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Fincen machine learning Form: What You Should Know

Digital Identity and the Future of Fin Security There are more than 30.9 billion users connected to the Internet, with the vast majority in India. With a  significant growth of more than 300 percent in India since 2011, the number of  users and financial institutions in India, will likely increase significantly over the  medium term. The increased penetration of mobile devices and increased Internet speeds,  will enable financial institutions in India to reach more Internet-connected users with  better customer service, greater mobile wallets and increased user traffic. FINDINGS & DISCLOSURES FINDINGS In May 2017, the Financial Action Task Force (“Fin CEN”) and the U.S.  Department of the Treasury's Office of Foreign Assets Control (“OFAC”) jointly issued guidance regarding electronic enforcement. The guidance is an initial step in addressing Fin CEN and OFAC's  commitments to “bring the full force of the financial reporting requirements” of  the International Emergency Economic Powers Act (“IE EPA”) and the Comprehensive. Sanctions and Criminal Organizations Act of 1988 (“CSCA”).   The guidance provides for a number of activities that assist Fin CEN and OFAC with  the enforcement of United States laws. The guidance also clarifies the requirements for using  information technology, such as technology to automate transaction entry, in the enforcement  of U.S. laws, and identifies several areas of significant enforcement activity on the  International Money Laundering Control Act (“AML”), particularly those related to electronic monitoring and reporting of suspicious transactions.   1. Background and Scope of Guidance: To further its role of promoting international and national cooperation and combating money laundering, Fin CEN and OFAC issued a seminar guidance to the financial industry in April 2023 to address a number of issues related to the implementation of AML. The guidance also provides guidance to  financial institutions on the importance of implementing AML compliance systems and information sharing  and encourages financial institutions to work cooperatively through appropriate authorities to promote financial stability by promoting the proper application of anti money laundering rules. In April 2017, Fin CEN released a new, updated version of its Guidance to  Regulators on the Electronic Surveillance of Beneficial Owners (“ESB”) and the Compliance. With and Compliance With Bank Secrecy Laws (“CFS”).

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- Welcome to my talk on analyzing the FinCEN files with Neo4j. My name is Michael Hunger, I'm leading the developer relations team at Neo4j, for many years. So this is a topic that I'm actually quite excited about, because this is both recent, it's really important, it's an investigative use case, and it brings together graph analytics and graph databases with investigative reporting which is really cool. In September, the International Consortium of Investigative Journalists, launched a new investigation called the FinCEN files and this is based on a data leak they obtained from the Financial Crimes Enforcement Network in the U.S. agency of the treasury, where international banks have to report suspicious activities from money transfers to this agency. And the journalists did a really interesting job there, and we want to dive into this today. Neo4j itself has a long history of collaborating with the ICIJ. It already started early in 2023. lifted looks in Bollix and the Swiss leaks. And the ICIJ has been using Neo4j for many years for the connection aspects of their investigations, kind of connecting the dots like in an detective investigation basically, if you have all the pieces of the puzzle but you don't see the connections that doesn't help you but as soon as you see how things and people and events are connected then you can find out much more. So for the SARs reports, suspicious activity reports, those are mostly reported by banks by compliance officers of banks, when they see something like insider trading, money laundering transactions, transactions connected to well-known on criminal figures, or kind of suspicious receivers or senders, money volume sometimes, and shell company related dealings and so on. And so they have to report this to the FinCEN, and to the U.S. Treasury within a certain day range, but often they actually don't do this. And interestingly, looking at the data or reading...

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