Leveraging Unstructured Data for AI

A large financial institution sought to leverage AI to analyze and review 
large volumes of unstructured data, such as emails and messages, for 
compliance violations and other business risk. However, they had 
limitations that prohibited them from implementing AI technology at the 
enterprise level. In this case, their AI application was limited to 
processing 20,000 messages per day. Additionally, certain types of 
information needed to be filtered from analysis. 

The financial institution approached ZL Tech for a solution to its big data 
problems, ultimately implementing the ZL platform to unify its data 
management and search capabilities across the enterprise.

ZL Discovery Manager

ZL Tech offers a fundamentally new approach to eDiscovery built on a solid information governance framework. Instead of relying on pre-defined custodians and searching their respective data repositories, ZL Tech enables organizations to search the entire landscape of enterprise unstructured data for relevant findings—before custodians have even been identified.

Embedded Risks in Crypto-themed Exchange Traded Products

For this edition of CRB Monitor’s Chart of the Month we head back to the world of spot cryptocurrency exchange traded products (ETPs) to discuss some of the embedded risks that we have not covered in previous articles. These are related to, specifically, Staking, Airdrops, and Forking.

To those of us that were born during or around the leisure suit era, we believe that these terms might have something to do with camping, or perhaps dinner. But practitioners in the crypto space know these terms well and treat them as “sweeteners” for their crypto investments, as they exist to motivate investors that hold on to (or maybe add to) their crypto investments.

Meet the Intelligent Agent: The AI-Powered Future of Communications Compliance

Meet the Intelligent Agent: The AI-Powered Future of Communications Compliance Delivering higher efficiency and deeper risk insights through AI.

Meet the Intelligent Agent: The AI-Powered Future of Communications Compliance

Delivering higher efficiency and deeper risk insights through AI.⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠Most communications surveillance programs struggle to balance operational efficiency with detection accuracy. Up to 99% of communications reviewed contain no risk, and over 65% of risks go undetected, resulting in labor costs reaching up to $500 per monitored employee. This is not due to a lack of compliance vision or execution. The issue lies in inadequate technology. Lexicon based systems are simply not sufficient for modern businesses’ needs. Smarsh Intelligent Agent introduces breakthrough AI-powered compliance fully integrated into Smarsh Enterprise Conduct.

2025 Banking Survey: Technology

The 2025 Banking Survey shows banks balancing immediate priorities like security and customer experience with long-term tech modernization, including significant investments in digital channels and GenAI for fraud detection and cybersecurity. Despite challenges in data privacy and quality, banks are increasing their cybersecurity budgets and using ISO 20022 compliance to add value and differentiate their offerings.

2025 Banking Survey: Technology

Insights on technology, innovation, and security in the banking industry

The 2025 Banking Survey shows banks balancing immediate priorities like security and customer experience with long-term tech modernization, including significant investments in digital channels and GenAI for fraud detection and cybersecurity. Despite challenges in data privacy and quality, banks are increasing their cybersecurity budgets and using ISO 20022 compliance to add value and differentiate their offerings. 

Learn what Banks are thinking

Gain next-step knowledge from KPMG action plans by downloading the new 2025 Banking Technology Survey

The real corporate and investment bank cost challenge: the hidden economy

Modern corporate and investment banks are tangled in a paradox: transformation programs are everywhere, yet real efficiency gains remain elusive. This paper explains why.

When formal decision-making slows or loses credibility, informal systems take over. Shadow functions emerge. Governance becomes performance theater. Workarounds multiply, not out of malice, but necessity. The result is a detour economy: costly, duplicative and invisible to the very programs designed to fix it.

This is not a story about process flaws. It’s about ambiguous decision rights, complex governance and a culture that rewards caution over clarity. Cost structures harden. Shadow organizations grow. Change programs stall. Leadership sees activity but not progress

Wholesale Banking 2025 and Beyond

As we look ahead, we see that the financial environment is once again entering a period of volatility, with rates, inflation concerns and geopolitical instability on the rise. To weather the current storm, incumbent banks must accelerate and scale their transformation agendas such that they can address old and new challenges simultaneously. Market structures are changing, exposures have become more complex and interconnected, new asset classes are becoming too large to ignore, and non-financial factors such as ESG (environmental, social and governance issues) are now critical business drivers. The industry stands ready to deliver on an ever-expanding set of client and societal demands.

