Trust In SODA’s Post

Continuing on with the 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐀𝐌𝐋 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: 𝐓𝐫𝐞𝐧𝐝𝐬 & 𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐨𝐧 series. Here's 𝐏𝐚𝐫𝐭 𝐓𝐡𝐫𝐞𝐞. 8. 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬: Emphasis on educating stakeholders about AML best practices and regulatory requirements for broader compliance understanding. One of the challenges of on-chain AML is the lack of awareness and knowledge among the various actors involved in the crypto ecosystem, such as users, service providers, regulators, and law enforcement agencies. As the crypto sector grows and becomes more mainstream (one day hopefully), there is a need to educate these stakeholders about the risks and opportunities of using cryptocurrencies, as well as the best practices and regulatory requirements for preventing and detecting money laundering and other illicit activities. Educational initiatives can include training programs, workshops, webinars, publications, and campaigns that aim to raise awareness and build capacity among the crypto community. By enhancing the understanding and cooperation of the stakeholders, educational initiatives can foster a culture of compliance and accountability in the on-chain AML space. 9. 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐂𝐫𝐲𝐩𝐭𝐨 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬: Increased use of advanced analytics tools specifically designed for cryptocurrencies to identify suspicious patterns. Cryptocurrencies pose unique challenges for AML due to their decentralized, pseudonymous, and global nature. Traditional AML tools and methods may not be sufficient or effective to monitor and analyze the complex and dynamic transactions that occur on the blockchain. Therefore, there is a need to adopt crypto analytics tools that can leverage the power of data science, artificial intelligence, and machine learning to provide insights and intelligence on the crypto activity and actors. Crypto analytics tools can help to identify suspicious patterns, such as anomalous transactions, high-risk addresses, money laundering typologies, and sanctions evasion. They can also help to trace the source and destination of funds, link multiple addresses and entities, and provide risk scores and alerts. By using crypto analytics tools, on-chain AML practitioners can enhance their detection and investigation capabilities and comply with the evolving regulatory standards. Now we've unveiled 9 trends and predictions, there's only one more to go. Stay tuned!

AML Compliance: Why It Matters and What's Next 💼💸 The Importance of Anti-Money Laundering (AML) compliance is critical for maintaining the integrity of our financial systems. It's not just about following regulations - it's about protecting your business and the broader economy from financial crime. 🚨 Failing to comply with AML regulations can lead to: ~Severe Penalties: Heavy fines and sanctions that can cripple your business. ~Reputation Damage: Loss of trust among clients, partners, and stakeholders. ~Operational Risks: Increased scrutiny and regulatory oversight, leading to operational disruptions. 🔮 The future of AML compliance is being shaped by advanced technologies: ~AI and Machine Learning: These tools are enhancing the detection of suspicious activities by analyzing large data sets quickly and accurately. ~Blockchain: Providing transparent and immutable transaction records to prevent money laundering. ~Real-Time Monitoring: Systems that can detect and report suspicious transactions as they happen, increasing responsiveness and reducing risks. #AMLCompliance #FinancialCrime #AI #Blockchain #RealTimeMonitoring #RegulatoryCompliance

Join me at the #CDOBostonSummit where I’ll be speaking on the topic of 'Data Management For Detecting & Preventing Financial Crime' and I would love to see you there! Honored to share the space with some great speakers and panelists. Please use discount code for special invite: JAY-VIP via: bit.ly/RegCDOBoston 🎯: CDO Boston Summit 📅: Tuesday, August 1, 2023 📍: Westin Copley Place, Boston 👀 Check out the agenda ➡ bit.ly/AgendaCDOBoston #CDOBostonSummit #CDMMedia The scale of money laundering reaches up to US$2 trillion annually, which is comparable to the GDP of some developed countries. Additionally, cybercrime is projected to grow by $6 trillion by 2025. In comparison, the combined budgets of law enforcement agencies and armed forces worldwide are only $1.5 trillion. Financial crime compliance professionals face the daunting task of stopping money laundering and the financing of harmful crimes. Multiple customers, cross-wallet activity, cryptocurrency exchanges, and money mule schemes are the biggest money laundering problems for the global financial sector. Financial institutions lack a unified solution to AML priorities, such as increased automation and data sharing. AML professionals must leverage innovative data usage, enable smoother data acquisition and modeling, and address cryptocurrency challenges to effectively combat money laundering activity. Current data management techniques are inadequate to manage exposure to financial crime during geopolitical events such as conflicts between major powers or global pandemics. Traditional rule-based systems and database technologies cannot handle nuanced global AML regulations, unregulated cryptocurrencies, and evolving generative AI models. Graph data and AI level the playing field and help you fight and win this asymmetric warfare. #financialcrimecompliance #aml #amlcompliance #compliance #fcc #datagovernance #graphdatabase #ai #ml

