Fraud generates billions in proceeds every year, and the use of AI significantly increases the speed, scale, and likelihood of success. Synthetic identities are already leveraged to open accounts used to commit fraud and launder money. Explore red flags and actions financial institutions must take to detect and respond to AI-enabled synthetic identities.

Synthetic identities are increasingly used to perpetrate fraud. Delve into real-life examples of synthetic identity fraud in Canada, along with the actions financial institutions can take in response, in this article.

Fraud is often the entry point into a complex web of financial crime from money laundering to terrorism financing. Understanding this gateway role is essential for those defending the integrity of the global financial system.

This article explores the commonalities between AML, sanctions compliance, ABC, fraud risk management, and export control compliance programs and recommends that organizations consider using a holistic financial integrity risk management and compliance framework.

New digital solutions in money laundering and underground banking have facilitated the expansion of the criminal business environment in Southeast Asia, integrate billions of criminal proceeds into the formal financial system and enabling the growth of new criminal organizations.

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.

Corruption in the construction sector can include everything from fraud, to extortion, embezzlement, and other abuses. Corruption doesn’t just undermine good governance; it endangers lives and threatens the reputation of any financial institution involved in construction projects that are rife with fraud and abuse. How can government organizations and financial institutions mitigate corruption risks when funding or supporting infrastructure projects? How can they detect suspicious transactions?

While special naturalization programs offered in certain jurisdictions to foreign investors intend to attract foreign direct investment and economic and infrastructure development, these programs can be abused by criminals who seek to launder and conceal proceeds of crime or commit new offences, including financial crimes.

Real estate in the United States has long been a popular channel for corrupt actors seeking to launder illicitly obtained funds. As part of the Biden administration’s 2021 Strategy on Countering Corruption, a long-awaited proposed rule from the Treasury Department that is slated to take effect in early 2024 will seek to address that glaring loophole in US anti-money laundering (AML) regulations.

Binance, the world’s largest cryptocurrency exchange, on November 21st pleaded guilty and agreed to pay more than $4.3 billion to resolve the US Justice Department’s investigation into its violations of the Bank..