by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
According to an article in the February 5th, 2024, Financial Times, an Iranian state-owned oil company, Petrochemical Commercial Company Iran (PCC), used UK-registered front companies to evade US sanctions and hold active accounts at Santander UK and Lloyds. Leaked...
by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
The recent controversy around Google’s image generation where it is accused of engineering its Gemini AI application to produce “woke” images intentionally highlights a concept in AI development known as Prompt Transformation. Most users interact with AI Large...
by gegwp1 | Oct 8, 2024 | Business Consulting, Industry News
It was the best of times, it was the worst of times. The divergent fates of two rival condiment businesses — the best of times for McIlhenny Company, maker of well-known Tabasco-brand hot sauces, and the worst of times for Huy Fong Foods, originator of the U.S....
by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
The buzz around Gen AI has reached a fever pitch. At the recent WEF conference in Davos, it was all anyone wanted to discuss. Sorry ESG. Sorry Crypto. As my daughter would say – “you are so last semester!” Forecasts predict that workers will lose all sorts of...
by gegwp1 | Oct 8, 2024 | Economic Consulting, Industry News
There is an interesting case in the UK where a woman, Wen Jian, is accused of helping an alleged Chinese fraudster, Qian Zhimin, laundering the proceeds of a $6.3B fraud scheme using Bitcoin. Qian is accused of defrauding nearly 130,000 investors in China with...
by gegwp1 | Oct 8, 2024 | Financial Consulting
The world is moving to real-time or near-real-time payments. The G20 established a Roadmap for enhancing cross-border payments in November of 2020. The roadmap aims to reduce costs and increase cross-border payments’ speed, access, and transparency. The speed target...
by gegwp1 | Oct 8, 2024 | Economic Consulting, Industry News
NASDAQ’s Verafin business unit released its 2024 Global Financial Crime Report this week, highlighting the scale of the problem with an estimated $3.1 Trillion in illicit funds flowing through the global financial system. One interesting aspect of the report is the...
by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
In a recent interview, Donna Achimov – the Chief Compliance Officer and Deputy Director of Canada’s FINTRAC financial intelligence unit – highlighted how they increasingly use artificial intelligence to monitor bank activity for suspected money laundering and...
by gegwp1 | Oct 8, 2024 | Financial Consulting
Financial institutions have multiple obligations to surveil the activity and behavior of their clients, counterparties, and associates. The scope of these obligations is growing as a higher percentage of client interactions are digitized, creating the expectation by...
by gegwp1 | Oct 8, 2024 | Financial Consulting
We’ve discussed how variability in a large language model (LLM) output is one of the biggest challenges to creating an effective AI-driven application. If you ask the same question to an LLM-based chatbot, you may get different answers depending on the bot’s...