🚀 Transforming AML with AI: Insights from Peak Suisse In the intricate world of Anti-Money Laundering (#aml ), Artificial Intelligence (AI) is revolutionizing risk management. At Peak Suisse, we’re leading this change, especially in #europe and Central Asia, where AML challenges are as diverse as the financial landscapes. 🌐 AI's Role in AML: A Paradigm Shift - Enhanced #transactionmonitoring: AI's prowess in analyzing complex transactions is reducing false positives, essential in regions with intricate financial networks. - #cryptocurrency Monitoring: As digital currencies surge, AI's role in tracking blockchain transactions becomes vital. - Adapting to #Risks and #Regulations: AI is invaluable in keeping pace with evolving financial crimes and regulatory landscapes, particularly in transactions covering countries like Türkiye, Bulgaria, Ukraine, Hungary, and Romania. 🔧 Moving Forward with AI in AML - Integration and #compliance : AI must seamlessly blend with current AML frameworks, respecting legal and ethical standards, especially in blockchain analysis. - Developing Skilled Professionals: The rise of #ai and #digitalcurrencies calls for a workforce skilled in AML and emerging tech. - Global Collaboration: Tackling financial crimes in the digital age demands a collective effort for the effective use of AI in AML. ✨ Conclusion: AI in AML is more than a technological shift; it's about enhancing the precision and effectiveness of #financialcrime prevention. 🤝 Join us at Peak Suisse to explore how AI can redefine your AML strategies for a secure and compliant future. 🔗 Dive deeper into our insights and solutions here: https://lnkd.in/dk3-QXmR

🚀 We have recently upgraded our tracing methodology to track illicit actors through bridges, DEXs and Swaps, even when there is a change in address 🚀 🔥 These are complex techniques used by illicit actors such as Lazarus Group and exploiters to bypass AML controls of VASPs/VATPs 💡 For anyone seeking effective AML control solutions, Elliptic is proud to present our latest innovations that further simplify the AML monitoring process, ensuring robust compliance measures effortlessly. For more insights (and why the need) on tracking crypto via bridges, DEXs, and swaps, check out our recent blog post: https://lnkd.in/g4b4qA4p Feel free to reach out to me to learn more on how our solutions can help #AMLCompliance #AMLControl #Innovation #TechSolutions

Anti-Money Laundering (AML) Trends for 2023: 1) Increasing Use of Artificial Intelligence Technology Although Artificial Intelligence (AI) and AML are very different fields, they interact with each other to a great extent. While AI supports the AML process, AML helps improve the accuracy and efficiency of AI systems. At the same time, AI and AML have features that can be alternatives to each other, and thanks to these features, they support each other. Given that the security of financial institutions transcends geographical boundaries, AI can help deal with several issues that arise due to digitalization. While we know that artificial intelligence cannot literally replace humans, it will be necessary to reduce the need for human empowerment and accelerate various aspects of AML. 2) Enhanced Crypto Regulations By taking advantage of cryptocurrency’s anonymity, scammers can transfer significant funds without being noticed more efficiently than ever. Hackers stole $4.3 billion worth of cryptocurrency in 2022, which equates to a 37% increase over 2021. In the last two years, most crypto scams have been carried out through social media platforms. 3) Real Estate: Strict Regulations Real estate remains an attractive money laundering tool due to the high value of properties and the ability to transact in cash. In February 2022, Transparency International revealed that Russians linked to corruption charges had invested £1.5 billion in the UK real estate market. According to a Global Financial Integrity (GFI) report, more than $2.3 billion has been laundered in the US real estate sector over the past five years. Transparency International found that at least £4.4 billion of investment in UK real estate comes from politically exposed persons (PEPs) in high-risk corruption jurisdictions. Europol also found that 68% of criminal organizations in the EU use the real estate market to launder their illicit income. 4) Cooperation Between Regulators And RegTech Companies The companies’ Regulators and Reg-Tech serve each other for very different purposes. Regulators are tasked with enforcing regulations in financial systems, while Reg-Tech companies provide services to facilitate the enforcement of these regulations. Both aim to implement regulations in financial systems more effectively. In 2023, there needs to be more cooperation between regulators and Reg-Tech firms. As fraudsters modify and develop their strategies to carry out illegal crimes, cooperation between regulatory agencies and RegTech companies will make progress and help companies detect anomalies in a short period of time. #AML #FinCrime #FinTech #FinRegulations #RiskManagement

