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JPMorgan faces $4m SEC fine over accidental deletion of vital emails

JPMorgan Chase, has been hit with a $4m fine from the Securities and Exchange Commission (SEC) for the inadvertent deletion of 47 million emails.
Novobanco and Feedzai join forces to elevate customer experience and fraud protection

Novobanco and Feedzai join forces to elevate customer experience and fraud protection

Feedzai, the trailblazer of the world's inaugural RiskOps platform for financial risk management, has formed an alliance with Portugal's prominent banking entity, Novobanco.
Databricks

Databricks acquires MosaicML in $1.3bn deal to democratise generative AI

Databricks, a pioneering unified data and AI platform, has penned a definitive agreement to acquire MosaicML, a renowned GenAI platform.
Certa

Certa collaborates with Resistant AI to revolutionise document verification

Certa and Resistant AI, a specialist in AI and machine learning for financial crime prevention, have announced collaborative partnership.

Unlocking the mystery of Human Rights Due Diligence: A guide for businesses

The importance of Human Rights Due Diligence (HRDD) cannot be overstated. However, there are many questions concerning HRDD that are posed by businesses and...
fraud

AI-driven attacks trigger a surge in global online payment fraud losses

Juniper Research projects global losses from online payment fraud will exceed $362bn over the next five years.

MiCA: The new regulatory benchmark for crypto assets in the European Union

The world of digital currencies and assets has seen an explosive growth, prompting both opportunities and challenges for regulatory authorities. Eventus, a multi-asset class trade surveillance, market risk and transaction monitoring solutions provider, recently explained what firms need to know about MiCA.
ESG

US Republicans initiate fresh clampdown on ESG investing in retirement portfolios

US Republican congressmen have proposed a new legislation, the Ensuring Sound Guidance (ESG) Act, intended to restrict ESG investing in retirement funds.
CBDC

Bank of Italy and associates embark on CBDC pilot

The Bank of Italy has revealed it is spearheading an innovative project to explore the potential of a CBDC.
For example, let’s say you’ve applied for a life insurance policy. On the other end, a team of underwriters looks at your application information — age, habits, personal data, income, lab results, blood tests, a physician’s summary — and manually identifies your risk against a predetermined set of markers. That level of risk then dictates how high a premium you’ll have to pay. Some applications are rejected outright. Today, it costs most life insurance companies upwards of $500 just to reject a life insurance application. A technology like generative AI can come to the same conclusion regarding those risk factors based on the biomarkers in your application at a fraction of the cost. Of course, an approved application carries a higher financial risk for the provider than a rejected application. So while a company may be able to use technology that is only 70% accurate to reject applications, that rate won’t cut it for approving them. Regardless, even if just half the manual work is eliminated customers will be served more quickly and effectively at a lower cost to the provider. The immediate opportunity for industries like healthcare and insurance is to identify which applications they can accept under 100%, and begin to leverage generative AI for those tasks. Applied to the world of healthcare and insurance, generative AI has enormous potential capabilities. For customers of these industries, costs continue to go up and access to care is dwindling. In the United States especially, going to the doctor is an experience full of friction. Recently, I started to feel a bit unwell the day before a long flight. It wasn’t an emergency situation, but a time sensitive one. Though I’ve been seeing my primary care physician for over 20 years, they couldn’t see me on short notice and sent me off to urgent care. All I really needed was a quick diagnosis to give me peace of mind before I sat on a plane for 16 hours. A technology like ChatGPT has the potential to provide a diagnosis like that, without requiring a trip to the doctor. Or worse, urgent care. Access to healthcare is critical. I have better than average insurance, but still couldn’t get the help I needed when I needed it. Think of how it must be for one of the millions of people who don’t have the same quality of insurance or care. It shouldn’t be like that, nor does it need to be. Technologies like ChatGPT have the potential to democratize healthcare, to make it more available and accessible in a way that betters our collective quality of life. The big question for today’s incumbents is whether they’ll be the ones providing that improved experience, or whether they’ll go the way of Blockbuster. The opportunity to adapt and improve is at their fingertips, but action is imperative.

Resistant AI: Unveiling financial crime with sophisticated technology

The ACAMS Annual AML & Anti-Financial Crime Conference in Hollywood, Florida, is a high-profile event in the anti-money laundering sector, serving as an annual...
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