Gerald Michael Shaw is the global compliance officer of Dominion Bank & Trust Company Limited in New York City. As part of his responsibilities at Dominion Bank, Gerald Michael Shaw manages compliance with anti-money laundering (AML) procedures throughout the bank’s operations.
Global AML efforts have been diligent in keeping up with new technological breakthroughs. One of the areas in which compliance efforts continue to work on is cryptocurrency AML. For their crypto markets to expand, companies realize that cooperation with compliance organizations needs to be a priority.
Another growing trend in AML is the occurrence of false positives. As more people are adopting disruptive financial technology services, some systems for detecting money laundering are becoming obsolete. This is leading to many fraud and risk departments in major institutions to rely more on artificial intelligence detection tools to increase accuracy.
Finally, identity theft and the use of synthetic identities are becoming more common. Regulatory agencies are working with financial institutions to make identity management easier, and as a result the processes of identity management (known as “Know Your Customer” or KYC) are becoming mainstream.