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What is SOX (Sarbanes-Oxley Act) Compliance? | IBM
SOX compliance is the act of adhering to the financial reporting, information security and auditing requirements of the Sarbanes-Oxley (SOX) Act, a US law that aims to prevent corporate fraud.
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Central Bank Digital Currency (CBDC) & Blockchain: The Future of ... - IBM
Enhanced monetary policy: CBDC can provide central banks with better control over monetary policy by allowing for more direct control over money supply and velocity, and by granting them visibility over payment flows. Central banks can evaluate performance with real-time economic behavior instead of relying on lagging indicators to assess the health of the economy.
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What Is Fraud Detection? | IBM
From credit card theft to investment scams, account takeovers and money laundering, fraud is a widespread problem. The Association of Certified Fraud Examiners (ACFE) estimates that US businesses lose an average of 5% of their gross annual revenues to fraud. 1 The Federal Trade Commission (FTC) found that US consumers lost more than USD 10 billion to fraudsters in 2023. 2
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Central bank digital currencies and tokenization of financial assets - IBM
Regulations such as the anti-money-laundering directive (link resides outside ibm.com) or efforts that focus on combating the financing of terrorism (link resides outside ibm.com) stipulate that suspicious payment transactions be detected, attributed to their origin and reported to the relevant authorities.
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AI compliance: What it is, why it matters and how to get started
AI has many financial applications, from fraud detection and risk assessment to anti-money laundering activities. However, these AI applications must comply with regulations such as the US Fair Credit Reporting Act (FCRA) and the EU's Markets in Financial Instruments Directive (MiFID II).
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What Is AI In Banking? | IBM
Financial institutions and governmental agencies can also use AI systems to thwart other financial crimes like money laundering or impersonation. Enhanced APIs: Banking operations increasingly depend on the use of application programming interfaces to enable customers to track their money on various applications. For example, banks must give ...
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What Is Artificial Intelligence in Finance? | IBM
By analyzing intricate patterns in transaction data sets, AI solutions allow financial organizations to improve risk management, which includes security, fraud, anti-money laundering (AML), know your customer (KYC) and compliance initiatives. AI is also changing the way financial organizations engage with customers, predicting their behavior and understanding their purchase preferences.
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What Is Model Risk Management? | IBM
The technology can help assess credit and lending risk, create market models and aid in detecting financial fraud and money laundering. AI and machine learning can also be applied to model risk management, especially during model validation (such as stress testing market models) and real-time model monitoring.
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What is Anti-Money Laundering? - IBM
Money Laundering Control Act: This act was created in 1986, and it made money laundering a federal crime. Its primary focus is to reign in money laundering by drug cartels. It allows the government to seize assets without charging anyone with a crime. The act also extended the CTR to include any transaction over 10,000, not just cash.
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