Implementing AI and Machine Learning Benefits Big Businesses, Supports the Fight Against Bribery and Corruption with Expanded Pilot Program and ‘CAE Checkup’

In many parts of the world, acts of bribery and corruption have long been accepted as the cost of doing business. However, global law enforcement is becoming increasingly cooperative in investigating these violations as countries realize how massive amounts of their sovereign wealth is stolen from their economies through these crimes.  In fact, 27 companies were required to pay a paralyzing $2.48 billion in fines and penalties to resolve U.S. Foreign Corrupt Practice Act (FCPA) […]

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Reducing ICO Participant Risk with AI-Powered KYC Due Diligence

Initial coin offerings, or ICOs, are creating a substantial amount of buzz, debate and discussion in the blockchain and cryptocurrency industry as well as within financial institutions and their regulators. ICOs, also referred to as “token sales,” are a relatively new fundraising phenomenon used to launch new companies or fund a development project. In an ICO campaign, tokens are sold to early investors of a project in exchange for cryptocurrencies, such as Bitcoin or Ether. […]

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Artificial Intelligence Can Identify Absence of Normal Business Activity, Indicating Possible Risk of Financial Crime

Within financial services, transactional data and supplementary information are vital to the success of financial crime investigations. However, cases that lack typical business activities such as employee payroll or availability of freight receipts could be red flags that indicate possible financial crimes such as human trafficking or trade-based money laundering. Legacy, rules-based TMS engines won’t trigger alerts if normal business activities are not present because, simply, they can’t identify what they can’t see. On the […]

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AI-Based Link Analysis and Data Visualization Can Uncover Hidden Relationships Between Entities and Networks

Shell companies can serve legitimate and legal commercial purposes. However, there is considerable risk for criminals to abuse these vehicles for illicit activity. Whether it is money laundering, terrorist financing, drug trafficking, human trafficking, tax evasion, corruption, white-collar crime, or a myriad of other schemes, shell companies play a significant role in the efforts of transnational criminal organizations (TCOs) to make and move money. The news cycle often delivers stories about shell companies facilitating some […]

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The Role of Advanced Data Analytics and Artificial Intelligence in Mitigating Fraud Risk

Fraud-related offenses continue to pose a significant threat to our economy, as criminals seek to trick companies and citizens out of their hard-earned income. According to the FTC, there were more than 3.1 million consumer fraud complaints received in 2016. Organizations of all sizes, including financial institutions and corporations, must surmount various challenges and risks as a natural course of business, with fraud being one of the biggest. According to a 2016 global fraud study […]

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