawk's exciting new Entity Risk Detection capability. The ability to join the dots and add context to Financial Crime detection and investigations is an essential element of an effective control environment. Hawk's new Entity Risk Detection capability reveals hidden risk, piecing together the clues for you in real-time to prevent, detect and act with confidence in derisking your customer book. This capability makes it harder for bad actors to hide in the cracks between our systems and data, raising the bar to obfuscate money flows and shelter behind fake identities. If you'd like to learn more about this exciting new capability please contact Hawk for a demo or for a deeper dive into the art and science of Entity Resolution here is a shameless plug for my book, Hands On Entity Resolution published by O'Reilly (link in comments)

The Changing Landscape of Anti-Money Laundering: Adapt and Thrive Criminal elements have become more sophisticated, exploiting the complex web of online transactions to blur their illicit money trails. It is necessary for financial institutions to adapt to the changing landscape or be left behind. it is critical for financial institutions to build and solidify their compliance landscape, enhancing compliance performance and eliminating errors. Emerging Challenges in Financial Crime Prevention The increasing sophistication of financial crime and the rapidly evolving nature of technology have created new challenges for financial crime prevention. Here are some of the emerging challenges in financial crime prevention: As financial transactions increasingly move online, cybercriminals are finding new ways to exploit vulnerabilities in digital systems which allows them to make illegally acquired funds become legitimate. Criminals use cryptocurrencies to convert illegal funds into legitimate assets, making it difficult for law enforcement agencies to trace the source of the funds.  While artificial intelligence and automation can be used to detect and prevent fraud, they can also be used by criminals to orchestrate more sophisticated attacks. The increasing focus on privacy and data protection makes it difficult for financial institutions to access and share customer information for fraud detection and prevention How can Financial institutions thrive in the changing AML Landscape? Financial institutions can thrive in the changing Anti-Money Laundering (AML) landscape by taking a proactive and strategic approach to managing risk and complying with regulations. Here are some steps they can take: Invest in Technology: Leverage advanced technologies like artificial intelligence and machine learning processes to enhance your AML capabilities to automate processes, improve accuracy, and reduce costs. Enhance Due Diligence: Conduct thorough due diligence on customers, vendors, and third-party partners. Perform KYC verification to ensure customers are verified Unified Data Solutions: Invest in unified data solutions to centralize and streamline data from various sources, enabling a holistic view of customer and transaction data for better risk assessment. Develop a Culture of Compliance: Foster a culture of compliance within the organization, starting from the top down. Real-Time Transaction Monitoring: Implement real-time transaction monitoring to detect suspicious activities as they occur, allowing for faster responses and reducing the risk of financial crimes. By following these steps, financial institutions can not only survive but thrive in the constantly evolving AML landscape, manage risks effectively, maintain public trust, and avoid costly penalties for non-compliance. #AML #FinancialCrimePrevention #Artifical intelligence #Machine learning #FinancialInstitutions #Data solution #Real-time monitoring

FullCircl has partnered with financial crime intelligence company ComplyAdvantage to facilitate #AML and #KYC screening 🤝 The new approach to AML and risk management, that this partnership extends, can enable businesses to onboard and monitor their workforce, whilst reducing false positives by 70% 🤯 The main offerings that the partnership makes available to financial institutions are global PEP and sanctions watchlist screening, real-time adverse media updates that are calibrated to the FATF and the EU money laundering directive for AML, as well as dynamic live credit and risk profiles ✅ Earlier in 2023, ComplyAdvantage announced it launched a fraud detection solution that made use of machine learning algorithms to identify and prevent fraudulent transactions 🤖 Congratulations to everyone at ComplyAdvantage and FullCircl with the partnership 👏 #partnership #financialcrime #riskmanagement

NICE Actimize announced the launch of its breakthrough Suspicious Activity Monitoring (SAM-10) solution 🙌 Built to detect more suspicious activity while reducing false positives, NICE Actimize’s SAM-10 introduces significant enhancements to its award-winning anti-money laundering solution, incorporating multiple layers of defense which strengthen the others and offer comprehensive coverage and detection of suspicious activity for financial institutions 🕵️♀️ The new SAM-10 solution’s entity-centric AML approach delivers data to enrich profiles and multiple layers to segment, monitor, and ensure that only true suspicious activity is identified. With SAM-10, suspicious activity can be intricately understood, accurately monitored, and detected more quickly 🔎 NICE Actimize’s SAM-10 also offers next-generation analytics, including machine learning for advanced anomaly detection, model optimization, and network risk analytics, detecting suspicious relationships and transaction patterns accurately 🤖 Amazing work NICE Actimize, oh, and great name of the new solution! 😏💪 #aml #fincrime #transactionmonitoring

