Category Archives: Fraud & Security

Fraud & Security 5 Reasons Why AML is More Important Than Ever in 2019

Money Laundering Techniques
Jan302019

There’s a pervasive view that compliance for money laundering remains a cost-centre activity, and is primarily a “check-the-box” exercise to keep the auditors and regulators satisfied. However, that has evolved in recent times. As business volumes and data complexity increase exponentially, AML compliance has taken on a bigger role. There’s a growing realization that compliance needs to be imbued as a culture from the top-down to the entire organization for it to be effective, and that a wider perspective of tackling financial crime is required, rather than separate siloed risk operations. Leaders realize that it not only safeguards the institution’s reputation and shields against regulatory pressures, but works in tandem with other risk operations in the financial institution to reduce risks and thereby improve long-term business prospects. The more modern and relevant view now, is that compliance brings real value to the entire organization, rather than being a distraction or inhibition to business.... [Read More]

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Fraud & Security Banking Fraud – What’s Happening In Asia Pacific?

Banking Fraud
Jan232019

FICO recently hosted 60 banking fraud professionals from 33 organizations and 8 countries at its Asia Pacific Fraud Forum.  Attendees were keenly interested in how artificial intelligence and machine learning continues to be a key technology in the fight against fraud and financial crime. There was also a lot of discussion about the growing convergence between fraud and compliance departments and how business and operational models must adapt. Lastly, there were common challenges around the growing complexity of data sets and the need to deal with them at speed and with greater accuracy. Three of FICO’s fraud leads explain some of the key themes and discussion points raised at our Asia Pacific event. Banking Fraud – Financial Crime Convergence! Adam Davies: During the event, there were many conversations and discussions around the convergence between fraud and financial crime. It was interesting to see that many of the attendees had responsibilities... [Read More]

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