Ready, set, go Managing strategic transformations through a readiness framework

Firms can better manage complex transformations by adopting a “readiness framework,” to proactively define, review, and challenge plans and deliverables critical to achieving program milestones and assess overall program risk based upon leading practices in successful large systems implementations. This approach gives transformation programs a better view of the full scope of activities and risks involved in the change initiative and help prepare in advance for regulatory scrutiny or when initiatives don’t go according to plan and third-party relationships need to be exited. In this paper, we examine how strategic operations transformations can be managed through a “readiness”lens to better achieve a success.

Bang for your Buck

In this paper, we will cover:
1. What prevents firms from maximizing the value of technology transformations?
2. How does a product-based mindset enhance value over a project-based mindset?
3. What aspects of product management are critical to realizing value?
4. How can firms design and fulfill a value-maximizing vision?
5. What can firms do now?

Banking and capital markets: US Deals 2025 outlook

While it doesn’t garner many headlines, deal activity in banking and capital markets is rebounding. The deal count in the third quarter of 2024 was the highest in nearly two years. Firms are preparing for more transactions should the merger environment continue to improve.

We expect activity to keep rising, helped by the Federal Reserve’s pivot to lowering rates and the Republican sweep in the election. Inflationary pressures are subsiding, and the Federal Reserve is leaning toward further rate cuts. Lower borrowing costs should support economic activity and loan demand, bolstering bank profits which can be used for dealmaking.

Next in banking and capital markets 2025

At the outset of 2025, the picture that’s developing for banking and capital markets firms at the regional, national and global level points toward a favorable time to take a bolder approach to growth. Whether it’s dealmaking, new markets or a more aggressive pursuit of existing customers’ wallets, we believe firms should be actualizing their expansion plans in anticipation of better times ahead.

PwC's Global Crypto Regulation Report 2025

The PwC Global Crypto Regulation Report 2025 explores the rapidly evolving regulatory landscape for digital assets, highlighting key policy shifts and emerging trends in over 50 jurisdictions. PwC’s third annual report examines the shifting stance on crypto regulation in the United States (US), the implementation of the European Union’s (EUs) Markets in Crypto-Assets Regulation (MiCAR), and the growing adoption of comprehensive frameworks worldwide.

FinCEN Issues Proposed Rule to Modernize Anti-Money-Laundering/Financing of Terrorism Programs Under Bank Secrecy Act

On June 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a proposed rule (Proposed Rule) to strengthen and modernize financial institutions’ anti-money-laundering and countering the financing of terrorism (AML/CFT) programs.¹ The Proposed Rule would amend FinCEN’s regulations to implement minimum components for AML/CFT programs required by the Anti-Money Laundering Act of 2020 (AML Act) as well as technical changes to promote clarity and consistency across the rules for various types financial institutions. FinCEN is accepting comments until September 1, 2024. 

Corporate Transparency Act: Interim Rule Exempts U.S. Companies, Their Beneficial Owners, and U.S. Persons

Corporate Transparency Act: Interim Rule Exempts U.S. Companies, Their Beneficial Owners, and U.S. Persons; Reporting Deadlines Extended for Non-U.S. Reporting Companies

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) adopted an interim final rule (the Interim Rule) that significantly scales back the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) by amending the current BOI reporting rule. Giving effect to the Interim Rule, the only entities required to report BOI under the CTA will be foreign entities registered to do business in the United States. Reporting deadlines for those entities have been extended.

The Inaugural BetaNXT Data Modernization Benchmarking Survey

Tracking investment and wealth management decision-makers’ views and progress on data modernization.

As Firms Tackle Legacy ‘Data Chaos’ and Pursue AI Adoption, Industry Pioneers Demonstrate the Value of Focusing on Fundamentals, Talent Strategy and External Partners

Third-Party Resilience: Increasing Transparency

Financial institutions are under constant threat from increasingly sophisticated cyberattacks, and their ability to recover quickly is only as strong as the third parties they rely on. Yet, many of these providers lack transparency—and in some cases, the necessary resilience measures—creating systemic risk across the sector. This paper explores the critical recovery capabilities that third parties must adopt to meet rising expectations and ensure the continuity of essential financial services. Download now to understand what’s at stake—and what’s required—to strengthen operational resilience across the ecosystem.

