HSBC’s Post

The ongoing debate of AI will continue for many years. AI will make it easier for criminals to perpetrate sophisticated scams at scale, and to impersonate trusted institutions, friends and family members, raising serious questions about trust in content. But it is made equally clear, AI will better enable banks and others to identify and prevent fraud and scams. Chatbots will engage with chatbots uncovering critical information about criminal operations. And AI will free up the time of specialist investigators to focus on the most difficult cases! We must not underestimate the threats AI can pose. Nonetheless, we must take it in our stride to do better to protect others.

✨ In a recent MarketWatch opinion piece written by Barry McCarthy, the spotlight is on the vital role of AI in addressing financial crime and the substantial costs incurred by banks in battling money laundering. Within this context, Lucinity was prominently featured, underscoring the potential of Generative AI to substantially reduce these expenses. 💬 "A new AI tool from Iceland’s Lucinity, called Luci, is helping bank compliance professionals find data and determine faster whether reports of suspicious activity are cases of fraud or actual money laundering networks. What used to take days of time and money for employees looking into financial crime now takes minutes." Learn more: https://lnkd.in/enyQAr9V #Lucinity #MarketWatch #AI #FinancialCrime #Compliance #Luci #GenerativeAI #MakeMoneyGood

Artificial intelligence has the potential to revolutionize BSA/AML compliance and financial crime prevention. In my latest post, I lay out some of AI's uses and risks in this area. #ai #bsa #amlcompliance

Ensuring the integrity of our financial system is crucial. Network analysis, helps us uncover hidden money laundering activities. As we incorporate AI, real-time monitoring, and advanced visuals, we're stepping into a new era in the fight against financial crime. Read more: https://lnkd.in/dYha2Mns

Banks to Save £105 Million Fighting Financial Crime with Breakthrough AI Copilot Plugin Read more: https://lnkd.in/dWANWczC #financialcrime #AI #finance #fintech #FinancialIT

As regulators and industry grapple with the rapidly evolving threats and opportunities brought by technological advancements, the role of compliance officers is crucial in mitigating risks and enhancing AML/CFT programs. New York City Bar Association’s latest report, “Artificial Intelligence and Machine Learning in Financial Services: Opportunities and Challenges in Anti-Money Laundering and Combatting the Financing of Terrorisms”, serves as a resource for financial institutions and AML/CFT Compliance Officers who are implementing or considering implementing AI or machine learning systems into their AML/CFT Compliance Programs. FRA’s Doel J. Kar, Rim Belaoud, Shivam Patel, and Gerben Schreurs lent their forensic accounting and analytics expertise to this comprehensive and practical guide. Access the full report to learn about regulatory expectations, trends in AML/CFT compliance programs, and actionable strategies to navigate the complexities of AI/ML integration effectively: https://lnkd.in/e-EYfJpu  #AML #compliance #technology  

The ongoing development and adoption of AI in financial systems is having a transformative effect on the intricacies of regulation and efforts to combat money laundering. Read more: https://hubs.li/Q02nNG8g0 Post written by Sash Thapa, Forbes Councils Member.

Lucinity has been featured in an article written by Siddharth Venkataramakrishnan from the Financial Times for our innovative use of generative AI to combat financial crime. As financial professionals increasingly raise their concerns about the misuse of AI to perpetrate financial crime, companies like Lucinity are providing tools to support compliance teams to enhance the efficiency and accuracy of their investigations. Learn more at: https://lnkd.in/ey6nd8ti #fincrime #financialcrime #compliance #regtech #antimoney #laundering #generativeAI #chatGPT #GenAI #banking #fintech #payments #AI

Following the #TransformFinance event in London, Gary McClure, Head of Client Lifecycle Management Strategic Opportunities at Delta Capita shares his highlights from the event and thoughts on how we use AI in financial crime and ensure that generative AI is in line with standards. Read the full blog here: https://okt.to/uX68tZ #FinCrime #Technology #KYC #CLM #AML