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CEO of Giant Oak, Gary M. Shiffman, Ph.D. Speaks at the American Bankers Association and American Bar Association Financial Crimes Enforcement Conference

by Pinkston, on Dec 16, 2020 11:34:57 AM

CEO Gary Shiffman discusses the future of the industry in a closing speakers panel

ARLINGTON, Va. – This week, Giant Oak Founder and CEO Gary M. Shiffman, Ph.D. spoke at the American Banker Association and American Bar Association (ABA/ABA) Financial Crimes Enforcement Conference. The annual conference is the only national event that gathers industry experts to focus primarily on financial crime issues facing financial institutions. Due to health and safety concerns, this year’s conference was held virtually on December 8-10, 2020.

The 2020 ABA/ABA Financial Crimes Enforcement Conference specifically addressed new fraud and cybercrime threats, reforms to the Bank Secrecy Act (BSA) and anti-money laundering (AML) efforts, as well as the ongoing impact of the COVID-19 pandemic. Four keynote speakers and many other banking and legal industry experts were invited to speak about how financial institutions are responding to this year’s challenges and the solutions that will ensure that BSA/AML programs are ahead of the curve.

Shiffman, who is also the co-founder and CEO of Consilient and the creator of Dozer, closed the second day of the conference by speaking on a panel of financial crime futurists about the future of BSA/AML and fraud technology. Panelists gave listeners an overview of the most innovative technology for fighting financial crime, including what is available today and what the industry can expect in the coming years. Shiffman also unveiled a new video explaining the rationale behind “Dozer,” the technology Consilient is developing in collaboration with Intel that applies federated learning to financial crime.

“Professionals fighting financial crime want to collaborate, have a meaningful impact for good, all while respecting human dignity and individual rights to privacy. Until now, however, the technology has not enabled these goals, so we work in solos, we do not measure effectiveness, and we investigate people based on massively high false positive rates. Those days are over. Now is the time for business planning to implement meaningful machine learning systems to combat financial crime,” said Shiffman.

 

Other panel speakers included Jo Ann Barefoot, CEO of the Barefoot Innovation Group LLC, and Jim Richards, founder and principal of RegTech Consulting LLC. The panel was moderated by Ryan Rasske, senior vice president of risk and compliance markets at American Bankers Association.

President of Giant Oak, Harsh Pandya, also spoke at the conference. “For years, financial institutions have needed greater efficiency and effectiveness when it comes to combating financial crime. In GOST and Dozer, we have two complementary technologies that use machine learning to exceed the industry-standard of matching and filtering. With the advent of these technologies, it is important that financial institutions evaluate their financial crime technology needs now in order to plan for the future,” said Pandya.

Other keynote speakers included the Honorable Juan Zarate, co-founder and chairman of the board of Consilient, Kenneth A. Blanco, director of Financial Crimes Enforcement Network (FinCEN), James H. Freis Jr., former CEO of Wirecard and former director of FinCEN, and Christopher Wray, director of the Federal Bureau of Investigation.

Topics:Press

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