The necessity for robust Anti-Money Laundering (AML) measures has reached an unprecedented level. Flagright reports a rise in financial crimes, pushing financial entities to adopt cutting-edge artificial intelligence (AI) technology.

These AI-native systems seamlessly integrate into AML frameworks, enhancing their ability to identify and curb money laundering through instant data analysis, pattern recognition, and fewer false alarms.

These AI tools are not only responsive but also evolve by learning new patterns and trends, thus constantly improving their detection accuracy. This ongoing enhancement not only boosts compliance but also optimizes operations, reduces costs, and lessens risks. With increasing regulatory demands, the strategic value of AI-native technologies is becoming crucial for staying ahead of financial criminals and ensuring both regulatory and customer trust.

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The realm of financial regulation is ever-changing, with AML compliance being a priority worldwide. Previously, AML tasks were manual, tedious, and mostly reactive. The transition to AI-native systems represents a significant shift, enabling real-time monitoring and sophisticated anomaly detection, thereby boosting the risk management capabilities of financial institutions.

As we look to the future, AI’s role in AML compliance is vital as institutions tackle complex regulatory challenges. Using AI for transaction monitoring, risk evaluations, and compliance reporting enables organizations to strengthen their defenses against various financial crimes.

Big data analytics also play a critical role in refining AML strategies. The extensive data collected in the financial sector helps reveal customer behaviors, transaction trends, and risk factors critical in identifying potential laundering activities. However, despite these technological advances, financial institutions still face regulatory hurdles and compliance risks, given the dynamic nature of financial crimes and strict regulatory frameworks.

Effective AML compliance also depends greatly on cooperation and data sharing among banks, regulatory authorities, and law enforcement agencies. This joint effort is crucial in combating money laundering and terrorist financing worldwide. Through sharing intelligence and best practices, stakeholders can improve regulatory structures and detect illegal financial activities across nations.

The shift from traditional methods to AI-driven approaches marks a move towards a more secure financial environment. In this digital era, proactive compliance strategies and strategic partnerships are essential in maintaining the integrity of the global financial system.

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AI has transformed AML compliance by improving risk assessment and transaction monitoring, thus bolstering the overall compliance structures of financial institutions. AI not only enables real-time monitoring but also streamlines case management and boosts investigative processes through natural language processing and AI forensic techniques.

Financial institutions continue to face challenges related to data privacy, security, and regulatory compliance. Addressing these issues demands a proactive and thorough approach, using innovative technologies to improve detection capabilities and comply with international AML standards.

As financial institutions work to improve their AML compliance frameworks, adopting AI and fostering collaborative efforts are key. The use of advanced technologies ensures more effective prevention and detection of financial crimes, protecting the integrity of the financial system.

Source: fintech.global

The post The transformative power of AI in fighting financial crime appeared first on HIPTHER Alerts.

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CAVENDISH, PE, June 26, 2024 /PRNewswire/ — The Royal Canadian Mint is releasing a new $1 commemorative circulation coin honouring L. M. Montgomery, one of the most prolific and widely read authors in Canadian history. On the 150^th anniversary of her birth, this coin pays tribute to Montgomery’s talent and enduring contributions to Canadian and world literature, as well as her role in popularizing Prince Edward Island (PEI) and Canada through her timeless Anne of Green Gables novel series and other memorable works. This coin will start entering circulation on June 27, 2024.

“The Anne of Green Gables novels are iconic works of Canadian literature, and have captivated millions of readers in Canada and around the world,” said The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance. “This new coin in tribute to L. M. Montgomery and her literary masterpieces will help keep the story of Anne in our pockets for generations to come.”

“The life and legacy of L. M. Montgomery is the kind of story that belongs on the first circulation coin to celebrate an author,” said Marie Lemay, President and CEO of the Royal Canadian Mint. “With her iconic tales of Anne Shirley still being translated into dozens of languages and adapted for stage and screen, we are proud to have represented Montgomery’s story on a coin that will be shared and treasured for generations.”

The coin was unveiled at Green Gables Heritage Place, the family house and farmstead administered by Parks Canada that Montgomery used as the inspiration for the setting of her novel Anne of Green Gables.  Its artwork is the creation of Prince Edward Island artist Brenda Jones. It features a profile portrait of the beloved Canadian author
(1874-1942) around the time Anne of Green Gables was written, along with the author’s signature and the cat drawing she often included when signing her name.

