Tata Consultancy Services Australia and New Zealand’s Post

The transformative potential of technologies like #AI and #GenAI have created new opportunities for growth and innovation for financial services firms. But the same technological advancements have offered fertile ground for criminals to thrive and exploit more people around the world. Addressing the issues requires a multifaceted approach backed by technology and robust compliance solutions. In this webinar, industry experts will discuss: • Fraud and Scams – facts and myths • The global regulatory response to the rising problem • Responses by financial institutions and global innovations in fraud and scam detection and prevention Register now: https://lnkd.in/gSdbJMhs Clare Bannon Akhilesh Mehta Craig Robertson Dr Artur Preus, ICA / CAMS, Tata Consultancy Services SymphonyAI Financial Services and G&C Mutual Bank #financialcrime #fraudmanagement #GenAI #financialservices

The transformative potential of technologies like #AI and #GenAI have created new opportunities for growth and innovation for financial services firms. But the same technological advancements have offered fertile ground for criminals to thrive and exploit more people around the world. Addressing the issues requires a multifaceted approach backed by technology and robust compliance solutions. In this webinar, industry experts will discuss: • Fraud and Scams – facts and myths • The global regulatory response to the rising problem • Responses by financial institutions and global innovations in fraud and scam detection and prevention Register now: https://lnkd.in/g9VS35rc Clare Bannon Akhilesh Mehta Craig Robertson Dr Artur Preus, ICA / CAMS, Tata Consultancy Services SymphonyAI Financial Services and G&C Mutual Bank #financialcrime #fraudmanagement #GenAI #financialservices

💻Technology is revolutionizing #AML workflows, transforming how financial institutions combat #financial crime. Our latest article delves into offering a comprehensive look at how tech is reshaping compliance processes. Explore the challenges of traditional AML methods, the integration of cutting-edge technologies like AI, and the promising future trends in AML tech. This insightful piece is a must-read for anyone in the #financial sector looking to enhance their AML strategies. Find the link to the full article in the comments below! #AMLCompliance #FinancialTechnology #RegulatoryCompliance

CrossFraud is a self-adaptive system powered by AI that helps financial institutions in the effective identification and management of financial fraud, money laundering transactions, and credit risk flags. #mediacoverage #printmedia #mumbaiedition #fraudmanagement #frauddetection #fraudprevention #ai #ml #festivesales #onlinebanking #onlinetransactions #preventscams #payments #india #global The Free Press Journal

What are the pitfalls that you need to avoid when you're implementing AI to detect financial crime? AI is changing the game for anti-money laundering and financial crime detection, helping financial institutions to identify more criminal activity while reducing false positives. To help you get the most from AI, our Chief Solution Officer, Michael Shearer, has highlighted three things that should be avoided during implementation: - Rushing Data Collection - Early Training of AI Models - Insufficient Casework Training Michael provides more advice from his personal experience of implementing AI at a global bank in this article: https://lnkd.in/eqKCWmfT If you'd like to know more about how HAWK:AI can help your organization use AI for AML and fraud detection, book a demo with us today: https://hawk.ai/ #aml #fincrime #banking #financialinstitutions #compliance #ai #machinelearning #aiimplementation

An important survey highlighting the state of Financial Crime in 2024. The key findings include: AI and automation: 89% of firms say they’re comfortable comprising explainability for automation when deploying AI in their AML tech stacks. But how does this compare to regulators’ expectations? PEPs and elections: 61% expect to take a more risk-averse approach to PEPs in the next 12 months. With 40+ national elections scheduled for 2024, will firms be able to keep up with the changing volumes of PEPs? Real-time payments: 90% have joined - or will join - a real-time payments program. What steps must firms take to prepare their AML programs for faster payments? Compliance investments: 49% of firms plan to add new technologies or capabilities, with 46% upskilling their compliance team. Can investments keep up with the growing complexity of financial crime? #financialcrime #financialcrimecompliance #financialcrimes #financialcrimeprevention #compliancemanagement #fraudprevention #frauddetection

🔥🔒 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 #𝗔𝗜 𝗶𝗻 #𝗕𝗮𝗻𝗸𝗶𝗻𝗴: 𝗔 𝗠𝘂𝘀𝘁-𝗥𝗲𝗮𝗱 𝗳𝗼𝗿 𝗘𝘃𝗲𝗿𝘆 𝗕𝗮𝗻𝗸 & 𝗟𝗲𝗴𝗮𝗹 𝗔𝗱𝘃𝗶𝘀𝗼𝗿 🏦 The banking sector has seen an increase in the use of ML techniques, especially in areas like fraud detection, Anti-Money Laundering/Counter-Terrorist Financing (AML/CFT), client profiling, and real-time payment monitoring. The European Banking Authority (EBA) has just released a pivotal report that delves deep into the integration of #MachineLearning (ML) within Internal Ratings-Based (IRB) models. 🎯 Target Audience: Banks looking to leverage AI and ML in their operations. Legal advisors guiding banks through the regulatory maze. 📌 Key Takeaways from the Report: ◾ The report provides insights into the intersection of ML with IRB models, highlighting the potential and challenges. ◾It underscores the interaction between prudential requirements on IRB models and two significant legal frameworks: GDPR and the AI Act. ◾Financial institutions are primarily using ML techniques for Probability of Default (PD) estimation during the risk differentiation phase. ◾Challenges include explaining ML results, traceability, and understanding by management, among others. Overfitting is a significant concern, where models perform well on development data but not on new data. ◾There's a growing trend of using ML for collateral valuation, especially in real estate. In this AI-driven era, it's paramount for banks and their legal teams to stay ahead of the curve. Understanding these developments is not just about compliance; it's about harnessing the power of AI responsibly and efficiently. Stay updated and follow TechnoLawgy for more insights

Dear Network, Excited to share how Concentrix is transforming financial crime prevention with AI-powered AML and fraud detection solutions! Our advanced platforms identify high-risk customer groups, refine monitoring thresholds, and enhance KYC/KYB procedures, making compliance more efficient and effective. Discover more about our AI-driven solutions. Cheers, GB #AML #FraudDetection #AI #Compliance #FinancialCrimePrevention