Nasdaq recommends closer collaboration between banks to prevent financial crimes

Over $3 Trillion of illicit funds went through the banking system last year

As new payment methods increase on almost a daily basis, detecting fraudulent transactions is not enough

Insider fraud is changing, and banks must adjust their strategies to keep up with it

Criminals are constantly adapting and devising new ways to evade safety and security measures meant to prevent illicit activities

The firm has been penalized for failing to file anti-money laundering reports on time

Anchorage was the first ‘digital asset’ bank approved by the regulator last year

The bank has admitted “willful violations” of anti-money-laundering rules

As the conflict there worsens the critical need for financial organizations to have checks in place to safeguard artificial intelligence (AI) and prevent bias will be revealed

Cyber fraud is not only one of the fastest-growing crimes plaguing financial institutions, it’s also one of the most elusive