Institute for Financial Integrity

Join us for a free educational webinar designed to equip professionals with essential strategies for leveraging AI in compliance practices. Explore the agenda and register here: https://lnkd.in/er6Vg4W3 The integration of AI into financial compliance is becoming more crucial for managing the escalating complexity and sophistication of financial crimes. As the financial industry continues to evolve, AI presents opportunities to: 💪 Enhance financial crime compliance 📉 Reduce operational costs 📈 Improve the accuracy and effectiveness of compliance programs Led by industry experts, this webinar will explore how AI technologies can be integrated into traditional compliance frameworks, address the unique challenges presented by the digital transformation of financial services, and prepare financial institutions for the future of compliance. 📅 Thursday September 19, 2024 🕒 12:00 – 1:00 PM ET 🔗 https://lnkd.in/er6Vg4W3 #AI #compliance #IFI #webinar

While financial provisions enacted after the terrorist attacks of 9/11 have succeeded in addressing vulnerabilities in the global financial system, 𝘁𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗼𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻𝘀 𝗵𝗮𝘃𝗲 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗱 𝗻𝗲𝘄 𝗺𝗲𝘁𝗵𝗼𝗱𝘀 𝗼𝗳 𝗳𝘂𝗻𝗱𝗿𝗮𝗶𝘀𝗶𝗻𝗴 𝗮𝗻𝗱 𝗺𝗼𝘃𝗶𝗻𝗴 𝗮𝘀𝘀𝗲𝘁𝘀, including digital assets and online platforms. ➡ https://lnkd.in/eWvxaCPG In today’s article we examine how new technologies facilitate terrorism financing and the risks financial institutions should consider. #technology #financialcrime #riskmanagement

Today marks the anniversary of the deadliest terrorist attack in human history. It’s important to note, 𝘁𝗵𝗲 𝘁𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁𝘀’ 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝗶𝗲𝘀 𝘀𝗲𝘁 𝗼𝗳𝗳 𝗻𝗼 𝗿𝗲𝗱 𝗳𝗹𝗮𝗴𝘀 𝗮𝗻𝗱 𝗱𝗶𝗱 𝗻𝗼𝘁 𝗮𝗽𝗽𝗲𝗮𝗿 𝘀𝘂𝘀𝗽𝗶𝗰𝗶𝗼𝘂𝘀 𝘁𝗼 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝘀. In today's article, we examine: https://lnkd.in/gHmGMPYb 💰 The financing of the 9/11 attacks 🌍 The resulting changes to the financial system 🏦 How the role of financial institutions has shifted with respect to deterring and detecting the financing of terrorism #neverforget #neveragain

Data privacy and security are paramount in the financial sector, and the integration of AI in compliance introduces new complexities in these areas. Join our webinar next week to hear from Ajit Tharaken, CEO of Consilient, on the 𝗺𝗮𝗰𝗵𝗶𝗻𝗲 𝗹𝗲𝗮𝗿𝗻𝗶𝗻𝗴 𝘁𝗲𝗰𝗵𝗻𝗶𝗾𝘂𝗲 𝗼𝗳 𝗳𝗲𝗱𝗲𝗿𝗮𝘁𝗲𝗱 𝗹𝗲𝗮𝗿𝗻𝗶𝗻𝗴 and its role in 𝘁𝗮𝗰𝗸𝗹𝗶𝗻𝗴 𝗱𝗮𝘁𝗮 𝗽𝗿𝗶𝘃𝗮𝗰𝘆 𝗮𝗻𝗱 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀. 💻 𝗧𝗵𝗲 𝗔𝗜 𝗘𝗱𝗴𝗲: 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝘀 🔗 https://lnkd.in/er6Vg4W3 📅 Thursday September 19, 2024 🕒 12:00 – 1:00 PM ET GenAI systems rely on vast amounts of data, including sensitive financial and personal information, to function effectively. Ensuring that this data is securely stored, processed, and protected from breaches is crucial. This is where federated learning steps in. Join us to learn more!

