Financial Crime

Financial crime is defined as crime that is specifically committed against property. These crimes are almost always committed for the personal benefit of the criminal, and they involve an illegal conversion of ownership of the property that is involved.

Source: complyadvantage.com

Seven in 10 Financial Institutions Use AI and ML to Combat Fraud

Seven in 10 Financial Institutions Use AI and ML to Combat Fraud
Seven in 10 Financial Institutions Use AI and ML to Combat Fraud
March 26, 2024  |  Cybersecurity

Recently, PYMNTS sat down with an array of experts and innovators in the artificial intelligence (AI) field to get their thoughts on how the technology...

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UK FCA Prioritizes Digital Innovation, Fraud Prevention for 2024
UK FCA Prioritizes Digital Innovation, Fraud Prevention for 2024
March 26, 2024  |  Europe

Amid a challenging economic landscape, the U.K.’s Financial Conduct Authority (FCA) has unveiled its Business Plan for the 2024-2025 fiscal year, marking the culmination of its three-year strategic roadmap.  One of...

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US Imposes Sanctions on 13 Russia-Linked Crypto FinTechs
US Imposes Sanctions on 13 Russia-Linked Crypto FinTechs
March 26, 2024  |  Cryptocurrency

The U.S. has sanctioned 13 Russia-linked FinTechs for allegedly using cryptocurrency to evade bans. “Russia is increasingly turning to alternative payment mechanisms to circumvent U.S....

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FATF Updates List of Countries Needing ‘Increased Monitoring’
FATF Updates List of Countries Needing ‘Increased Monitoring’
February 29, 2024  |  AML

The Financial Action Task Force (FATF) has added new countries to its “increased monitoring” list. FATF, which sets global standards for anti-money laundering and countering the financing...

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US Money Laundering Fight May Soon Turn Corner
US Money Laundering Fight May Soon Turn Corner
February 28, 2024  |  Cybersecurity

Is the tide turning in America’s war on money laundering? Writing in the Financial Times Tuesday (Feb. 27), Casey Michel of the Human Rights Foundation...

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Scammers Using GenAI to Improve, Scale Phishing Attacks
Scammers Using GenAI to Improve, Scale Phishing Attacks
February 14, 2024  |  Artificial Intelligence

Financial scams have become increasingly sophisticated with the use of generative artificial intelligence (AI). Criminals armed with generative AI tools can easily create realistic videos,...

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McHenry Questions FinCEN Funding Amid Beneficial Ownership Debate
McHenry Questions FinCEN Funding Amid Beneficial Ownership Debate
February 14, 2024  |  Legal & Regulation

A top House Republican says the White House’s new beneficial ownership rules are needlessly complex. U.S. Rep. Patrick McHenry, (R-N.C.), head of the House Financial Services...

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OpenAI Stops Hack Attempts by 5 State-Sponsored Cybercrime Groups
OpenAI Stops Hack Attempts by 5 State-Sponsored Cybercrime Groups
February 14, 2024  |  Cybersecurity

OpenAI says it has disrupted state-sponsored hackers attempting to use its technology for malicious purposes. Working with its partner Microsoft, the artificial intelligence (AI) company said in...

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