Launderbots, or why your AML is no longer fit for purpose

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Presented by

Jan Philippaerts VP Compliance Currencycloud, Kathy Gormley Solutions Engineer and James Brodhurst Consultant - Resistant AI

About this talk

Those 200 limited-edition Yeezys that were just scalped off a custom footwear store by an army of bots weren’t just doing it for the markup. They’re doing it to launder money. The regular barriers between fraud and financial crime are breaking down. Criminals leverage automation and AI to test the gaps in your AML rules, hit the overlaps between your risk and compliance teams, and move their money in and out of your system at unprecedented speeds. When the new army of money mules in your system aren’t even real, how do you keep up? Join our session and find out. You’ll learn: How new FinTech business models require a rethink of traditional AML systems and controls. What the key success factors are for thriving in this new age. The role that tech and AI play in supporting scaling businesses to remain compliant. Why AI explainability is vital and multi-faceted.

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Explore the latest threats posed by increasingly sophisticated criminals using automation to commit fraud and financial crime at an unprecedented scale, develop an understanding of the mindset of a cybercriminal to anticipate their moves, and learn how to best leverage AI, automation, and human insight to fight back. At Resistant AI, we’ve been using machine learning to hunt cybercriminals for over 15 years, and we’ve followed them into the field of financial crime. We’ve developed state of the art machine-learning techniques we call Real-time Identity Forensics to make the AI and automation systems you rely upon resilient to manipulation and attack. By analyzing everything from submitted documents to ongoing customer behaviors, we uncover and prevent document forgery, serial fraud, synthetic identities, account takeovers, money laundering, and as yet unknown financial threats operating at scale. And we want to arm you with the knowledge you need to fight off this new breed of financial criminals.