Last week the Institute for Financial Integrity traveled to Dubai to continue the 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘐𝘯𝘵𝘦𝘨𝘳𝘪𝘵𝘺 & 𝘊𝘳𝘰𝘴𝘴-𝘉𝘰𝘳𝘥𝘦𝘳 𝘗𝘢𝘺𝘮𝘦𝘯𝘵𝘴 𝘛𝘳𝘢𝘪𝘯𝘪𝘯𝘨 𝘗𝘳𝘰𝘨𝘳𝘢𝘮 for the Iraqi financial sector. Designed in collaboration with the 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗕𝗮𝗻𝗸 𝗼𝗳 𝗜𝗿𝗮𝗾 and K2 Integrity, the two-day training program included interactive exercises and discussions on the 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘤𝘦 𝘰𝘧 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳 𝘥𝘶𝘦 𝘥𝘪𝘭𝘪𝘨𝘦𝘯𝘤𝘦 (𝘊𝘊𝘋) and the 𝘬𝘦𝘺 𝘦𝘭𝘦𝘮𝘦𝘯𝘵𝘴 𝘰𝘧 𝘢𝘯 𝘦𝘧𝘧𝘦𝘤𝘵𝘪𝘷𝘦 𝘴𝘢𝘯𝘤𝘵𝘪𝘰𝘯𝘴 𝘱𝘳𝘰𝘨𝘳𝘢𝘮.   The first day of the program covered all aspects of CDD, from onboarding to exit and everything in between. 𝗚𝗹𝗼𝗯𝗮𝗹 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 𝗮𝗻𝗱 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗖𝗗𝗗 𝗺𝗮𝘆 𝗮𝗽𝗽𝗲𝗮𝗿 𝘀𝘁𝗿𝗮𝗶𝗴𝗵𝘁𝗳𝗼𝗿𝘄𝗮𝗿𝗱, 𝗯𝘂𝘁 𝗯𝗮𝗻𝗸𝘀 𝗮𝗹𝗹 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱 𝗵𝗮𝘃𝗲 𝘀𝘁𝗿𝘂𝗴𝗴𝗹𝗲𝗱 𝗳𝗼𝗿 𝘆𝗲𝗮𝗿𝘀 𝘁𝗼 𝗱𝗲𝘃𝗲𝗹𝗼𝗽 𝘁𝗿𝘂𝗹𝘆 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗽𝗿𝗼𝗴𝗿𝗮𝗺𝘀 𝘁𝗼 𝗶𝗱𝗲𝗻𝘁𝗶𝗳𝘆 𝗮𝗻𝗱 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝘁𝗵𝗲𝗶𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗮𝗻𝗱 𝗮𝗽𝗽𝗹𝘆 𝘁𝗵𝗶𝘀 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗼 𝗿𝗶𝘀𝗸 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝘁𝗵𝗿𝗼𝘂𝗴𝗵𝗼𝘂𝘁 𝘁𝗵𝗲 𝗹𝗶𝗳𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽. Banks that believe CDD ends at onboarding may not be well positioned to respond to difficult questions from regulators and correspondents.  The second day discussed the main elements of an effective sanctions compliance program, explored the connection between sanctions risk management and CDD, and prepared participants for important discussions with correspondents and other key stakeholders. 𝗔𝗻𝘆 𝗯𝗮𝗻𝗸 𝘁𝗵𝗮𝘁 𝘀𝗲𝗲𝗸𝘀 𝗮 𝗳𝗼𝗿𝗲𝗶𝗴𝗻 𝗰𝗼𝗿𝗿𝗲𝘀𝗽𝗼𝗻𝗱𝗲𝗻𝘁 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽—𝗽𝗮𝗿𝘁𝗶𝗰𝘂𝗹𝗮𝗿𝗹𝘆 𝗼𝗻𝗲 𝘁𝗵𝗮𝘁 𝗼𝗳𝗳𝗲𝗿𝘀 𝗮𝗰𝗰𝗲𝘀𝘀 𝘁𝗼 𝘁𝗵𝗲 𝗨.𝗦. 𝗗𝗼𝗹𝗹𝗮𝗿—𝗺𝘂𝘀𝘁 𝗯𝗲 𝗽𝗿𝗲𝗽𝗮𝗿𝗲𝗱 𝘁𝗼 𝗽𝗿𝗼𝘁𝗲𝗰𝘁 𝘁𝗵𝗲𝗺𝘀𝗲𝗹𝘃𝗲𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲𝗶𝗿 𝗰𝗼𝗿𝗿𝗲𝘀𝗽𝗼𝗻𝗱𝗲𝗻𝘁 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗮 𝘀𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 𝗽𝗿𝗼𝗴𝗿𝗮𝗺 𝘁𝗵𝗮𝘁 𝗶𝘀 𝗿𝗼𝗯𝘂𝘀𝘁, 𝗻𝘂𝗮𝗻𝗰𝗲𝗱, 𝗮𝗻𝗱 𝗮𝗽𝗽𝗿𝗼𝗽𝗿𝗶𝗮𝘁𝗲 𝘁𝗼 𝘁𝗵𝗲𝗶𝗿 𝗿𝗶𝘀𝗸.  👏 A big thank you to our dream team of subject matter experts on the ground Chip Poncy, Sarah Runge, Adam Frey, Sarah Watson, and Danny McGlynn for facilitating this important training program!

