US Treasury Warns Banks about Deepfakes
GenAI is already helping criminals circumvent standard CDD and KYC practices.
The tried-and-tested process of keeping soft and hard copies of a private banking client’s passport or ID card for identification purposes is becoming obsolete as we speak.
A warning sent on Wednesday by the US Treasury Financial Crime Enforcement Network (FinCEN) could even be the euphemistic, pivotal asteroid that triggers the extinction of the increasingly frail external consultant-vetted, back office CDD infrastructure in the business with high-net-worth clients.