ML and TF: The guide to safeguard your firm against financial crime

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ML and TF: The guide to safeguard your firm against financial...

July 28, 2023

RegTech firm Arctic Intelligence recently took the opportunity to provide a guide into assessing the impact of ML and TF on your firm.

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Fraud detection in FinTech: The battle against synthetic identity theft

July 25, 2023

RegTech firm Flagright recently shone a light on the topic of fraud detection in FinTech, with a battle against synthetic identity theft ongoing.

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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).

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Why AI has a transformative role in decoding beneficial ownership structures

July 18, 2023

The role of AI has ballooned in recent years, and the recent introduction of GenAI platform ChatGPT has seen the sector soar further.

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A deep dive into AML non-compliance costs and Flagright’s AI-driven solution

July 12, 2023

In an increasingly interconnected financial landscape, financial crime has become more sophisticated, underlining the importance of maintaining robust anti-money laundering (AML) compliance for financial institutions. With stringent regulatory scrutiny and technological advancements, financial institutions must adhere to strict AML regulations to deter activities such as money laundering, terrorism financing, and other financial crimes. Moreover, understanding and considering the significant cost of non-compliance is vital.

AML

Navigating the AML compliance journey: When is it time to hire...

July 12, 2023

Today, the growing complexity of financial operations coupled with an ever-evolving regulatory landscape has magnified the importance of AML compliance in businesses. Especially in...

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Boost to the financial crime battle as Resistant AI raises $27.6m

June 27, 2023

Resistant AI, a company leveraging AI and machine learning to secure financial services, has declared the expansion of its Series A funding.

$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.$

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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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Addressing financial crime with risk management

June 22, 2023

The Financial Conduct Authority (FCA) has recently demonstrated their commitment to holding reluctant firms accountable in a speech titled 'Doing the right thing'.

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Transforming finance with dynamic risk assessments

June 22, 2023

Unlocking the potential for commercial success, dynamic financial crime risk assessments offer a multitude of benefits for financial institutions. Acuminor, a RegTech company explained...

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Tag: financial crime.