Blog

SymphonyAI at ACAMS Hollywood

04.25.2024 | Henry Fosdike
 

ACAMS Hollywood, Florida is one of the biggest events in the financial services calendar. SymphonyAI was on hand earlier this month to add to the expertise and knowledge available, showcasing our brand new SensaAI for Sanctions product alongside Sensa Investigation Hub and the generative AI-powered Sensa Copilot.

With so much occurring over the three days, it is hard to pinpoint all the highlights, but we felt it best to give it a go anyway!

Booth demos provided insight

Throughout ACAMS Hollywood, many of the SymphonyAI team were busy at booth #307 listening to attendees, offering advice, and showcasing the latest products. It was great to hear first-hand all the progress that the industry was making on topics ranging from anti-money laundering processes to advances in AI. However, it was also clear that there are still many frustrations within the finance industry, which is something SymphonyAI is solving with its innovative and market-leading, AI-led products.

We had a fantastic time showcasing SymphonyAI’s Sensa Copilot, available as part of the Sensa Investigation Hub, a generative AI assistant for AML transaction monitoring, payment fraud, sanctions screening, and KYC/CDD with many attendees excited to see how it could improve their teams’ output. We also saw many people appreciating other insights that Sensa Investigation Hub offers, such as the way it augments existing case management solutions to improve productivity and accuracy with AI-led investigations.

The highlight was undoubtedly the launch of SensaAI for sanctions, an AI-powered sanctions augmentation that enhance existing sanctions processes. The new product delivered reduction in false positives between 56-80% and 100% true positive retention in recent customer trials. Booth demos provided attendees with a chance to experience the innovative Sensa product suite and a chance to ask questions, give constructive feedback and, of course, the chance to win BOSE headphones each day. Congratulations to our two lucky winners, Shannah and Bobby!

Must see speakers and panels

One of the key components of any successful event is the strength of its speaker schedule. ACAMS Hollywood delivered with fascinating topics across the entire spectrum of anti-financial crime. Though it was impossible to attend every talk, a few highlights were:

  • Dialing down the AI hype machine – A lot that has been written about AI in the past twelve months and though nobody expects that to change, it was interesting to hear from the likes of SymphonyAI’s very own Jason Shane, head of strategy and innovation, how AI will develop and some of its current drawbacks. The message was clear – human investigation is still very much key to proceedings in financial crime with AI acting as a tool to help investigators do their jobs more efficiently. But what a tool it is!
  • The big question – The future of sanctions compliance and CTF – Panelists from UBS, Wells Fargo, and Morrison Foerster discussed a wide range of topics, including cyber fraud, terrorist financing and the increasing use of malicious technology, and the opportunities that AI and machine learning can provide investigators.
  • Implementation status of AMLA and its key provisions – With the EU having chosen Frankfurt to host its new anti-money laundering authority, this talk provided some interesting information on what to expect from AMLA over the coming months and years, including the fact that it will directly supervise up to 40 financial institutions, up from the original EC proposal of 12 to 20 institutions.
  • Panel discussion with former FinCen directors – This session was an undoubted highlight of ACAMS for many; how often do you have multiple FinCen directors answering questions in one room? The panelists provided an enlightening and engaging discussion that allowed the audience to understand exactly how FinCen operates and the expected moves it may make in the future. (Hint: AI is expected to become ever more prominent!)

Many other informative and entertaining panel discussions and speeches highlighted the value of the ACAMS agenda. Such sessions may just be the key to thinking differently about a topic or opening your eyes to new developments in the industry about which you might not have been aware. Remember that ACAMS Hollywood attendees can watch them all on demand.

Evening networking

One of the best parts of large events like ACAMS is the opportunity to network with others working in banking and finance.

These discussions can lead to exciting new ideas and partnerships, a chance to talk to regulators and other experts on important issues and allow for a global sharing of knowledge that isn’t as easy when not face-to-face.

“The finance industry thrives on innovation, and events like ACAMS provide the perfect platform for collaboration and advancement. It’s inspiring to see such passion among attendees, all dedicated to enhancing the sector. At SymphonyAI, we’re committed to driving this progress with predictive and generative AI, combined with our 25+ years of industry experience and it’s a privilege to play a role in empowering investigators to tackle financial crime efficiently and effectively.” – Jason Shane, head of strategy and innovation, SymphonyAI

That’s a wrap

ACAMS Hollywood continues to be one of the highlights of the financial industry’s events calendar. Next up is ACAMS in Las Vegas in September. We look forward to (re) connecting in the fall. There will be a lot more sharing of knowledge, new SymphonyAI innovations and, of course, new opportunities to win fantastic prizes. We can’t wait to see you there.

Learn more about SymphonyAI’s SensaAI for sanctions or get in touch.

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