Authored by Thomas Wagner (SIFMA), Steve Byron (SIFMA), Douglas Wilbert (Protiviti), Brian Kostek (Protiviti)

The Survival Guide for Chief Compliance Officers in Uncertain Times

Chief Compliance Officers (“CCOs”) are facing uncertain times due to a combination of factors that challenge the stability and predictability of their operating environments. These factors include geopolitical tensions; rapidly shifting political and regulatory agendas that are resulting in less uniform approaches across the globe; budget and headcount restraints; evolving business models; the speed and impact of innovation; and, in some companies, waning board and management support stemming from the belief that regulatory pressures may be lessening.

2025 Digital Transformation & Next-Gen Technology Study

The fifth annual Digital Transformation & Next-Gen Technology Study captures the perspectives of more than 500 financial services technology and operations leaders to explore their approaches to data, AI, crypto, cybersecurity, personalization, and more.

Building a Better Market Index - From Research to Reality

Ever wonder what led to the development of CRSP Market Indexes?

Built on the success of its research quality stock data—and now, Chicago Booth Magazine is telling that story.

In a newly published article, the magazine explores how research by Booth faculty led to the creation of CRSP’s market indexes, backed by innovative methodology, culminated in the 2010 launch of the CRSP US Total Market Index.

Discover the origins, impact, and continued evolution of CRSP’s approach to market indexes.

Off-Channel Communications: How Financial Services Organizations Can Address Regulators' Latest Target

With more employees working remotely and regulators taking a tougher approach to off channel communications (OCC), the mismanagement of OCC poses serious risks for financial services firms. While some financial institutions mitigate risk by providing business devices to employees to use for all business communications, this may not be cost effective or feasible for many firms. 

This article notes that independent compliance consultants with expertise in digital forensics can help firms of any size perform comprehensive analyses of their policies and procedures on the retention of communications found on employees’ personal devices and unauthorized messaging apps.

2025 - The year of payment stablecoin

In our latest publication, we delve into the current state of pivotal regulatory developments and provide an “impact and response framework,” which can serve as a self-assessment tool for financial service companies and others that are building out capabilities to support payment stablecoins activities.

A Roadmap to Engagement With the U.S. SEC’s New Crypto Task Force

On February 4, 2025, in the first official statement from the SEC's newly established Crypto Task Force,  SEC Commissioner Hester Peirce provided a glimpse into the priorities and guidelines concerning “the crypto road trip” ahead for all industry participants in the crypto/digital assets space. Commissioner Peirce invited the public to engage with the Task Force, which presents a monumental opportunity for industry participants to shape the future of the digital assets space by engaging via no-action relief requests, written submissions, and virtual or in-person meetings to offer input concerning issues of focus for those participants and development of a new regulatory framework. Click on the URL below to read more.

Five Issues for Wealthtech Companies to Consider Under the U.S. Securities Laws

Companies in the growing “wealthtech” space often face novel regulatory and legal issues under the federal securities laws. Wealthtech companies blend traditional asset management and brokerage services with new technologies: among others, algorithmic modeling, including but not limited to artificial intelligence (AI); social media tools that allow investors to interact with one another; sophisticated communication protocols that facilitate more efficient trading; and data scraping to generate new sources of information about the economy, investments, and particular investors.

AI in Wealthtech Field Guide

Our AI in Wealthtech Field Guide offers practical regulatory guidance for investment advisers using AI-based systems. 

Banking Regulation 2025 Law and Practice

There are three types of depository institutions in the United States (“banks”):

• commercial banks;
• savings associations (which specialise in deposit taking and mortgage lending); and
• credit unions (a co-operative financial institution formed for members of a common group who collectively own the institution).

Bank charters are available at the state and federal levels. The selection of the charter type can be driven by expected product and service offerings, anticipated customer base, the markets in which the bank will operate, examination costs, preference for a particular primary regulator, and the importance of federal law pre-emption of certain state laws to the bank’s business plans.

Introducing aOS: The Asset Operating System for Financial Institutions

The financial system is on the brink of transformation, evolving into an autonomous global market. Today’s infrastructure is ill-equipped to support the flow of capital that the future demands. aOS (The Asset Operating System) is the missing piece—a blockchain-native infrastructure that turns static assets into AI-linked, self-executing instruments capable of transacting, optimizing, and settling autonomously. By bridging legacy finance with digital-first ecosystems, aOS unlocks $400 trillion in dormant capital, enabling financial institutions to evolve without disruption. With intelligent smart contracts, privacy-enabled transactions, and interoperability, aOS is not just an upgrade—it’s the foundation for an autonomous financial era.

