BlogRPA: Improve Efficiency and Increase Productivity by Automating Routine TasksSeptember 4, 2019 by Verafin Financial crime management programs are increasingly challenged by limited time and resources, with BSA/AML and Fraud investigators often spending more time manually collecting data than investigating potentially suspicious activity. Institutions should consider how artificial intelligence, such as machine learning and... |
BlogMachine Learning: Higher Performance Analytics for Lower False PositivesAugust 2, 2019 by Verafin |
BlogFighting Crime with AI: Benefits of Machine Learning and RPAJuly 15, 2019 by Verafin |
BlogBanking on AI for Financial Crime ManagementJuly 5, 2019 by Verafin Encouraged by peer adoption and industry recommendations, financial institutions are rapidly deploying AI solutions for financial crime management. Machine learning and robotic process automation (RPA) are being leveraged for both BSA/AML compliance and fraud detection solutions to improve efficiency and... |
BlogFinCEN and Federal Banking Agencies Encourage Banks to InnovateDecember 4, 2018 by Verafin A joint statement released on Dec. 3, 2018, by the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners — the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and... |
BlogActionable Intelligence: The Way Forward for the BSANovember 7, 2018 by Jim Richards From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious Activity Reports), and 2001 (the biggest make-over with the USA... |
BlogA Brief History of the BSANovember 7, 2018 by Jim Richards From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious Activity Reports), and 2001 (the biggest make-over with the USA... |
BlogFinding Renewed Purpose in the Bank Secrecy ActNovember 7, 2018 by Jim Richards From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious Activity Reports), and 2001 (the biggest make-over with the USA... |
BlogKey Takeaways from FFIEC Updated CDD Examination ProceduresJune 12, 2018 by Verafin On May 11, 2018, the FFIEC released new Customer Due Diligence (CDD) Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule. These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the... |
BlogImproving your risk-based CDD with intelligent categorizationApril 17, 2018 by Verafin 2018 updates to Customer Due Diligence requirements have increased regulatory emphasis on how BSA/AML departments must conduct ongoing customer due diligence. The FFIEC BSA/AML Examination Manual states that AML programs, at a minimum, are required to implement: appropriate risk-based procedures... |