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Excel to AI: How Reconciliation Tools Evolve for Better

In the world of finance, reconciliation is the process of comparing two related sets of records or two accounts at the end of a specific accounting period to find out if account balances are matching in both records. Periodic reconciliation of accounts is an importan...

OCC Spring Risk Perspective: 5 Takeaways on Compliance Risk

Despite its general strength, the US federal banking system is apparently susceptible to the ongoing economic weakness caused by the rampant spread of coronavirus. Earlier this month, The US Office of the Comptroller of the Currency (OCC) published its latest Semi-annual Risk Perspective explaining the key issues of the country’s banking system and the impact of the COVID-19 pandemic on the industry. The Spring report says banks “face weak economic conditions resulting from the economic shutdown”, leading to negative impacts on earnings, credit quality, operations, and capital. It added that record-high unemployment levels and business closings will adversely impact credit risk, while operational risk will be elevated as banks implement new processes and procedures, adapt business continuity plans and respond to pandemic-related fraud and cyber risk. The OCC also opined that compliance risk is increasing due to a number of reasons including changed operations, remote working, rapidly changing customer service environment, and new assistance programs for consumers and small businesses – such as the CARES Act and the Paycheck Protection Program (PPP). Here we are trying to present certain highlights related to compliance risk in the OCC report and suggest ways to overcome the challenges mentioned there. 1. New Government Relief Programs Adding to Existing Stress Stimulus measures such as the CARES Act and PPP have increased credit, operational, and co...

5 Top Myths and Facts about AI Implementation in AML Programs

We are more confirmed about the power of Artificial Intelligence (AI) to transform lives and businesses now. There are countless possible applications of AI and machine learning at present, and we see and hear exciting ways how these modern technologies are being used for value addition or for tasks deemed impossible with human intelligence. When we move to the anti-money laundering (AML) compliance space, the potential of AI is immense. Many banks have pilot projects ongoing with the multiple vendors after regulators including the US Financial Crime Enforcement Network (FinCEN) encouraged banks “to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations, in order to further strengthen the financial system against the illicit financial activity.” Increasing complexity of AML threats during the COVID-19 times, ever-increasing volumes of data to analyse, false alerts rising to unmanageable levels, ongoing reliance on manual processes and the ballooning cost of compliance are prompting many financial institutions to adopt modern technology and improve their risk profile. Many banks were able to develop scientifically sound machine learning algorithms that provide obvious effectiveness and efficiency improvements. However, most of these projects are finding it difficult to come out of the lab as deploying a machine learning model in production with real value addition is a harder task than what we expected. Many banks are stuck at the AI implementation stage w...

AML Amid COVID-19: Watch out for These FBI-listed Fraud Schemes

There has been a rise in the number of cybercrimes and fraud schemes across the globe ever since the proliferation of the COVID-19 pandemic. Criminals, in general, are taking advantage of people’s scare, helplessness, and the need for immediate financial assistance a...

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