Tag Archives: AI

Fraud & Security AI AML Models Help Find the Bad Eggs

AI AML Models

Hope you had a relaxing Easter weekend with family and friends! In between coloring eggs, if you picked up a paper or scrolled through a news site, you probably would have seen the news that $130 million cash was found at the house of the ousted president of Sudan and how the US government foiled a money laundering operation by drug traffickers using bitcoins. Money never sleeps, as they say. Not even for Easter and such events are on the rise and a cause of constant worry for compliance officers all around the world. AI AML Models: Solving a Big Problem So, here’s the key problem. Regulatory bodies around the world have pegged global money laundering at $2 trillion. What’s worse, they estimate that less than 1% is ever caught. So to try and combat this regulators have raised the penalties for institutions found to have facilitated money laundering whether... [Read More]

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Analytics & Optimization Banking AI: 9 in 10 APAC Banks Feel They Lag US & Europe

Banking AI

Banking AI – APAC Survey We recently surveyed 33 chief risk officers from across Asia Pacific at our CRO Forum regarding the operationalizing of banking AI. We found that 91 percent of banks in Asia Pacific (APAC) felt they lagged behind banks in the US and Europe when it came to implementation of AI in their operations. The remaining 9 percent indicated that they were at least on par with US and Europe counterparts, while not a single respondent felt they were ahead. When asked about the biggest challenge in adopting AI and machine learning into existing bank operations, 42 percent indicated that it was the lack of available talent. The use of legacy systems (28 percent) came in second, followed by cost (16 percent). Banking AI – Operationalizing AI “The shortage of talent continues to be an issue worldwide as the use of AI continues to grow quickly,” said... [Read More]

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