⏰ 𝗨𝗽𝗰𝗼𝗺𝗶𝗻𝗴 𝗪𝗲𝗯𝗶𝗻𝗮𝗿: https://lnkd.in/er6Vg4W3 The integration of AI into financial compliance is becoming more crucial for managing the escalating complexity and sophistication of financial crimes. As the financial industry continues to evolve, AI presents opportunities to: 💪 Enhance financial crime compliance 📉 Reduce operational costs 📈 Improve the accuracy and effectiveness of compliance programs Join us to explore how AI technologies can be integrated into traditional compliance frameworks, address the unique challenges presented by the digital transformation of financial services, and prepare financial institutions for the future of compliance. 📅 Thursday September 19, 2024 🕒 12:00 – 1:00 PM ET 🔗 https://lnkd.in/er6Vg4W3

Small businesses often face challenges in complying with evolving AML regulations due to limited resources and expertise, risking compliance gaps and legal issues. ➡ https://lnkd.in/ganwyg66 Read our latest article to explore best practices for enhancing AML compliance.

IFI's Catherine Woods wrote an article featured in International Banker, exploring how shell companies are used to evade export controls. Read on to learn more about BIS's plans to target the shell company service industry and actions financial institutions must take. ➡ https://lnkd.in/ekd5gP_A

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⚠🔍 Global regulators have begun highlighting the connection between Chinese money laundering organizations and international drug cartels. ➡ https://lnkd.in/gXTJm2hf Explore developing money laundering methodologies and the latest red flags in our latest article. 𝘞𝘩𝘢𝘵 𝘴𝘩𝘰𝘶𝘭𝘥 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘪𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘪𝘰𝘯𝘴 𝘣𝘦 𝘢𝘸𝘢𝘳𝘦 𝘰𝘧? Global anti-money laundering watchdog, the Financial Action Task Force (FATF) warned that professional money laundering networks may include gatekeepers, such as accountants, bankers, and attorneys, but they are also linked to trading companies or money service businesses, providing a guise of legitimacy to the transactions. FATF notes that accounts funded by significant international wire transfers from general trading companies or foreign currency exchanges located in high-risk jurisdictions warrant closer examination. Financial institutions also must: 🌏 Understand the global threat to financial integrity posed 🕵️♀️ Detect innovative methodologies used to launder illicit drug proceeds 🚩 Identify red flags associated with Chinese money laundering organizations 🛡 Protect their organizations and the global financial system from abuse by illicit actors