CCI staff share recent surveys, reports and analysis on risk, compliance, governance, infosec and leadership issues. Share details of your survey with us: editor@corporatecomplianceinsights.com.
First AML: 49% of C-suite only ‘somewhat’ confident about AML, while 39% cut budgets
Nearly half of C-suite executives in the UK say they feel only “somewhat” confident about their company’s anti-money laundering (AML) processes, but despite that, 39% have reduced their AML budgets, according to a survey of 250 C-suite executives by First AML, an industry software provider.
The survey also found that 75% of respondents feel that C-level executives should be held personally accountable for ensuring compliance and almost all respondents (99%) plan to change AML processes this year.
Potential changes in 2024 include investing in tech (47%), people (44%) and training (42%), the survey said.
AU10TIX: Fake passports rising up the ladder for fraudsters
ID verification service AU10TIX reports significant shifts in fraud patterns across regions and document types in its most recent analysis looking at fraud trends since 2021, underscoring its recent reporting about schemes that use AI to fake passport credentials.
AU10TIX found that:
- Cryptocurrency has fallen as the most targeted sector since 2021, when it accounted for 36% of attacks; today that number is just 11%.
- Among the document types most exploited by fraudsters, fake drivers licenses accounted for about 60% in 2021 but only 30% in 2023.
- Fake passports were used in only 12% of attacks in 2021 but rose to 27% in 2023.
Gartner: Generative AI will push legal tech market to $50B by 2027
The global legal tech market will continue its rapid growth with the help of generative AI, reaching $50 billion in value by 2027 as consumers continue to adopt GenAI applications, according to a Gartner report.
“GenAI has huge potential for bringing more automation to the legal space,” said Chris Audet, research chief in Gartner’s legal, risk & compliance leaders practice. “Rapid GenAI developments and the widespread availability of consumer tools, such as OpenAI’s ChatGPT and Google’s Bard, will quickly increase the number of established legal technology use cases, in turn creating growing market conditions for an increasing number of legal-focused tools.”
There has already been significant growth in spend management, e-billing, contract lifecycle management, legal matter management and legal document management as legal departments increasingly seek technology-led efficiencies, and Gartner expects GenAI to further accelerate purchasing and adoption.
Please find below a press release from Gartner that predicts GenAI technologies will boost the legal tech market to a $50bn dollar valuation by 2027.
Survey: Bank failures continue to rattle corporate financial decision-makers
Reverberations of 2023’s bank failure crisis continue with more than half of corporate leaders (55%) expressing anxiety about the future of banks’ stability, according to a survey of 100 financial decision-makers in companies by Ampersand, a financial services firm.
Nearly half of respondents (45%) said they were concerned about the current safety of their deposits, according to the survey, and 77% said they would be willing to accept a lower rate of return in exchange for guarantees that their funds are safe.
Finally, alignment with social values is increasingly important, depositors said, with two-thirds of respondents from financial institutions and finserv firms saying values-based banking has increased in recent years and 55% saying they’d be willing to sacrifice returns to bank with an institution aligned with their values.
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