Shirish Netke President at Amberoon
A generation ago, when the Internet first arrived, it shrunk the gap between big companies and SMBs. Those smaller firms could suddenly leverage a new arsenal of online tools to compete on research, product development, customer outreach, partnerships, recruitment and just about everything else. With the cloud, it’s a little different. With banks ...
05 September 2022 /regulation /cloud Banking Strategy, Digital and Transformation
The Paycheck Protection Program (PPP) offers a case study in government activism. It’s vital: At a time when the economy is reeling from a global pandemic, PPP is designed to support a variety of businesses, non-profits, self-employed individuals, tribal organizations and more. It’s massive: $669 billion to be disbursed in a very short period of t...
06 August 2020 /regulation /covid-19 Banking Regulations
During the post-prohibition era in the 1930s, bars offered free lunches to their patrons to get them to buy drinks. 40 years later, Milton Freidman famously summed up the study of economics with the quip – “There is no such thing as a free lunch” or TINSTAFL for short. Now, 50 years later bankers and borrowers alike are recalling TINSTAFL in looki...
04 June 2020 /crime /covid-19 Artificial Intelligence and Financial Services
Last week, the US Department of Treasury published its 2020 Strategy document that "employs a whole-of-government approach to guide the public and private sectors in addressing 21st century illicit finance challenges." The report highlights the risk-based approach as central to the 2020 Strategy. The report classifies vulnerabilities a...
10 February 2020 /ai /crime Banking Regulations
As more banks make headlines through failing to effectively monitor and report on money-laundering activity, we need to rethink the AML problem and the roadblocks to solving it. To restate the problem, we have $2T laundered through the banking system every year. About $25B is intercepted by law enforcement and $70B is spent by banks on AML. And yet...
28 November 2019 /regulation Artificial Intelligence and Financial Services
Money laundered through the banking system is estimated to be over 2 trillion dollars a year. A recent study by BAFT (Bankers Association of Finance and Trade) estimates that 1% of the proceeds from financial crimes are intercepted. Meanwhile, nine out of ten suspicious activities flagged by AML software in banks are false alarms. Let’s put these ...
20 January 2019 /ai /regulation Banking Regulations
On the same day that the prosecution rested its case against Paul Manafort, the U.S. Attorney’s office in Tucson, AZ got a seven-year sentence against a fraudster for a money-laundering scheme; a former Microsoft employee was sentenced to 18 months after pleading guilty to conspiracy to commit money laundering; a messy FBI sting involving money l...
18 August 2018 /ai /regulation Banking Regulations
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