Is your institution lacking a consolidated view on financial crime? FRAML can help you to detect more crime, more quickly, while streamlining investigations. - FRAML provides a comprehensive approach that combines fraud detection with anti-money laundering (AML) measures. This unified framework allows financial institutions to enhance their risk management capabilities, uncover interconnected criminal schemes, and mitigate the potential financial, reputational, and legal risks associated with fraudulent transactions and money laundering. - Traditionally, fraud and AML functions operated independently, each with its focus. However, collaboration and information sharing are the keys to success. Working hand-in-hand allows for quicker identification of potential fraud or money laundering, streamlining investigations and leveraging the strengths of both teams. - While fully integrating operations works for some financial institutions, there are varying degrees of FRAML integration. Each organization has different processes and resources, so each organization will integrate Fraud and AML in a unique way. The key for financial institutions is having a system to share data and intelligence across teams, even if Fraud and AML teams operate completely independent of one another. Find our full article on FRAML here: https://lnkd.in/eQizBurp If you'd like to know more about how HAWK:AI's unified platform enables a FRAML approach within your organization, request a demo today. #fincrime #aml #framl #fraud #ai #artificialintelligence

Reasons why financial crime detection teams should adopt AI: “There’s just so much data out there, that for a human being to sift through it becomes an insurmountable task.” So said Ramon Ramirez MA CAMS, CDCI, Director of AML/KYC Operations at Western Alliance Bank, on our webinar with PYMNTS last week. He was joined by Miguel Navarro, Head of Client Identity Verification and Authentication at KeyBank, and Chris Caruana (MBA, CAMS), VP of Strategy at HAWK:AI, to discuss uses of AI within the banking industry. In the session, they discussed: - When is it appropriate to use AI in anti-financial crime - The difference between an AI approach and a traditional approach - The change management checklist for banks Watch the live recap session at: https://lnkd.in/etYSBdZW #aml #fincrime #pymnts #banking #bankingtech #compliance #ai #machinelearning #webinar #paneldiscussion #toughquestions #changemanagement

DataVisor’s AML solution helps combat sophisticated financial crimes: DataVisor announced its latest offering: an end-to-end anti-money laundering (AML) solution boasting technology and comprehensive functionalities powered by machine learning and AI. Amidst increasing regulatory compliance requirements and the growing complexity of financial crime tactics, this essential solution stands out for its ability to cover the entire AML workflow, while fitting seamlessly into customers’ current workflows. The solution integrates with DataVisor’s AI-powered fraud platform natively, offering a unified fraud and anti-money laundering (FRAML) approach. This … More → The post DataVisor’s AML solution helps combat sophisticated financial crimes appeared first on Help Net Security.

🎖 🚀 Love that WorkFusion has been recognized as a heavy-hitter and trend-setter in fighting financial crime on the first-ever FinCrimeTech 50 list. Thanks FinTech Global for the recognition of the work that our AI Digital Workers are doing in the AML space. #FinCrimeTech50

Happy Wednesday!!! In today's ever-evolving financial landscape, the battle against financial crime is a multi-dimensional challenge. Both Fraud Prevention and Anti-Money Laundering (AML) are crucial components, working in tandem to protect businesses and customers from risks. Spotting the Differences: Fraud detection revolves around identifying unauthorized or deceptive activities that can lead to financial losses. AML, on the other hand, targets the illegal movement of funds, often through disguising the origins of ill-gotten gains. While distinct, these areas intertwine when it comes to the use of data-driven monitoring tools. The Common Thread: KYC/KYB Data: Know Your Customer (KYC) and Know Your Business (KYB) data are foundational pillars for both Fraud and AML monitoring. Accurate and up-to-date customer information enables proactive risk assessment. Seamless integration of KYC/KYB data not only assists in profiling genuine customers but also exposes potential red flags that might indicate fraudulent or suspicious activities. A Call to Tech Innovators: The real power lies in viewing these components holistically, rather than in isolation. It's time for tech innovators to transcend silos and envision a united approach. By fusing Fraud Prevention, KYC and AML into a cohesive strategy, new tech companies can develop solutions that provide comprehensive protection against financial crime. Synergy between these tools enhances detection accuracy, reduces false positives, and minimizes the compliance burden. Together, we can create a harmonious symphony of defense, harnessing the full potential of data to shield against financial threats. 💪 #FinancialCrimePrevention #FraudDetection #AMLMonitoring #KYC #KYB #TechInnovation #Collaboration #DataDrivenInsights #humpday

What should other financial institutions learn from the recent scandal surrounding TD bank? One main takeaway is that banks need to act now when it comes to AML processes, rather than attempting to rapidly fix gaps once an incident occurs. This means taking investigative techniques, such as OSINT, seriously – learn more below: https://hubs.li/Q02zcyRr0 #AML #Compliance #FinCrime