The ACAMS moneylaundering.com 24th Annual International AML & Financial Crime Conference is coming to a close today and has showcased the transformation taking place in the worlds of AML and compliance due to technology implementation. The three-day conference brings together government, finance, and law enforcement to explore the changes taking place in the financial sector.
Attendees heard from speakers including Joseph M. Otting, Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC) and Scott Rembrandt, Deputy Assistant Secretary for Strategic Policy with the U.S. Department of the Treasury. Speakers and sessions focused on the impact of malicious threats, cybercrimes, data breaches, human trafficking, and the technology that is working to combat these issues including artificial intelligence.
@USOCC Joseph Otting, Comptroller of the Currency talks regulatory reform, how a cyber crime attack could bring down a financial institution and how the financial services industry currently scores a “grade B” after the 1st year of the CDD rule #ACAMS #ACAMS2019 #ACAMSHollywood pic.twitter.com/0ot8oTcdbk
— @rajeevahya (@rajeevahya) April 15, 2019
Angel Swift, our VP of Compliance and Financial Crimes Solutions, is at #ACAMSHollywood today to discuss new tools for combating human trafficking. Learn more about STAT, our new technology platform aimed at ending trafficking through financial disruption: https://t.co/VuUJJWECrn pic.twitter.com/1EqyomHbAU
— Enigma (@enigma_data) April 16, 2019
Thank you to all who joined a packed room for our AML Knowledge session at #ACAMSHollywood yesterday. We had a great chat about improving financial crime technology. #ACAMS #ACAMS2019 pic.twitter.com/3PSR0G61HC
— BAE Systems AI (@BAESystems_AI) April 17, 2019
“We have to bridge between the standard we have today that allows us to comply with the law and what the future looks like as we take advantage of new tools,” said Otting. For financial institutions, navigating the expanding world of technology and the compliance that accompanies it can be a big challenge, but now is the time for the financial sector to embrace technology like AI and machine learning to combat continuous issues.
“We have to bridge between the standard we have today that allows us to comply with the law and what the future looks like as we take advantage of new tools.” Joseph Otting, Comptroller of the Currency (OCC) and keynote speaker of the #ACAMSHollywood Conference. pic.twitter.com/qP4knllkSN
— ACAMS (@ACAMS_AML) April 15, 2019
@FDICgov Lisa Arquette talks of a challenging time with the velocity and speed of change, demand for faster payment systems & credit decisions, FIs disappearing through mergers with the need for our community to focus on controls and managing expectations #AcamsHollywood #acams pic.twitter.com/M3JIGcxYbT
— @rajeevahya (@rajeevahya) April 15, 2019
Criminal hackers are overwhelmingly seen as the greatest cybercrime threat, followed by insiders and nation states, according to #ACAMSHollywood attendees. #IAMACAMS pic.twitter.com/rwxVXK5Wa0
— Kieran Beer (@KieranBeer) April 16, 2019
“There’s no denying the power of ML techniques to the process of entity resolution, but we also realize the challenges of taking a black box approach to this problem, especially in a regulated industry like Financial Services,” said Navin Sharma, Vice President of Product Management at Pitney Bowes. “And especially, when you are trying to justify to a regulator why you think someone might be committing money laundering. That’s why I feel that the best approach is one that does not automate the process of resolving entities within a black box, but one that can use the intelligent techniques to furnish the subject matter expert with the best set of rules to apply to resolve those entities.”
Without a doubt, ML and AI are making AML efforts easier to implement, but humans are still needed to make the final, educated decision on the threats. Many speakers including Lisa Arquette of the Federal Deposit Insurance Corporation agreed with these concerns. For banks and financial institutions to be successful in the age of digital technology, a balance between tools and staff is necessary.
Navin Sharma, Vice President of Product Management at @PitneyBowes, explores how #AI and ML technologies can be used to combat money laundering crimes. #ACAMSHollywood #fintech https://t.co/4KjEl6sZvF pic.twitter.com/Iy1IrjxNX7
— Pitney Bowes (@PitneyBowes) April 16, 2019
Will #AI actually save me money in #KYC? Find out. Right now. #ACAMSHollywood Grand Hall, Foyer 2. Hurry! @Brandon_Exiger @ExigerLLC pic.twitter.com/vW1qybiLzk
— Alan Samuels (@apsamuels) April 16, 2019
Takeaways on auditing #AI and machine learning systems. #ACAMSHollywood pic.twitter.com/XCi9dcFC12
— Brian FINCRIME (@BrianFINCRIME) April 16, 2019
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