As the ecosystem of third parties continues to grow, AML due diligence has become more difficult. The challenge of identifying and vetting suppliers, consultants, agents, affiliates and resellers would be insurmountable without the use of technology.… Continue Reading
There has been a lot of discussion lately about the possible uses of artificial intelligence in anti-bribery compliance. Most commentators recognize that AI (and its more unassuming cousin, machine learning) won’t do away with current practices altogether.… Continue Reading
Two great recent posts on the FCPA Blog talked about the heavy demands on compliance professionals generated by the global regulatory patchwork.
Lindsay Columbo discussed the challenges of due diligence amid regulatory differences, among other variables, but said consistent standards and regulations “can be understood and addressed regardless of jurisdiction or any other factor.”… Continue Reading
Lindsay Columbo’s excellent post for the FCPA Blog (“How did due diligence ever become so complicated?”) articulated a set of thought-provoking observations that many of us working in the financial and legal sector, and who have compliance and KYC obligations, have been pondering for some time.… Continue Reading
It’s increasingly important to understand the way disruptive technologies such as blockchain, cryptocurrencies, artificial intelligence, and big data are already impacting and will continue to shape how compliance systems work.
Artificial intelligence and machine learning technologies are expected to bring massive operational efficiencies to compliance and ethics program management tasks. But what exactly is behind these buzzwords?
A more holistic view leads me to a conclusion that what a machine technology can do is less interesting than how it should be taught to do it.… Continue Reading
Compliance professionals know intuitively that we’re in the midst of a disruptive evolution, with big data being a way of life and emerging technologies like AI and blockchain promising more to come.… Continue Reading
Artificial intelligence will always be a “work in progress” in fighting money laundering and won’t entirely replace humans and their intuition, a top UK regulator said.… Continue Reading
Last year 27 companies paid nearly $2.5 billion to resolve FCPA-related offenses. So far this year, 9 companies have paid more than $1.2 billion for FCPA-related settlements. Yet despite these staggering outcomes, existing tools deployed today by corporations are not capable of effectively mitigating FCPA risk.… Continue Reading
The growing complexity of third-party relationships, and the immediate regulatory and reputational risks of those third parties has procurement teams, compliance officers and legal departments working to figure out the best way to proceed.… Continue Reading
Just 15 years ago, due diligence researchers might spend hours retrieving documents from courthouses and sifting through microfiche at libraries. As recently as 2010, they could go through six to 12 months of training just to learn how to create a “level 1” report. … Continue Reading
Over the past 10 years, I’ve seen many new firms enter the FCPA due diligence space. They’re often big data companies commoditizing the investigative field.
These firms use technology to expand outside of their niche, into the domain of investigations and licensed private investigative agencies, whose entire business model focuses on investigative analyst-led research.… Continue Reading