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.
This article will not begin with a story that emphasizes how hard adverse media screening (AMS) currently is―the reader is likely well-aware of the difficulty. It will, however, dissect why it is so hard and why artificial intelligence (AI) is the hero for which AMS...
Financial crime and compliance teams are continuously trying to improve money laundering detection while ensuring better alignment with regulators’ expectations. Areas hindering this success are the perpetual concerns for transparency and the partnership with model governance teams. Ten years ago, when the Office of...
This article will provide the setup and execution for a technique to identify how probable it is that a transaction monitoring (TM) alert is nonproductive―sometimes referred to as a false positive. The basis of this exercise was to apply machine learning algorithms to the...
In movies, investigators put the pieces together. With a massive wall of mugshots, maps and post-it notes, they connect the dots using years of honed intuition—and red yarn. It is an analytical process, and it is exciting. In reality, investigators, especially anti-money laundering (AML) investigators,...
The application of big data and machine learning in anti-money laundering (AML) transaction monitoring (TM) programs is undeniably vast. Over the past five years, financial institutions (FIs) have assessed how they could implement and benefit from machine learning capabilities. Some FIs have already leveraged machine...
Every tech wave has a steep learning curve. In the not-too-distant past, understanding what the internet was or how to use email made one a party standout. Now it is impossible to imagine not knowing either. Just as it was with these innovations, artificial intelligence...
New technology platforms offer the promise of dramatic improvements in financial crimes programs for banks and other financial institutions (FIs). But for all its power and potential, technology cannot adequately address today’s anti-money laundering (AML) challenges by itself. To be effective, new technology must...
It has been almost two years since the Understanding AI column debuted on ACAMSToday.org. In that brief span of time, the technology has gone from fringe to fixture in the minds of anti-financial crime professionals. Dedicated artificial intelligence (AI) solutions are now commonplace and almost...
I was not in the office in Cambridge the day two deadly explosions ripped through the finish line of the Boston marathon. I was working from home, fielding calls from concerned employees. For many Boston natives, one of the worst things about the bombing...
This is part two of a two-part series outlining the key phases and technology required to build social media monitoring driven by artificial intelligence (AI) for anti-money laundering (AML). Part one focused on the first two steps in this pipeline: collection and extraction. Part...
