Do you wonder how certain technologies will affect you in your career? The Tech Scope column features articles on fintech, artificial intelligence, cryptocurrency and more technological advancements in the anti-financial crime field.
Our contributor is Ari Redbord, head of legal and government affairs at TRM Labs. If you would like to contribute to this column or have any topics you would like to suggest, email editor@acams.org.
Implementing a new anti-financial crime (AFC) system is a complex and large project because of the amount of data required to enable the system and the regulatory expectations for the system’s capabilities and performance. Whether a system is being introduced to replace outdated technology, to...
We are living through one of the most exciting periods in financial crime prevention history. Financial crime is faster, digital and entrenched in the lifeblood of new business. To be clear, the sophistication of financial crime is not a good thing. However, as threats expand...
In the fast-moving digital world of today, the constantly changing state of technology is writing new game rules for cybersecurity audits. Recent headlines—most of them relating to huge cyber breaches that have compromised millions of user credentials—serve as a quick reminder of the importance and...
The evolution of computer programming has been remarkable. Over the past 70 years, we have progressed from using punch cards—accessible to only a select few—to artificial intelligence (AI)-powered coding agents capable of deploying entire applications from natural language instructions. Figure 1: Evolution of computer programming...
Sentiment-based virtual currencies, colloquially known as “meme coins,” are virtual currencies inspired by social and cultural trends. Once regarded as momentary internet comedy, meme coins attracted both retail and institutional investors and quickly captured a significant share of the cryptocurrency market. The meme coin market...
Artificial intelligence (AI) and machine learning are positively impacting sanctions screening. More organizations are benefiting from reducing false positives, improving match accuracy and, overall, making screening engines more efficient. However, what about the other side of the equation―making sure those screening engines are doing their...
According to the Federal Bureau of Investigation’s (FBI) 2023 Cryptocurrency Fraud Report, the Internet Crime Complaint Center received “more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency, such as Bitcoin, Ether or Tether. Estimated losses with a nexus to...
Generative artificial intelligence (GenAI)―especially large language models (LLMs)―has the potential to reshape industries through advanced language understanding and pattern recognition. In anti-money laundering (AML) compliance, LLMs can enhance transaction monitoring, improve risk assessment and automate report generation, program governance and investigations. Financial institutions (FIs) use...
Human history shows that civilization, at least at the beginning and for the majority, fears new technologies and oftentimes takes a skeptical and negative approach to innovation. Generally speaking, there is much fearmongering around us, coming from the media, politics and “traditional” businesses. This is...
In recent years, many technologies have been introduced to anti-money laundering (AML) programs. That is a welcome development, but money laundering does not seem to be on the decline. In fact, as much as 5% of global gross domestic product is laundered each year, according...
