Recently I joined my Nasdaq Verafin colleagues at ACAMS – The Assembly Las Vegas. This conference brought together industry, tech and thought leaders from across the financial sector. Together we discussed the prominent challenges and opportunities facing the financial crime landscape.
As both an observer and participant in this year’s conference, there were several reoccurring themes that were raised repeatedly. Here are my six key takeaways from this year’s conference:
AI Adoption
Many discussions centered around the adoption of AI technologies in compliance and risk management. In one session, a survey of industry professionals revealed that over half are now actively using or piloting AI, with data quality emerging as the critical foundation for successful implementation. Several presenters flagged key risks including shadow IT, deep fakes, AI-enabled fraud, and data poisoning – underscoring the need for robust governance, enterprise-grade security, and human oversight. Some general conclusions identified how organizations must invest in data infrastructure, security controls, and workforce transformation.
Compliance Automation
The conference emphasized the importance of using technology as a force multiplier for compliance efforts – encouraging financial institutions to drop outdated manual processes and adopt automated solutions to deliver actionable intelligence to law enforcement agencies more effectively. A shared sentiment behind these discussions focused on the importance of delivering timely quality evidence to law enforcement, and how the consequences of missed compliance steps act as an impediment in these time-sensitive processes.
Regulatory Reform
In his keynote, Undersecretary of the Treasury for Terrorism and Financial Intelligence, John Hurley, shared his department’s intentions to ease requirements around suspicious activity reports (SARs) for financial institutions. The goal is to reduce the administrative burden on institutions and reorient towards effective outcomes for law enforcement.
Compliance Measures
A significant topic focused on the need for objective rather than subjective measures in compliance. Conference attendees discussed how AML/CFT programs should focus on delivering better outcomes by allocating resources to the most significant risks and transitioning from subjective to objective performance metrics.
Collaborative Approach
The value of partnerships and information sharing was also a recurring theme. Successful investigations, such as those targeting money laundering networks in Asia with links to fentanyl cartels in Mexico, demonstrated the value of enhanced partnerships and information sharing between jurisdictions, financial institutions, law enforcement agencies, and other stakeholders. This highlighted the importance of collaboration in tackling evolving money laundering techniques.
Evolving Threats and Typologies
The conference shed light on the challenges posed by evolving threats such as sextortion, predominantly activities targeting male teenagers via social media platforms, and involving coercive peer-to-peer transfers and threats. The need for continuous monitoring, proactive communication, and innovative approaches to combat these threats was clearly emphasized.
Each year, ACAMS – The Assembly Las Vegas, touches on the key trends and conversations that permeate anti-financial crime circles. Nasdaq Verafin appreciates participating in discussions about emerging threats, evolving regulations, and exploring new solutions for money laundering and financial crimes. We bring these unique industry insights back to inform our product development, so that we offer our customers the most robust AML and fraud detection solutions.
About the Author:
FOUAD HASSOUNEH
VP – Product Management, Nasdaq Verafin
Since joining Nasdaq Verafin in 2013, Fouad has excelled in a wide range of roles. In his current role as VP – Product Management, Fouad is responsible for defining the product vision, strategy, and roadmap. He helps Nasdaq Verafin deliver solutions that leverage artificial intelligence to effectively detect money laundering, while helping institutions maintain compliance. Working in close collaboration with Nasdaq Verafin colleagues, customers and senior stakeholders, Fouad applies his extensive knowledge of the AML/CFT and fraud landscapes to guide innovations and enhancements to product management and analytics. Fouad is passionate about creating value for customers and society by combating financial crime with cutting-edge technology.
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