Revolutionizing Asset Management Operations: The Role of AI and GenAI

GenAI and AI are set to transform asset management, helping firms boost efficiency and increase scalability. Sia collaborated with top asset management firms and SIFMA to understand the world of possibility with AI/GenAI with four specific use cases: documentation analysis and processing, corporate actions, accounting reconciliations, and data visualization, quality and predictions. Across these four, extensive current state lifecycles were evaluated for key pain points and how new technologies like AI and GenAI can alleviate them. Further, our team evaluated the industry landscape to identify what is in the market today to help asset managers conquer the next frontier of operations. 

The Tipping Point for Asset Management Operations: The Rising Costs of Operational Complacency

Asset management and capital markets firms are navigating an increasingly complex landscape. From stringent regulations to shifting investor demands and rising competition, firms are under immense pressure to adapt.

At the same time, automation, artificial intelligence (AI), and machine learning (ML) are transforming the industry, offering opportunities for efficiency and growth.

Despite the push for innovation, our latest research reveals many firms are still reliant on outdated technology that can’t keep up with today’s data demands.

To better understand where the industry is headed and uncover key pain points and opportunities for transformation, we surveyed 250 senior finance managers in asset management and capital markets across the US.

The Total Economic Impact™ of Smarsh

Cost Savings And Business Benefits Enabled By Smarsh

As a modern enterprise, capturing, archiving and supervising data is a difficult and complex challenge. Smarsh makes it easy and simple — and the numbers back up our claim.

Smarsh Acquires CallCabinet: We Were Always Able to Spot Risk — Now We’ll Hear It Too

Smarsh Acquires CallCabinet for Major Expansion, Bringing Leading Edge Technology to the Voice Market

The combined offering will significantly enhance the established compliant call recording and AI-powered analytics market, delivering unparalleled operational efficiencies and business intelligence to organizations across industries.

Smarsh Named a Gartner® Magic Quadrant™ Leader

Smarsh Positioned Furthest for Overall Completeness of Vision
Smarsh has been named a Leader in the Gartner® 2025 Magic Quadrant™ for Digital Communications Governance and Archiving Solutions (DCGAS) and is positioned furthest for Completeness of Vision. 

Implementing Trade Surveillance for a Retail-focused Broker-Dealer

A pioneering retail-focused US Equities broker-dealer known for commission-free trading, approached Eventus to further enhance their surveillance capabilities.

Key Metrics:

⁠⁠⁠⁠⁠⁠⁠
The client benefited from a swift and seamless implementation of Eventus’ Validus platform, which delivered:

• < 2 Months: Time-to-market  
• Enhanced Surveillance: Customizable pattern alerts  
• Seamless Integration: Data format compatibility and case management export

2025 Compliance Outlook

The 2025 compliance landscape is evolving rapidly, with regulators intensifying enforcement, focusing on emerging markets and enhancing cross-border collaboration. Compliance leaders must stay ahead of these shifts to mitigate risks. Advanced trade surveillance technology, such as Eventus’ Validus, offers automation, flexible procedures and advanced analytics to improve monitoring and reduce false positives. Best practices include tracking regulatory changes, investing in scalable solutions, fostering a compliance culture and improving data governance. Staying proactive and adaptable is key to navigating these challenges successfully.

BetaNXT Announces Next Phase of DataXChange Platform for Wealth Firms After Successful Pilot with Early Adopter Clients

Built on the Snowflake AI Data Cloud, DataXChange Accelerates Data Modernization and Maximizes Operational Efficiency with a Single Source of Near Real-Time Data.

The Billion-Dollar Data Reckoning: How Can Your Trade Surveillance Team Avoid the Next 9-Figure Fine?

Discover why data governance failures have cost institutions billions—and how to safeguard your firm. Last year alone, financial institutions faced over a billion dollars in fines due to data governance lapses—penalties that eclipsed fines for market abuse. Regulatory scrutiny has intensified, with fines so substantial they’re being called existential threats to firms’ stability. Is your trade surveillance and data governance up to the task?

This report delves into the evolving role of trade surveillance and data integrity, exploring why data governance failures now pose the biggest financial risk to institutions worldwide.

