Tag: Bank Secrecy Act

In 2023, the global regulatory landscape unveiled a startling revelation as fines imposed by authorities exceeded a colossal $10.5bn. This figure not only reflects the stringent enforcement actions but also spotlights the emerging areas of regulatory scrutiny.

Financial institutions often fall prey to money launderers who exploit these platforms to funnel, mask, transfer, and cleanse ill-gotten gains. This doesn’t just endanger the specific institution but imperils the credibility of the entire financial system.

The technological revolution is making the job of compliance officers increasingly intricate. From record-keeping to monitoring approved communication channels and adapting to the ever-changing world of social media advertising, the list of challenges seems endless. A burning question for many is the potential influence of large language models (LLMs) on their profession. Will LLMs simplify their tasks or add complexity?