The ripple effects of the Silicon Valley Bank (SVB) and Signature Bank failures earlier this month, and more recently Credit Suisse’s historic sale to UBS, have left an industry on edge. As the shake-ups shakeout, there are undeniably still many moving parts. While it appears that many banks moved at record speed to accommodate new customers, it is unclear what (if any) shortcuts they took to accomplish this herculean feat. In a banking environment where BSA/AML compliance teams are already understaffed and overworked, how can organizations easily ensure BSA/AML regulatory compliance — especia ..read more

What’s the difference between RPA and Intelligent Automation? Recently, WorkFusion VP and Head of AI Paul Tepper and VP of Product Management Tina Chace sat down with Emerj Senior Editor Matthew DeMello to talk about just that. On Emerj’s AI in Business podcast, they discussed why Intelligent Automation is a better solution than RPA alone for compliance and financial crime, and explored why financial crime is the perfect use case for WorkFusion’s AI Digital Workers. Intelligent Automation vs RPA When asked the difference between Intelligent Automation and RPA, Paul explained what it means at W ..read more

Whether you work in BSA/AML compliance at a bank or other type of financial institution (FI), you know that sanctions screening has become increasingly more complicated across the industry in recent years. As if the thousands of sanctions tranches released since early 2022 were not enough, the already overburdened financial crime teams at banks and other FIs continue to struggle with employee shortages and growing backlogs of sanctions screening alerts — all as regulators keep ramping up their efforts to enforce anti–money laundering (AML) compliance regulations. If your organization has not y ..read more

In celebration of International Women’s Day (March 8), we are proud to spotlight some of the outstanding women leaders of WorkFusion — their insights, advice, accomplishments, and more. Below, get to know WorkFusion’s Chief Marketing Officer Mariann McDonagh, Chief Human Resources Officer Leslie Linsner, Chief Revenue Officer Wendy Petty, and Lead Solutions Consultant Alexandra Korbalevich. Mariann McDonagh, Chief Marketing Officer, WorkFusion WorkFusion: Can you tell us about your role at WorkFusion as Chief Marketing Officer? Mariann McDonagh: I’m responsible for brand and demand and produ ..read more

When it comes to tackling the increasingly complex problems of 21st-century banking like balancing digital transformation with regulatory compliance—all in a crises-ridden geopolitical climate—who better to partner with than someone who’s been in your shoes? Before our VP & Head of AI, Paul Tepper, joined WorkFusion, he was Executive Director of Natural Language Processing at Morgan Stanley. We sat down with Paul to talk about his former role and how he leverages his banking industry intel today at WorkFusion to benefit our customers. This interview has been edited for length and clarity ..read more

On February 24, 2022, Russia launched an unprecedented invasion of Ukraine which quickly escalated into war. In the days following the invasion, the U.S., U.K, EU, and Australian governments began imposing a coordinated set of financial sanctions against Russia and Russian nationals to limit trade, penalize oligarchs, and cripple Russia’s economy. The breadth of the sanctions implemented against Russia and Belarus, as well as the coordinated effort from all the global regulatory institutions including OFAC, the EU and Her Majesty’s Treasury, were unprecedented. Moreover, to compound the effect ..read more

Today, banks find themselves at a crossroads in deciding how much automation technology to use and where to use it. The big questions they are asking to inform their decisions include: How do we optimize our processes? Where does human intervention stop and automation begin? How can our operations stay relevant, efficient, and scalable? To investigate this and more, WorkFusion engaged Chartis Research, a leading provider of research and analytics on the global market for risk technology. After interviewing multiple operations professionals at Tier 1 and Tier 2 banks regarding their CLM proce ..read more

Time has run out for crypto firms trying to get by with nascent AML/KYC compliance programs as has been seen in recent enforcement actions by regulators. The good news is that pre-trained Digital Workers can address AML and sanctions compliance issues quickly, providing scalability and consistent quality as well as a fast, responsible way to eliminate alert and KYC backlogs. This rapidly places a crypto firm into good standing with regulators. What happened: Per our cautionary post from August of 2022 following a $30-million fine against the crypto division of Robinhood, BSA/AML regulatory cr ..read more

Against the backdrop of the pandemic and the Great Resignation creating the most significant labor shortage in history, on February 2, 2022, WorkFusion launched its AI digital workforce. Leveraging the company’s decade of experience in automating complex operational functions, our first six Digital Workers arrived as fully trained and immediately productive, purpose-built for specific job roles in the banking and financial services (BFS) industry. We couldn’t have imagined that three weeks later, on February 24, Russia would invade Ukraine, leading to an ongoing war. While this had a tremendou ..read more

When it comes to tackling the increasingly complex problems of 21st-century banking like sanctions, AML, and KYC, who better to partner with than someone who’s been in your shoes? Before our new VP of Financial Crime, Arthur Mueller, joined WorkFusion, he spent more than 20 years in anti–financial crime programs across multiple FIs, including UBS, American Express, and Rabobank — dealing with the very same pain points as our customers. We sat down with Art to talk about his former roles, how he leverages his industry intel today at WorkFusion, and his mission to solve the toughest problems in ..read more