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.
On Monday, December 12, former FTX Co-founder and CEO Sam Bankman-Fried (SBF) was arrested in the Bahamas pursuant to criminal charges filed in the Southern District of New York (SDNY). According to a tweet by U.S. Attorney for SDNY Damian Williams announcing the arrest, “USA...
In the banking and financial industry, a risk-based approach (RBA) is defined as the process of identifying compliance risks posed to an organization by categorizing them into various levels (e.g., high, medium or low risks) and prioritizing Once a particular risk level is reduced, the...
The metaverse has been making headlines for the past few months since Facebook announced its rebranding to Meta. However, there is much more to the metaverse than Facebook’s version. The metaverse has actually been around for a few years now, and there is more than...
Digital payment volumes have increased dramatically during the COVID-19 pandemic as more companies sell their products and services through digital channels. These payments have expanded to new areas, such as grocery deliveries, vacation rentals as well as automotive sales and repairs. In addition, more consumers...
Robotic process automation (RPA) has become increasingly popular as banks and other financial institutions (FI) look to quickly generate efficiencies. According to an early study, RPA supported operations cost from as little as a third of an offshore full-time employee (FTE) and as little as...
One of the biggest responsibilities of our time is to protect the most vulnerable, especially in the anti-human trafficking and anti-child exploitation space. The Anti-Human Trafficking Intelligence Initiative (ATII), a nonprofit organization, is continually expanding its presence and systems to combat human trafficking and child...
Understanding your organization’s various entities and their interrelated relationships is crucial for any risk management program. Over the years, the regulated sector has increasingly adopted new financial crime compliance systems. In addition, it is now starting to use the latest advanced analytics technologies to help...
When slacker high school failures Bill and Ted get their hands on a time machine, they go back in time to engage some of history's most critical influencers to save the future. While life is not exactly like cult comedy classic Bill and Ted's Excellent...
Trade-based money laundering(TBML) is a massive problem worldwide, as criminals increasingly use trade activities and transactions to transfer large quantities of illicit cash into legitimate or less suspicious commodities to hide the origins of their ill-gotten gains. According to the World Trade Organization, the average...
Machine learning, a powerful subset of artificial intelligence, and robotic process automation (RPA) have shown promise in addressing various automation opportunities that can benefit the financial services industry. In the Bank Secrecy Act/anti-money laundering world, financial institutions (FIs) are burdened with compliance requirements and growing...
