Entries by IFI

Exploring the Balance of Innovation & Responsibility

In our recent webinar, industry leaders examined the intricacies of leveraging AI responsibly to enhance compliance strategies while safeguarding data privacy and ethics. Featuring a panel of industry experts including Shannon Barnes, Ajit Tharaken, and Catherine Woods, this blog post summarizes the key insights shared during the event.

The Risks of De-Risking

Compliance officers are guardians at the gate: protecting their organization and the global financial system from abuse while also ensuring that licit funds flow undisturbed. This is a delicate balance, as global regulations continue to grow in complexity, prompting some financial institutions to de-risk from high-risk clients. What are high-risk clients? Must a bank cease its relationships with these clients?

How has Terrorism Financing Changed Since 9/11?

While financial provisions enacted after the terrorist attacks of 9/11 have succeeded in addressing vulnerabilities in the global financial system, terrorist organizations have developed new methods of fundraising and moving assets, including digital assets and online platforms. In this article we examine how new technologies facilitate terrorism financing and the risks financial institutions should consider.

A Review of the Financial System Post 9/11

After the terrorist attacks on September 11, 2001, the private sector, especially financial institutions, began to play a vital part in protecting the U.S. and global financial systems. In this article we examine the changes to the financial system that resulted after 9/11 and discuss how the role of financial institutions has changed with respect to deterring and detecting the financing of terrorism.

AML Compliance for Small Businesses

Small businesses face the challenge of navigating the intricate landscape of anti-money laundering (AML) regulations. Despite the challenges posed by evolving global standards and limited resources, small businesses can use tailored strategies to fortify their compliance frameworks and thrive in a complex regulatory environment.

The Ghost in the Shell

Shell companies, meaning businesses that have a legal structure but no real operations or assets, have been used extensively in money laundering, proliferation finance, sanctions evasion, tax evasion, and other types of financial crimes. There is now evidence that shell companies are increasingly being used for strategic trade control violations too. This is good news for financial institutions: existing controls designed to detect the misuse of shell companies for other financial crimes will catch export control-related activity in their net too – but some adaptations are required.

Collaboration Between Chinese Money Laundering Organizations & Drug Cartels

Global regulators are highlighting the growing threat of Chinese money laundering organizations that help transnational criminal organizations—particularly drug cartels—access and move assets through the global financial system. Global financial institutions must enhance their due diligence efforts, given the growing scope of the problem and the increasingly sophisticated methods used to launder drug proceeds.

Elevating Defenses

Dive into the cutting-edge strategies that financial institutions are implementing to combat the evolving threat of AI-driven fraud. From deploying advanced detection technologies to fostering robust networks of allies, learn how the financial sector is bolstering its defenses against sophisticated scams like deepfakes and biometric fraud.

Deepfakes and Dollars

While AI has the potential for transformative impact in the financial sector, it also introduces new challenges. From biometric mimicry to the alarming rise of deepfakes, this blog highlights emerging threats and challenges in countering AI-driven fraud.