How AI Can Spot Underground Banking Entities Lurking Under Traditional Banking

Featured Speakers :
WHEN : 07/14/2020 10:00 am 11:00 am

Complimentary webinar, courtesy of IBM and ACFCS

The global pandemic wrought by COVID-19 has disrupted the status quo and modus operandi of major establishments. An unusual suspect – ‘underground banking’ – also finds itself at the receiving end of this health crisis.

Money service providers like the hawala, hub or fei ch’ien networks that facilitate remittance actions globally in the are forced to go digital as their practices are limited by enforcement of social distancing. They are starting to exploit the cracks in traditional banking’s age old AML controls hardened to prevent suspected acts of money laundering.

They are increasingly using mule accounts and other seemingly legit mechanisms in the traditional banking sector to continue offering services to their clientele. Artificial intelligence can help traditional banks identify behavioral markers of these underground bankers circumventing their AML controls and take effective actions.

Learning objectives :

  •     How underground banking responded to COVID-19 lockdown restrictions
  •     How operators of underground banking leverage seemingly legit mechanisms to thrive in digital environments
  •     Why traditional AML controls are not enough to deter money laundering
  •     How behavioral insights powered by AI technologies can uncover these crimes

This session is eligible for 1 CFCS credits.

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