Announcing: Newly launched IBM Financial Crimes Insight (FCI) Community, serving as a place for our users, customers, prospects, and partners get access to Financial Crimes Insight resources, key assets, events, blogs, and discussion posts.
If the number of recent headlines is any indication of productivity, financial criminals have been very busy. With money laundering scandals reaching into the billions, growing incidents of improper employee conduct and sales practices and increasing losses to insurance fraud schemes, financial institutions around the world are being pushed to the limit as are the systems they use to find these activities. In 2019 alone, more than $10 billion in global fines and penalties were doled out to companies and financial institutions for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and sanctions regulations. It's clear that organizations around the world are under increasing pressure to ensure they have the right processes in place to fend off financial criminals and meet intensifying regulatory requirements.
In the IBM Financial Crimes Insight (FCI) group, a part of the Data & AI Organization, our teams have been working to improve the way financial institutions across banking, insurance and financial markets identify, prevent and remediate instances of money laundering, fraud and improper employee conduct. By utilizing technology such as artificial intelligence (AI), automation and advanced analytics, as well as the regulatory expertise from within IBM as well as through Promontory, we are continuously looking for ways to make financial crime prevention faster, more effective and less resource intensive. We also further strengthened our ability to help our FSS clients address the multitude of financial risks they face by announcing a strategic partnership with Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions.
On behalf of the entire Financial Crimes team, we are pleased to extend the invitation to join and be part of the selected group of members that include Clients, Business Partners and IBMers. In order to join the Financial Crimes Insights Group, you must first become an IBM Community member by visiting the site's homepage. Once you have done so, you can join the group and start sparking conversations and posting/reviewing content.
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JULIE MELAMUD
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