Global Enforcement and Anti-Bribery Violations are on the Rise

Guest blog post by Richard Bistrong In 2018, the U.S. Department of Justice (DOJ) saw a number of courtroom successes in the prosecution of individuals for FCPA (Foreign Corrupt Practices Act) violations, demonstrating that despite a number of prior courtroom disappointments, that they can successfully prove individual liability and responsibility when taken to task in Federal Court. In addition, the government is utilizing corollary crimes, including money laundering, tax evasion, wire fraud and bank fraud, […]

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How Artificial Intelligence Can Help Banks Overcome Financial Crime in South Florida and Latin America

The cost of money laundering equates to approximately 2.7 percent of the annual global GDP and preventing it has become an increasingly essential expense for financial institutions. In the U.S., the area of South Florida has long been ripe for financial crime. According to David Schwartz, president and CEO of the Florida International Bankers Association and QuantaVerse board member, South Florida is viewed as an attractive geography for criminals. “The things that make South Florida […]

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Third-Party Risk Assessment Crucial to Correspondent Banking Risk Mitigation

Financial institutions around the globe continue to face scores of risks related to money laundering, terrorism financing, human trafficking, drug trade and other financial crimes whereby funds are illicitly filtered through the banking system. A top concern for financial institutions, especially those that offer correspondent banking services, is third-party, counterparty risk, sometimes referred to as pseudo-client risk. This type of risk is specific to the behavior of a financial institution’s client as well as the […]

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Preventing Internal Fraud with Advanced Data Analytics and Artificial Intelligence

Organizations today face a number of challenges and risks which has long been accepted as part of their natural course of business. Fraud detection/prevention is one of those challenges as organizations are continuously battling fraudsters and rogue employees who target their assets, proprietary information, and profits. Fraud continues to rise in the United States as criminals seek to prey upon hard-working citizens. In a 2018 global study on occupational fraud and abuse published by the […]

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Defeating the Dynamic Money Laundering Culture with Data Science

From bootleggers hiding profits of their alcohol sales during Prohibition to terrorist organizations using trade-based money laundering techniques today, criminals survive and succeed by constantly varying their techniques to evade detection. Financial institutions, service providers, regulatory agencies, and law enforcement need aggressive, tactical, and strategic solutions to stay ahead of criminals who are decimating the integrity of the global financial system. Advanced data science, artificial intelligence (AI), and machine learning are now arrows in the […]

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