Posts Tagged ‘KYC’

How Blockchain Can Disrupt Financial Services

This table below highlights how blockchain can disrupt various aspects of the financial services industry. If you are interested in learning more about blockchain, download our new guide titled “Getting Ahead with Blockchain in Financial Services.”

[Guide] Getting Ahead With Blockchain In Financial Services

If you’re reading this, it’s probably because you keep hearing that blockchain is the next transformative technology. And while you want to make sure you’re fully informed and in a position to exploit any opportunities this technology could bring to you and your organization, you still don’t fully understand what blockchain means. Moreover, based on […]

[Guide] Machine Learning For AML & KYC Programs

In our guide titled “6 Ways to Mitigate Risk in Cross-Selling for Financial Services,” we briefly touched on the use of artificial intelligence and intelligent machines, along with comprehensive processes, to fight fraud. In combination with ‘know your customer’ (KYC) processes to help catch suspicious banking activity and reduce risk through the analysis of data […]

Leveraging Machine Learning For AML & KYC

In the recent “Shaping Digital Finance” session at the 20th Milken Institute Global Conference, Corrie Elston, chief technology officer, financial services, Google Cloud Platform, said that a financial services institution may experience 80% accuracy in detecting fraud and 99.5% false positives. As mentioned earlier, only about half of money laundering or terrorist financing incidents were […]

What Is Machine Learning?

One of the buzzwords in the financial services industry is “machine learning.” While even among experts in the field there is no single accepted definition of machine learning, in simplest terms, machine learning focuses on the use of technology (often referred to as artificial intelligence or cognitive computing), to find solutions through continuous learning. It’s […]

Examining The Issues With Today’s AML & KYC Strategies

While anti-money laundering (AML) programs may present the biggest opportunity for machine learning to thrive, there are many issues when it comes to fighting money laundering. The number and high caliber of resources required to battle fraud in today’s highly regulated environment are immense, and the cost – of both personnel and technology required to […]

Defining Anti-Money laundering (AML) & Know Your Customer (KYC)

According to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), “Money laundering is the process of making illegally gained proceeds (i.e., ‘dirty money’) appear legal (i.e., ‘clean’). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is […]

Banks Have a Handle on KYC, Lack KYV Guidance

While most banks have a better grip on Know Your Customer requirements than they did years ago, the challenges and risks of non-compliance continue to grow as regulators focus on sources outside the financial institutions’ walls. What is the impact of a failed risk management program as a result of actions committed by a vendor or service provider? Your financial institution may be […]