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Mark Gibson

Mark Gibson is a broadly experienced sales enablement and marketing consultant. Recent experience in cybersecurity, with a focus on quantitative risk management to determine appropriate risk mitigation investments.
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AML Failures can Kill Banks and Careers

Westpac Bank in Australia is facing one of its gravest crises from systemic AML/CTF failures over a 5-year period that contravened the AML/CTF Act on over 23 million occasions.

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Topics: risk manangement, machine learning, money laundering, AML/BSA, regulatory compliance, agile compliance, AML/BSA/CTF

What Differentiates Modern AML Solutions from Legacy AML?

The Legacy Approach

In last week's article, we discussed Rules Engines vs Machine Learning for AML/BSA/CFT compliance. In this article we differentiate legacy AML process from modern a Agile Compliance approach. The legacy AML process consists of on-boarding customers, transaction monitoring and reporting. These processes are hard-wired into the software by technology companies and have been used for years.

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Topics: machine learning, money laundering, AML/BSA, regulatory compliance, FFIEC

Comparing Rules Engines vs Machine Learning for AML/CTF

We have been asked to explain the differences between rules-engines and machine learning for anti-money laundering/banking secrecy act applications on numerous occasions. This question typically arises from the compliance team, wanting to better understand the difference between their current process and that used by a modern AI-based AML system.

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Topics: model validation, machine learning, money laundering, AML/BSA, regulatory compliance, AML/BSA/CTF

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