The SymphonyAI financial services team had another successful ACAMS event with an increased interest in generative AI-powered financial crime solutions
ACAMS The Assembly Las Vegas has come and gone, but lessons and insights from this year’s event signal essential changes in financial crime prevention and risk management. If you couldn’t make it to Vegas for the ACAMS Assembly 2024, here’s what you need to know.
1. Revolutionizing financial crime prevention with AI — the time has come
2024 is the year AI adoption by compliance, financial crime, and fraud departments got real. The show’s stars were the award-winning Sensa Investigation Hub and other innovative financial crime prevention tools that use AI to augment alert investigations and case management, thereby transforming the investigative processes. Jason Shane, head of innovation and strategy for SymphonyAI’s financial services division, noted, “AI is not just an add-on; it’s reshaping how we approach investigations. With the Sensa Investigation Hub, one investigator can now achieve the work output of three, significantly speeding up the process.” This advancement represents a pivotal shift in how financial institutions handle investigations, emphasizing both efficiency and effectiveness.
2. Experts from Microsoft, TCS, Truist and SymphonyAI share their tips to succeed with AI
AI technology can be transformative, but how to get started and ensure success is an enormous topic for financial institutions today. Our expert panel featuring Jason Shane, Microsoft’s Tracy Lagasse, TCS’ Dr. Artur Preus, and Truist’s Heather Cody tackled this essential topic head-on.
Jason highlighted, “This is a moment—embrace it, transition with it. We’re at a tipping point. It’s an incredible time to be in technology and the financial crime industry.” The panel dove head-first into the essential components for successful AI adoption, discussing strategic use cases, data readiness, and the importance of continuous learning. They underscored how firms can augment their current systems with AI to improve outcomes and streamline processes.
Experts from Microsoft, TCS, Truist, and SymphonyAI on stage at ACAMS Las Vegas 2024, discussing AI solutions for financial crime.
3. Insights and Perspectives: The Opening Session with Regulatory Leaders
The opening session with the Regulators is always a must-attend event. The session “Ask Me Anything – Regulatory Roundtable: Straight Talk, Straight From the Source” included representatives from the FDIC, OCC, Federal Reserve Board, and FinCEN. They discussed the latest regulatory developments, including the proposed rule to strengthen AML/CFT programs, the importance of a risk-based approach to financial crime, and the applicability of U.S. regulations for foreign institutions conducting business in the U.S. This was a highlight for many who attended, including our team!
4. Empowering Connections: Exclusive Women in Financial Crime Prevention Breakfast
The Women’s breakfast, sponsored by SymphonyAI, was an opportunity for the Women of ACAMS fighting financial crime to connect, network, and share insights. This was our first time sponsoring and hosting a Women’s networking event for SymphonyAI in the United States. What a meaningful way to connect with the women of ACAMS! Even before the breakfast, while passing out VIP wristbands to attendees the day before the event, we heard rave reviews from ladies who were thrilled to have this opportunity.
Many women who attended were also attending ACAMS for the first time. It was a wonderful experience to ask how their first time was and get their fresh view of the conference. So many laughs were heard over avocado toast. This wasn’t just a breakfast; it was an experience and one we look forward to doing again in 2025.
Women from the fincrime prevention industry gather at the Women’s Breakfast event hosted by SymphonyAI at the ACAMS Assembly 2024.
Leverage the power of GenAI today to prevent financial crime more efficiently and effectively
The quality of sessions, the seniority of attendees, and the ability to network with many fellow professionals made the ACAMS Assembly Las Vegas a great 2024 event and one that SymphonyAI is proud to be a Diamond sponsor of.
Did you know SymphonyAI was selected as the 2024 Microsoft Partner of the Year Award for Business Transformation: AI Innovation? This partnership underscores SymphonyAI’s commitment to delivering innovative financial crime prevention products that meet the evolving needs of the financial services industry.
In addition to the Sensa Investigation Hub and AI overlays for AML and sanctions screening, SymphonyAI offers a complete line of financial crime prevention and compliance offerings for KYC/CDD, payment fraud, and anti-money laundering.
Contact us today to discover how we can significantly improve false positive reduction, fraud detection and prevention, and behavior anomaly detection.
