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How Cyber Security Threats impact AML and Fraud?
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Fraud and Money Laundering (FRAML) integration is a term that is on the rise; speakers discuss the consolidation of AML and Fraud Data that better help institutes combat these two in synergy.
Moreover, social media is one of the major facilitators of fraud and recruitment of money mules; Kennedy mentions how the Online Safety Bill in the UK contains provisions for fraudulent advertising and scammers, with serious penalties for companies that fail to prevent harmful content from being published on their platforms.
Other than this, speakers emphasize that there is no single and well-integrated organization-wide system to tackle fraud and money laundering can be averse to cyber threats. Being said, there can be involvement of AI in order to eradicate the concerns in AML compliance. The speakers countered how AI does not pose a threat to AML compliance.
All in all, even though many regulations in AML and fraud coincide, the speakers highlighted how in no way, these terms are related.
Speakers
Luke Raven, Founder of Raven AML
Kennedy Meda, Director of Digital Safety & Fraud Solutions at Centific
Sanjay B., Global Head of Cybersecurity & Fraud Solutions at Centific
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