Product Corner | The Danger of Reducing False Positives

Martina Rejsjo, VP of Product Management at Eventus, explores industry trends, surveillance challenges, and product updates. She highlights the issue of “noise” in surveillance—alerts that don’t lead to immediate investigations—and differentiates between false positives (errors) and low-value true positives (accurate but non-actionable alerts). Over-filtering risks missing emerging threats, while automating alert management improves efficiency. Validus’ automation capabilities help firms capture more data while avoiding analyst overload, enabling pattern detection and trend analysis. Firms should rethink their surveillance strategy to balance risk detection with operational efficiency. 

U.S. regulatory enforcements against non-compliant electronic communications

As the financial industry evolves, U.S. regulators have demonstrated their determination to keep pace with advancing platforms and ensure retention across all electronic communications. Beyond traditional mediums, regulators are concentrating on prevalent channels like text, instant messaging, and social media. Obtain an overview of several eye-catching enforcements and understand the timeline of recordkeeping failure fines for modern methods of communications.

Data Insights Report: Communication Capture Trends

In this annual report, Global Relay analyzes the data of over 12,000 regulated financial institutions to provide a unique view of how the industry is capturing communication data, and what the future may hold for compliant communications.

ISDA Opens Consultation on Credit Derivatives DC Review – Key Takeaways as Broader Market Considers Commentary and Action

Kramer Levin thought leadership piece covering ISDA's commissioned assessment of the function, governance and membership of the Credit Derivatives Determinations Committees. Co-authored by Derivatives and Structured Products partner Fabien Carruzzo. 

Financial services CIOs – building GenAI at scale while managing risk

In times of great disruption, clear leadership is imperative. GenAI is a classic people, process and technology triad that CIOs and IT operations have been balancing for decades. We commonly hear that business drives technology. GenAI has the potential to significantly accelerate that paradigm shift. By creating a vision, building a plan and asking the big questions, the CIO can drive the agenda as an advocate and a true business enabler for the opportunities presented by GenAI.

GenAI for software modernization: upgrading legacy systems

GenAI-enabled solutions can help developers with software modernization and transformation initiatives.

Unlocking customer value through domain-driven digital transformation

While financial institutions have initiated many technological investments in recent years, digital transformations with multidisciplinary teams are key to scaling current platforms and developing new solutions that reduce operational inefficiencies and manual processes.

Putting a premium on human intelligence

As AI-generated and edited content becomes increasingly commonplace and companies continue to adopt AI capabilities, original content created by humans will become a premium service, and AI disclosure is an increasing expectation.

Are you prepared to capitalize on the upside risk of digital assets?

Understanding the risks of blockchains and digital assets can be a daunting task due to the nascence of the technology. The six pillars of risk and their criteria outlined in this paper are meant to arm the reader with a general framework for performing due diligence that aims to be universally applicable in identifying risks associated with many types of blockchain implementations and token designs. It is, therefore, not exhaustive nor was it developed with one particular blockchain or digital asset in mind.

How retail investors are making digital assets part of their lives

Conducted in March 2024, the survey aimed to better understand how retail investors think about digital assets (including sentiment, allocations, future expectations, tokenization, and payments); 1,034 retail investors were surveyed. This included 570 self-reported accredited investors and 464 non-accredited investors. Survey respondents self-reported “accredited investor” status with this being defined as >$1m in assets or >$200k in income for each of the past three years. Respondents were roughly 50/50 male and female and included a mix of investors who have/are currently invested in digital assets (e.g., crypto, stablecoins) and digital asset products (e.g., funds, trusts, derivatives), and those who have never invested. Survey respondents were globally distributed with 464 from the US, 227 from Europe, 185 from Canada, 128 form Asia, and three from rest of world. 

How financial services is addressing U.S. Treasury and Repo clearing

On December 13, 2023, the SEC adopted amendments to Rule 17Ad-22 under the Exchange Act to approve central clearing for U.S. Treasury and Repo markets. This ruling produces a significant change in U.S. Treasury market structure, materially impacting broker-dealers and institutional investors. The rule includes several exemptions, and when combined with a longer implementation timeline, gives market participants additional time to assess how their business strategy will be impacted, as well as prepare for implementation.

What to know about gaining access to U.S. Treasury central clearing

Selecting an access model for U.S. Treasury central clearing is a strategic decision that should be based on a firm’s current and future business needs. FICC offers a variety of solutions to accommodate the diverse participants in the U.S. Treasury market with the aim of promoting efficiency and stability across the industry.