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When six of the largest market participants in an industry are each fined over a billion dollars in ten years, something is broken. The question is, ‘what is broken?’ In anti-money laundering (AML), counter-terrorist financing, and sanctions controls, this question sits in the crosshairs of regulators and financial institutions alike.

Although the current system of law enforcement and financial institution cooperation continues to identify a small fraction of financial crime, growing operational risk, the scale of data and inefficient resource allocation pose serious challenges to the sustainability of the old approach.

As the problem reaches an unfathomable magnitude, regulators and industry stakeholders are collectively realizing, you can only fight fire with fire and an automated approach that leverages today’s expertise is now necessary to cost-effectively tackle financial crime and data challenges.

Read On >

About the Author

Brandon Daniels is the President of Global Technology Markets, overseeing the execution of data-driven solutions in Exiger’s regulatory and Financial Crime Compliance (FCC) efforts. A respected and enthusiastic thought leader, Brandon is a forward-looking regulatory expert and technology practitioner with more than 15 years in senior management across the financial services, life sciences and energy sectors. Regularly featured in leading publications, including The Wall Street Journal, The Financial Times and American Banker and a member of the Forbes Technology Council, he has built a reputation for technological innovation in regulatory investigations and compliance management.

 

Contribution to ACIP Paper:

Read Brandon’s contribution to the recently published AML/CFT Industry Partnership (ACIP) paper, which provides practical guidance for member banks in their journeys of adopting and implementing data analytics in AML/CFT.

 

ACIP is a private public partnership established in April 2017 which is co-chaired by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore. It was formed to bring together selected industry participants, regulators, law enforcement agencies and other government entities in Singapore to collaboratively identify, assess and mitigate key ML/TF risks in Singapore.

Ways to Mitigate Terrorist Financing & Money Laundering Risks

Are data analytics solutions the future of financial crime prevention? Brandon Daniels, and a panel of global industry experts took the Singapore FinTech Festival mainstage to dissect the cutting-edge (and bleeding edge) techniques being used by financial institutions today and what it means for tomorrow.

 

Watch the full panel below to understand how data analytics solutions can effectively manage scalability and detect financial crime.

 

Key Highlights:

  • New Techniques:
    Brandon Daniels discussed cutting-edge (and bleeding edge) techniques being used by financial institutions today – and what they mean for tomorrow
  • Cooperation:
    DBS Group Head of Compliance Chee Kin Lam emphasized that by being the ‘good guys’ – banks, governments, regulators, and technology partners should work together to tackle financial crime. But how do financial institutions get the help they need to do that?

Using AI in AML & Sanctions Detection

Hear Brandon Daniels explain how to manage the design, deployment, and testing of AI in Financial Crime Compliance under the existing regulatory and model risk regime – on the Singapore FinTech Festival Sandbox Stage.

 

Watch the video below to learn more.

 

Key Highlights:

  • Foundations of AI
    Achieving operational excellence and efficiency requires the 4 key foundations of AI:
    – Feature Creation
    – Transformation
    – Classification
    – Monitoring
  • The Key to Success
    AI alone cannot succeed by itself. AI models are extremely dependent on educated and experienced expertise, therefore collaboration between human and machine is mandatory to perfecting AI in order to rely on it to drive consistent, auditable, and accurate decisions.

For more videos >

About

DDIQ is an AI-Based Automated Due Diligence Solution that Accelerates and Enhances Risk Assessment Related to Clients, Investments, Transactions, Third-Parties and Counterparties

 

Programmed by expert technologists and taught by Exiger’s financial crime compliance professionals, DDIQ uses AI to read, understand, and analyze content with the same approach and cognitive reasoning as a human… without the constraints.

Whether a single investigation target or millions of monitored transactions, DDIQ rapidly executes hundreds of searches and analyzes thousands of sources. It then identifies, classifies, and ranks the risk-based information and delivers it in an easy to read profile.

As a critical component of a regulatory compliance program or a routine part of investment analysis, DDIQ helps you identify risk more rigorously and efficiently than ever before.

FINANCIAL INSTITUTION COMPLIANCE

Cost effective, auditible compliance.

CORPORATE COMPLIANCE

Automate your process for third party detect and monitor programs.

INVESTMENTS

Don’t make bad decisions that good research can avoid.

LENDING

Screen out bad risks that good research can avoid.

Contact








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