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.
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....
In a testament to its growth, the valuation of cryptocurrencies has quietly surged to an astounding $2.6 trillion, a phenomenon often overlooked by many. In the 15 years since the introduction of Bitcoin, the allure of crypto among investors has sparked significant turmoil, impacting millions...
Criminal elements have always exploited the “cutting edge” of new technologies. During the mid-19th century, organized crime used the recently created telegraph to coordinate criminal activities beyond local jurisdictions. In the early 20th century, organized criminal elements used the automobile for rapid getaways and as...
It should not be a revelation to say that transaction monitoring started with a manual review of single payments. The next step was gathering all information in the form of spreadsheets and creating simple rules (e.g., filtering transactions over a certain amount). While financial crime...
There are myriad illicit finance risks in the cryptocurrency ecosystem. Historically, anti-financial crime (AFC) professionals have focused on preventing scams and the funds associated with darknet markets. But the digital ecosystem is growing exponentially, and it continues to collide not only with traditional finance but...
