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.
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...
On January 23, 2025, President Donald J. Trump signed an Executive Order titled “Strengthening American Leadership in Digital Financial Technology,” marking a pivotal shift in US policy on digital assets and financial innovation. The directive aims to bolster the nation’s leadership in blockchain and cryptocurrency...
The collapse of FTX Trading Ltd. in 20221 and Binance’s $4.3 billion settlement with the U.S. Department of Justice for violating U.S. anti-money laundering (AML) and sanctions laws2 have kept the regulation of digital assets in both the forefront of markets and regulators. This article will...
The cryptocurrency space is evolving rapidly, making a cutting-edge compliance function essential. Instead of the reactive measures often used by traditional financial institutions and early crypto exchanges, the future lies in a proactive approach to compliance—one driven by the introduction of a strategic intelligence team....
