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Why High-Quality Data is Crucial to Fighting Financial Crime
The fight against financial crime is becoming increasingly complex. As the debate around AI responsibility rapidly evolves, financial institutions must now consider AI implications and effectiveness within their firm's business strategies, especially in compliance functions, where AI has already begun to become broadly embedded. The increasing prominence of AI also means that firms may leave themselves exposed to unexpected risks if they do not carefully consider the quality of the data that fuels the AI system.
Findings from Kroll's 2023 Fraud and Financial Crime Report indicate that global enforcement actions are expected to rise. Firms must be aware that regulators are increasing scrutiny of the use of technology as part of firms' AML compliance programs.
AI has proven transformative, particularly in combating financial crime. AI-powered systems can accurately analyze swathes of financial data in real-time, swiftly detecting suspicious or potentially criminal activities. As a result, AI has emerged as a crucial tool in preventing fraud, identifying money laundering risks, enforcing sanctions compliance and performing know your customer (KYC) checks.
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Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Role and Responsibilities of Practice Group Leaders
Ideally, the objective of defining the role and responsibilities of Practice Group Leaders should be to establish just enough structure and accountability within their respective practice group to maximize the economic potential of the firm, while institutionalizing the principles of leadership and teamwork.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?