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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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How Secure Is the AI System Your Law Firm Is Using?
What Law Firms Need to Know Before Trusting AI Systems with Confidential Information In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.