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Why High-Quality Data is Crucial to Fighting Financial Crime
The fight against financial crime is becoming increasingly complex. As the debate around AI responsibility rapidly evolves, financial institutions must now consider AI implications and effectiveness within their firm's business strategies, especially in compliance functions, where AI has already begun to become broadly embedded. The increasing prominence of AI also means that firms may leave themselves exposed to unexpected risks if they do not carefully consider the quality of the data that fuels the AI system.
Findings from Kroll's 2023 Fraud and Financial Crime Report indicate that global enforcement actions are expected to rise. Firms must be aware that regulators are increasing scrutiny of the use of technology as part of firms' AML compliance programs.
AI has proven transformative, particularly in combating financial crime. AI-powered systems can accurately analyze swathes of financial data in real-time, swiftly detecting suspicious or potentially criminal activities. As a result, AI has emerged as a crucial tool in preventing fraud, identifying money laundering risks, enforcing sanctions compliance and performing know your customer (KYC) checks.
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AI Poisoning: A Self Help Cybersecurity Option
A novel legal self-help technique to secure artificial intelligence data and programs is known as Poisoning AI. This technique involves modifying the AI algorithm to intentionally produce specific erroneous results.
Life, Liberty, and the Pursuit of Customers: Developments on ‘Conquesting’ from the Ninth Circuit
In a recent decision, the U.S. Court of Appeals for the Ninth Circuit addressed the issue of whether purchasing market competitors’ search engine keyword terms, known as “conquesting,” constitutes trademark infringement.
DOJ Issues New Rule Regulating Handling of Bulk Sensitive Personal Data
The DOJ has proposed a rule that would regulate certain transactions involving bulk sensitive personal data. The rule would implement a complex regulatory framework, with civil and criminal enforcement, that is similar to sanctions and export licensing regimes. It also implicates federal cybersecurity requirements, government contracting and CFIUS actions.
Adapting for Success: Strategic Insights for Law Firms in 2025 and Beyond
The legal industry is at an inflection point, grappling with challenges that range from rising client demands to technological disruption. There are five critical areas where firms can take a proactive, strategic approach, including actionable insights and recommendations for navigating 2025 and beyond.