Last week's webinar on the impact of #MiCA regulation was a real eye-opener, thanks to the insights from the ACAMS Cyprus Chapter. It was incredible to see over 300 people tune in as our CEO, Faisal I., put it beautifully: “Embracing MiCA is not just ticking off a compliance checklist; it’s about leading the charge into uncharted territories of digital finance.” A big shoutout to all our speakers and everyone who joined – your engagement was off the charts! Diving deeper, the discussion got us thinking about the power of #AI and #MachineLearning in shaking up AML practices. Let’s face it, the hurdles we’re facing in keeping crypto compliant are no small feat. We’re talking about making sense of complex transactions, ensuring identities are legit, and staying a step ahead of the risks. This is where AI and ML could really change the game, offering smarter ways to tackle these challenges and keep us moving forward. Thanks again to everyone who made the webinar such a success. We’re all in this together, working towards a safer, more transparent digital finance world. 🚀 Catch the full story and more of our takeaways here: https://lnkd.in/eQn78ie2 #Complytek #AML #cryptocompliance #regulations #antifinancialcrime #webinar

We have an industry tested AI regulatory reporting offering , that has been deployed with the British government, Singapore Monetary Authority, investment firms, banks, legal and other institutions.   Our AI solution can be implemented for Revenue Generation, Risk Management, AML and Compliance as well as tremendous overhead savings. Our technology and approach will provide more flexible solutions faster, more cost effectively and ultimately the highest accuracy.   We can emulate your specific workflow requirements and unlike other solutions, we provide full data and decision transparency. With our ability to accept and analyze data from any sources including but not limited to financials, reports, files, news and prices for analysis we can demonstrate and provide new capabilities firms need to compete and manage the increasing risk and regulatory environments.  Our solution can increase the productivity of your organization teams up to 50 to 1 (as case studies of our solution have proven). interested in a chat and or demo? brett.evans@capital-markets-advisors.com 

Couldn’t make it to The Assembly by ACAMS to hear the latest from the OCC, the Fed, FDIC, FinCEN, and SEC? Don’t worry, this month’s AFC Regulatory Watch covers this and much more including… ➡️ Upates from the U.S. on DOJ’s new whistleblower program and the indictment of crypto exchange Kucoin and its founders for AML violations ➡️ Big information sharing news with the launch of COSMIC in Singapore, proposed legislation in Canada, and the initial results of a fascinating SAR feedback program in Italy ➡️ Finally, we get updates from Hong Kong and Dubai on how financial institutions are using advanced technologies like machine learning and generative AI (yes some institutions have pilot projects underway) in their programs today. I really hope you tune in (link in the comments) and I’d love your feedback! If there are things you like, don’t like, or other things you’d like to see, let me know. This show is for you and I really want it to be useful! #aml #publicprivatepartnership #informationsharing #ai #generativeai #acams

🌍 Journey into the World of Anti-Money Laundering: Day 13 Hello tech enthusiasts and AML champions! 💡 As our digital odyssey continues, let’s explore the powerful tools and technologies that fortify our defenses against money laundering in this age of rapid innovation. 💡 Today’s Focus: Tech to the Rescue: Embracing AML in the Digital Age In the fight against money laundering, technology serves as both a challenge and a solution: 1. AI & Machine Learning: These tools process vast amounts of data, identifying patterns and flagging suspicious transactions with enhanced precision. 2. Blockchain: This decentralized ledger, while synonymous with cryptocurrencies, can also ensure transparency and traceability in transactions. 3. Biometric Verification: Advanced facial recognition and fingerprint scans can authenticate users, adding an extra layer of security. Yet, as with all tech, there's a learning curve and issues of data privacy, integration, and constant evolution. 📚 Tech Insight: Some banks employ predictive analytics, which anticipates future behaviors based on past data. This forward-looking approach can be instrumental in pre-empting money laundering schemes. 🤔 Question of the Day: As technology continues to advance, do you feel more secure about the future of AML, or do you believe it's an ever-escalating battle between tech-savvy regulators and launderers? Gear up for tomorrow, where we'll look into the global cooperative efforts and the significance of treaties and agreements in AML. #AMLJourney #Day13 #TechInAML #LinkedInSeries