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 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...
The year 2023 began in the wake of the collapse of FTX. Almost miraculously, however, 12 months later, the criminal case has been resolved with a conviction against former CEO Sam Bankman-Fried, and countries around the globe are shaking off fear, uncertainty and doubt to...
What do songwriting, coding, stand-up comedy and fraud have in common? Humans take hours or even days to do them well. It takes ChatGPT less than a second to do the same. To illustrate, I asked generative artificial intelligence (AI) to write a three-verse song...
On September 13, Russian President Vladimir Putin and Democratic People’s Republic of Korea (DPRK) leader Kim Jung Un held a summit in which the two leaders, isolated from the West by economic sanctions, called each other “comrade” and committed to deepen their defense cooperation as...
Due to the establishment of a conducive ecosystem that has supported the proliferation of financial technology (fintech) start-ups and an upwards trajectory that does not appear to be stopping any time soon, Australia has been attracting a good share of attention from this sector, similar...