To convey the power of Montgomery’s imagination, the coin design flows from the view of the author putting pen to paper (represented by the portfolio and inkwell) to that of Anne Shirley gazing out at PEI farmland – the real-life inspiration for many of Montgomery’s stories. The obverse features the effigy of His Majesty King Charles III by Canadian artist Steven Rosati.

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“I greatly admire my grandmother, for her contribution to Canadian literature and culture, her strength of character, and the love, pride and sense of responsibility she gave to my family,” said Montgomery’s granddaughter, Kate Macdonald Butler. “For her to be commemorated on millions of circulation coins is an unimaginable honour and I hope Canadians will cherish it as much as I do, not only for the stories she told, but for the woman she was.”

Born in Clifton, PEI in 1874, L. M. Montgomery published hundreds of short stories and poems, in addition to 20 novels, including the famed: Anne of Green Gables stories. She eventually settled in Toronto, where she died in 1942. Montgomery was finally laid to rest in PEI’s Cavendish Cemetery – a last return to the island she so cherished.

Limited to a mintage of three million coins, of which two million are coloured, this new $1 circulation coin begins circulating on June 27, 2024.  It will reach Canadians through their change as bank branches and businesses replenish their coin inventories.

Other collector products adding to this commemoration include coloured and uncoloured special wrap rolls of 25 uncirculated coins each, as well as a fine silver coin.

These collectibles can be ordered as of today by contacting the Mint at 1-800-267-1871 in Canada, 1-800-268-6468 in the US, or online at www.mint.ca/LMM.They are also available at the Royal Canadian Mint’s Ottawa and Winnipeg boutiques, as well as through the Mint’s global network of dealers and distributors.

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About the Royal Canadian Mint

The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours.  As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services.  As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations. 

For more information on the Mint, its products and services, visit www.mint.ca.  Follow the Mint on LinkedIn, Facebook and Instagram.

Images of the circulation coin and collector products are available here.

View original content:https://www.prnewswire.co.uk/news-releases/royal-canadian-mint-unveils-a-new-1-circulation-coin-honouring-canadian-literary-icon-l-m-montgomery-302183096.html

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NEW YORK, June 26, 2024 /PRNewswire/ — Phaidon International, the professional services firm specializing in securing business-critical talent, is pleased to announce the appointment of Mark Norton as the new Chief People Officer (CPO). This strategic hire reflects Phaidon International’s commitment to accelerating global growth and delivering outstanding results for clients worldwide.

Mark brings a wealth of knowledge and a proven track record in people strategy. With over 20 years of experience, he has held key leadership roles at Campari Group and Broadcom where he played a critical role in driving results through strategic talent initiatives, modernizing the operating model for commercial success.

“We’re thrilled to have Mark Norton join our executive team,” said Harry Youtan, CEO of Phaidon International.

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“Mark’s expertise will support our continuing goals to expand our global reach and deliver exceptional results for our clients. Mark’s leadership perfectly aligns with our mission to empower businesses and individuals to achieve their full potential.”

As Chief People Officer, Mark will unite Talent, Human Resources and Training functions under one single roof, to build and execute a strategy aligned to a high-performance growth organization. His leadership will be instrumental in accelerating the business as Phaidon International looks to continue its ambitious growth plans.

“I am excited to join Phaidon International and contribute to its vision,” said Mark.

“I look forward to working with the team to develop forward-thinking people strategies that not only attract and retain top talent but also drive the company’s success in the marketplace.”

This appointment comes at a pivotal time for Phaidon International as it continues to expand its services and solutions to meet the evolving needs of businesses in today’s competitive landscape, strengthening its position as a trusted talent partner and driving growth for clients and professionals globally.

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For more information about Phaidon International and its services, please visit phaidoninternational.com.

About Phaidon International

Phaidon International identifies, sources, and delivers business-critical talent to the most innovative industries in the world. Delivering its capabilities through a deliberately curated group of 6 brands, each one specializes in the following industries, where a relentless supply-demand imbalance exists:

Selby Jennings – Financial Sciences & Services
LVI Associates – Energy & Infrastructure
DSJ Global – Supply Chain
EPM Scientific – Life Sciences
Glocomms – Technology
Larson Maddox – Regulatory & Legal

Today, Phaidon International is proud to deliver excellence to clients in over 60 countries, winning over 50 independent awards along the way. Phaidon International is backed by Further Global.

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View original content:https://www.prnewswire.co.uk/news-releases/global-talent-partner-phaidon-international-strengthens-board-with-new-cpo-302183208.html