Unravelling the importance of CIP rules for financial institutions

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Unravelling the importance of CIP rules for financial institutions

August 24, 2023

Financial institutions often fall prey to money launderers who exploit these platforms to funnel, mask, transfer, and cleanse ill-gotten gains. This doesn’t just endanger...

Companies

Managing PEPs: The frontline in battling financial crime in 2023

August 16, 2023

Politically Exposed Persons (PEPs) are a key topic of discussion right now. Fenergo recently took the chance to dip deeper on PEPs and the fight against financial crime.

Companies

Navigating AML compliance in 2023: A detailed guide for MSBs

August 08, 2023

Money Service Businesses (MSBs) have emerged as a crucial part of the financial ecosystem, bridging a gap that once only traditional banks would fill.

Anti-Fraud

Flagright joins forces with ATII: A bold step in the fight...

July 31, 2023

Flagright, renowned as a global force against financial crime, has formally announced its collaboration with the Anti-Human Trafficking Intelligence Initiative (ATII).

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Transforming corrupt cash flows: A look into the world of RegTech...

July 24, 2023

Fenergo FinTalks podcast has released its latest episode where it aims to offer the newest insights into the world of RegTech, compliance, and anti-money laundering (AML).

Anti-Fraud

Starling Bank collaborates with Napier to bolster financial crime compliance

July 18, 2023

Starling Bank, a leading British digital challenger bank, has chosen Napier, a London-based intelligent compliance technology firm, as its preferred platform for Anti-Money Laundering (AML) and counter-terrorism financing (AML/CTF). The partnership aims to enhance the bank's financial crime compliance.

Companies

Smurfing in money laundering: How Flagright’s AI tools are reshaping the...

July 12, 2023

Dive into the intricate world of smurfing, a subtle form of money laundering, and learn about the transformative role Flagright's AI-powered tools are playing...

Companies

Unlocking the power of free OSINT tools for robust AML operations

July 04, 2023

Understanding the potency of Open Source Intelligence Tools (OSINT) is crucial for risk management in today's tech-savvy world. Sigma Ratings recently outlined eight free...

Companies

Shifting legal landscapes: Decoding UBO rule enhancements in APAC

June 27, 2023

Moody's Analytics recently put a spotlight on the ongoing ultimate beneficial ownership (UBO) rule enhancements in the Asia Pacific region.

$For example, let’s say you’ve applied for a life insurance policy. On the other end, a team of underwriters looks at your application information — age, habits, personal data, income, lab results, blood tests, a physician’s summary — and manually identifies your risk against a predetermined set of markers. That level of risk then dictates how high a premium you’ll have to pay. Some applications are rejected outright. Today, it costs most life insurance companies upwards of $500 just to reject a life insurance application. A technology like generative AI can come to the same conclusion regarding those risk factors based on the biomarkers in your application at a fraction of the cost. Of course, an approved application carries a higher financial risk for the provider than a rejected application. So while a company may be able to use technology that is only 70% accurate to reject applications, that rate won’t cut it for approving them. Regardless, even if just half the manual work is eliminated customers will be served more quickly and effectively at a lower cost to the provider. The immediate opportunity for industries like healthcare and insurance is to identify which applications they can accept under 100%, and begin to leverage generative AI for those tasks. Applied to the world of healthcare and insurance, generative AI has enormous potential capabilities. For customers of these industries, costs continue to go up and access to care is dwindling. In the United States especially, going to the doctor is an experience full of friction. Recently, I started to feel a bit unwell the day before a long flight. It wasn’t an emergency situation, but a time sensitive one. Though I’ve been seeing my primary care physician for over 20 years, they couldn’t see me on short notice and sent me off to urgent care. All I really needed was a quick diagnosis to give me peace of mind before I sat on a plane for 16 hours. A technology like ChatGPT has the potential to provide a diagnosis like that, without requiring a trip to the doctor. Or worse, urgent care. Access to healthcare is critical. I have better than average insurance, but still couldn’t get the help I needed when I needed it. Think of how it must be for one of the millions of people who don’t have the same quality of insurance or care. It shouldn’t be like that, nor does it need to be. Technologies like ChatGPT have the potential to democratize healthcare, to make it more available and accessible in a way that betters our collective quality of life. The big question for today’s incumbents is whether they’ll be the ones providing that improved experience, or whether they’ll go the way of Blockbuster. The opportunity to adapt and improve is at their fingertips, but action is imperative.$

Companies

Resistant AI: Unveiling financial crime with sophisticated technology

June 26, 2023

The ACAMS Annual AML & Anti-Financial Crime Conference in Hollywood, Florida, is a high-profile event in the anti-money laundering sector, serving as an annual...

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Tag: Anti-Money Laundering