BlogA Roadmap for Navigating the AI LandscapeJuly 9, 2024 by Nasdaq Verafin We live in an era where technology is rapidly reshaping the financial landscape; the integration of artificial intelligence (AI) offers striking advances in innovation and efficiency. Survey results published in Nasdaq Verafin’s 2024 Global Financial Crime Report, indicate 70% of... |
BlogA Complicated CrimeJuly 4, 2024 by Nasdaq Verafin Financial crime is a global epidemic – more than $3 trillion in illicit funds and money laundering activity flowed through the financial system in 2023. Predicate crimes are driving much of this activity with fraud being one of the eight... |
BlogFighting Predicate Crimes: A New VisionJuly 2, 2024 by Fouad Hassouneh Last year, $3.1 trillion in illicit funds flowed through the global financial system, fueled by hundreds of billions of dollars generated by predicate crimes, from drug trafficking to human trafficking, terrorist financing and fraud. As this global epidemic of financial... |
BlogThree Opportunities to Safeguard the Financial SystemJune 20, 2024 by Nasdaq Verafin Protecting the global financial system against financial crime is a collective responsibility, and financial institutions need to be armed with the best resources possible to respond to the pervasiveness of this problem. Financial crime is not bound by borders –... |
BlogNine Red Flags on Terrorist Financing from FinCEN’s New AdvisoryJune 18, 2024 by Nasdaq Verafin The financing of terrorist activity threatens the integrity of the global financial system. With $11.5 billion in terrorist financing flowing through the worldwide economic system in 2023, this heinous crime is exceedingly lucrative. “Terrorism threatens the safety and security of... |
BlogFinCEN’s Financial Trend AnalysisJune 13, 2024 by Nasdaq Verafin In April 2024, the Financial Crimes Enforcement Network (FinCEN) released a Financial Trend Analysis (FTA) providing insights on threat patterns and trend information on Elder Financial Exploitation (EFE) incidents, as well as methods favoured by criminals to evade detection. The... |
BlogApplying AI to Fight CrimeJune 6, 2024 by Rob Norris Artificial intelligence (AI) is among today’s hottest topics, but as Generative AI (GenAI) garners much of the mainstream attention, the term AI has become increasingly ubiquitous — and ambiguous in its meaning. For banks’ anti-financial crime efforts, understanding the breadth... |
BlogElder Financial ExploitationJune 4, 2024 by Nasdaq Verafin In a recent FinCEN analysis, Elder Financial Exploitation: Threat Pattern and Trend Information, June 2022 to June 2023, two predominant categories of victimization were identified across Elder Financial Exploitation (EFE)-related BSA filings. Elder scams, where the victim does not know... |
BlogIndustry Insights: Addressing Anti-Financial Crime ChallengesMay 22, 2024 by Nasdaq Verafin In today’s financial industry, the fight against financial crime looms large. Financial institutions are contending with a global $3.1 trillion financial crime problem, charged with safeguarding the integrity of the financial system in a landscape fraught with costs, complexities, and... |
BlogFour Unexpected Insights on Romance ScamsMay 22, 2024 by Nasdaq Verafin Romance scams are among the world’s fastest growing frauds, driven by immense profits for criminals. In 2023, $3.8B was lost to romance scams and other confidence schemes — a number that may even be underreported. With many victims struggling... |
