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Artificial Intelligence › Suspicious Activity Reports (SARs) › Financial Institutions

Davis Wright Tremaine LLP

FinCEN Warns of Criminal Use of Deepfake Technology to Circumvent Controls

Davis Wright Tremaine LLP on

Generative artificial intelligence (AI) holds tremendous promise for financial institutions and their customers. But that promise comes with potential peril, as highlighted in a recent alert issued by the U.S. Treasury...more

Mitchell, Williams, Selig, Gates & Woodyard,...

FinCEN Warns Financial Institutions of Fraud Schemes Arising from Deepfake Media Using Generative Artificial Intelligence

Mitchell, Williams, Selig, Gates & Woodyard,... on

Today the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert to help financial institutions identify fraud schemes relying in part on the use of deepfake media created through...more

Ballard Spahr LLP

OCC Risk Perspective Report Focuses on Third-Party Relationships with Fintechs

Ballard Spahr LLP on

In its Fall 2023 Semiannual Risk Perspective, published on December 7, the Office of the Comptroller of the Currency (“OCC”) reported on key issues facing the federal banking system. In evaluating the overall soundness of...more

Troutman Pepper Locke

OCC’s Semiannual Report Highlights Emerging Risk of AI in Banking

Troutman Pepper Locke on

On December 7, the Office of the Comptroller of the Currency (OCC) published the fall edition of its Semiannual Risk Perspective, which discusses key issues facing banks. From the OCC’s perspective, the overall strength of...more

Ankura

Factors to Be Considered by Financial Organizations for an Effective Transactional Monitoring System

Ankura on

The rising incidence of financial crime continues to haunt financial institutions globally. As per a recent industry report, more SARs (suspicious activity reports) were filed by ~80% of the firms in 2021. COVID-19 pandemic...more

White & Case LLP

AML Information Sharing in a Technology-Enabled and Privacy-Conscious World

White & Case LLP on

Financial firms play an integral role in preventing, identifying, investigating and reporting criminal activity, including terrorist financing, money laundering, and many other finance-related crimes. It is a critical role...more

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