TOPIC: FinCEN

Blog | Banking on AI for Financial Crime Management

Blog
Banking on AI for Financial Crime Management
Industry Accelerates Adoption of Artificial Intelligence, RPA and Machine Learning


FinCEN and other regulatory agencies issued a joint statement last year encouraging financial institutions to employ innovative solutions, such as artificial intelligence, for BSA/AML regulatory compliance. The statement welcomes “innovative approaches to further efforts to protect the financial system against illicit financial activity” and “maximize utilization of banks’ BSA/AML compliance resources.” 

With assurance from the industry agencies, financial institutions should consider how innovative approaches will increase their effectiveness and efficiency. 

In this introductory blog, read how financial institutions are adopting the latest advances in artificial intelligence, machine learning and robotic process automation, to fight increasingly complex financial crime. 

Read more on how financial institutions are turning to Artificial Intelligence solutions

    Webinar | Banking Marijuana Related Businesses - Join us June 26

    June 26 at 12:30 PM - 01:30 PM EST
    Banking Marijuana Related Businesses
    Regulatory & Due Diligence Challenges for Financial Institutions


    Register Now

    As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

    Join us for this educational webinar, during which we will cover: 
    • Highlights from FinCEN Guidance on Marijuana-Related Businesses
    • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies 
    • Technology to improve due diligence and compliance processes for MRBs.
    Register Now

      Blog | Elder Financial Abuse: SAR Trends - Industry Report Reveals Need for Improved Detection & Reporting

      Blog
      Elder Financial Abuse: SAR Trends
      Industry Report Reveals Need for Improved Detection & Reporting

      June 12, 2019 by Verafin

      Read more

      In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, utilizing information from Suspicious Activity Reports (SARs) to identify emerging trends in financial crime, and calling upon financial institutions to proactively monitor and report suspicious activities to law enforcement and adult protective services.

      Learn how financial institutions can help protect vulnerable consumers from fraudulent financial abuse with innovative technological solutions. With timely reporting of potentially suspicious activity to FinCEN and law enforcement, institutions can prevent further abuse and further financial loss, and ensure victims receive the valuable services and interventions required for recovery.

      Read more on Elder Financial Exploitation SAR trends and recommendations from the report

        Webinar - 1 CAMS Credit | Elder Financial Abuse - Join us June 13

        June 13 at 12:30 PM - 01:30 PM EST
        Elder Financial Abuse
        Best Practices for Financial Institutions for Early Detection & Timely Reporting

        1 CAMS CREDIT

        Register Now

        Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

        Join us for this CAMS-accredited webinar, as we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

        In this webinar, you will learn:
        • The scale of elder financial exploitation and the challenges of preventing it
        • Potential red flag indicators of elder financial exploitation from FinCEN’s 2011 Advisory
        • Best practices for reporting elder financial exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies
        Register Now

          Free Webinar - Elder Financial Exploitation, the Hidden Crime | 1 CAMS credits, 1.25 CAFP, CFSSP, CRCM credits

          Thursday, June 20 - 1 p.m. CST/2 p.m. EST

          Elder financial exploitation is a growing concern in our communities, and the more the U.S. population ages the faster crimes against the elderly will grow. Financial institutions have a unique position to observe this early and stop the activity prior to a victim being left financially destitute. In fact, in most states financial institution employees are mandatory reporters of elder abuse. This session will help you identify elder financial abuse in your community and help stop it before it’s too late.

          Join us for a free webinar to learn:
          • How to spot the red flags of elder financial exploitation
          • Best practices to train your front-line staff in identifying this crime
          • When and how to properly file a SAR in an elder financial exploitation case
          • Who to report in your state(s) and whether you’re a mandatory reporter
          Presenters: Terri Luttrell, CAMS-Audit and Rachel Portnoy, Community Liaison for Adult Protective Services (APS)

          Earn 1 CAMS credit and 1.25 CAFP, CFSSP, and CRCM credits. 

          Register today! 

            Webinar - 1 CAMS Credit | Elder Financial Abuse - Join us on June 13th

            1 CAMS Credit
            Elder Financial Abuse
            Best Practices for Financial Institutions for Early Detection & Timely Reporting

            June 13 from 12:30 – 1:30 PM EST

            Register Now

            Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

            Join us for this CAMS-accredited webinar, as we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

            In this webinar, you will learn:
            • The scale of elder financial exploitation and the challenges of preventing it
            • Potential red flag indicators of elder financial exploitation from FinCEN’s 2011 Advisory
            • Best practices for reporting elder financial exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies
            Register Now