Posted by Brian Kindle - 12/05/2023
The Gen AI impact – Making Waves in Financial Crime
Roughly one year ago, a new wave of gen AI chatbots, image generators and other tools emerged and rapidly captured the public’s imagination. Since then, the explosive popularity of generative AI (gen AI) has created a world of opportunity for consumers and businesses alike.
More organizations are exploring ways to rapidly deploy gen AI tools to reap the benefits while mitigating the risks, including AML and fraud functions at financial institutions. However there’s a dark side to the AI excitement – scammers, identity fraudsters and money launderers have been among the earliest adopters of these innovative tools.
Will gen AI enable a new breed of financial criminal? Or can it be harnessed effectively to detect and counter attacks on banks and financial institutions? Along the way, how can we ensure that data is used properly and privacy is respected in the AI area?
Get answers to these questions and more as ACFCS speaks to Charmian Simmons, SymphonyAI Sensa-NetReveal’s Financial Crime and Compliance Expert. Together, we explore the potential of this innovative technology, and examine its impact on the delicate balance between human and machine in achieving better outcomes in financial crime compliance.
See What Certified Financial Crime Specialists Are Saying
"The CFCS tests the skills necessary to fight financial crime. It's comprehensive. Passing it should be considered a mark of high achievement, distinguishing qualified experts in this growing specialty area."
KENNETH E. BARDEN
"It's a vigorous exam. Anyone passing it should have a great sense of achievement."
(CFCS, Official Superior
de Cumplimiento Cidel
Bank & Trust Inc. Nueva York)
"The exam tests one's ability to apply concepts in practical scenarios. Passing it can be a great asset for professionals in the converging disciplines of financial crime."
(CFCS, Royal Band of
"The Exam is far-reaching. I love that the questions are scenario based. I recommend it to anyone in the financial crime detection and prevention profession."
(CFCS, CAMS Lead Compliance
Trainer, FINRA, Member Regulation
Training, Washington, DC)
"This certification comes at a very ripe time. Professionals can no longer get away with having siloed knowledge. Compliance is all-encompassing and enterprise-driven."
CFCS, CAMS, CFE, CSAR
Director, Global Risk
& Investigation Practice
FTI Consulting, Los Angeles