Featured Artificial Intelligence

U.S. Blacklists Eight Chinese Tech Companies on Rights Violations

The Trump administration placed eight Chinese technology giants on a U.S. blacklist on Monday, accusing them of being implicated in human rights violations against Muslim minorities in the country’s far-western region of Xinjiang. The companies include two video surveillance companies — Hangzhou Hikvision Digital Technology Co. and Zhejiang… Read More

Entering the era of intelligent payments

Automation and artificial intelligence are transforming the payments industry into one of the most dynamic sectors of transaction banking. But there are still many teething problems in an industry that has been catapulted onto centre stage. Doing business in Sudan isn’t easy, but back in 2011, it should have been… Read More

Suptech Presents New Opportunities and Challenges for AML Authorities: BIS

Advances in analytical tools for financial supervisors tasked with fighting money laundering could prove particularly helpful to jurisdictions struggling with de-risking, according to a new report. The findings, published by the Bank for International Settlements (BIS), outline how anti-money laundering (AML) authorities are adopting machine learning, natural language processing and… Read More
23rd August 2019
When HSBC Holdings Plc thwarted a $500 million central-bank heist, sophisticated computer software didn’t raise the alarm. The funds flowed undetected from Angola’s reserves to a dormant company’s account in London. It was a teller at a suburban bank branch who became suspicious, declined a request to transfer $2 million,… Read More
20th August 2019
Today, it’s not just humans competing for work in banking. Machines are becoming a threat to warm-blooded number crunchers worldwide. Indeed, almost one-third of financial-services jobs could be displaced by automation by the mid-2030s, according to a report by PricewaterhouseCoopers LLP last year. Despite those stark forecasts, some optimists… Read More
7th August 2019
For decades, increasing reliance on technology and automation has meant one thing for workers: fewer jobs. In a fast-growing corner of the finance industry, it’s doing the opposite as banks across Europe struggle to fill positions in units employing tech to combat money laundering. Reeling from a litany of scandals… Read More
16th July 2019
Banks must evolve or risk being “left behind” as big tech companies shake up the financial system, according to new research from the International Monetary Fund (IMF). In a paper published Monday titled “The Rise of Digital Money,” IMF authors… Read More
17th June 2019
Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions. One tycoon, who considers himself potentially politically… Read More
5th June 2019
Bank board members will have to pay increasingly close attention to functions which are being automated and no longer carried out by individuals, including anti-money laundering checks, a senior Bank of England official said on Tuesday. BoE executive director for UK deposit takers supervision James Proudman said managing risks from… Read More
26th March 2019
It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover $12,000 worth of doggie day spa charges on an employee’s expense reports. Level upon level of corporate management also failed to detect that the same employee… Read More
13th February 2019
AP – President Donald Trump has signed an executive order directing federal agencies to prioritize research and development in artificial intelligence. The plan, called the American AI Initiative, follows big investment pledges from China and other countries intended to advance and apply AI technology in fields… Read More
28th January 2019
AP — Facial-detection technology that Amazon is marketing to law enforcement often misidentifies women, particularly those with darker skin, according to researchers from MIT and the University of Toronto. Privacy and civil rights advocates have called on Amazon to stop marketing its Rekognition service because of… Read More
15th January 2019
After a tumultuous 2018, which saw some eye-watering penalties, the rollout of new privacy laws and Europe’s ‘biggest banking scandal,’ anti-money laundering compliance officers may be ready for a fresh start. But regulatory expectations, the promise of fintech solutions and money laundering issues linked to ongoing political corruption scandals, are set to loom large for… Read More