Greed, deepfakes & dirty Money: Financial crime enters the AI age

Group 1 - The Feeding Our Future case is described as one of the largest Covid-19 fraud schemes in the U.S., involving the theft of over $250 million in federal child-nutrition funds intended for low-income children [2][4] - Nearly 100 individuals have been charged in connection with the case, with at least 60 convictions reported [2] - The case has sparked a politically charged debate in Minnesota, leading to increased federal law enforcement actions and protests [3] Group 2 - The rise in money laundering activities is highlighted, with a reported 168% increase in detected money laundering accounts in the first half of 2025 compared to the previous year [4] - The IRS Criminal Investigation Division reported over $10.59 billion in financial crimes for fiscal year 2025, marking a 15.7% increase from fiscal year 2024 [5] - Criminals are increasingly utilizing artificial intelligence in their money laundering efforts, raising concerns for financial institutions [6] Group 3 - Anti-money laundering efforts are critical for corporate compliance, with significant penalties for failures, as exemplified by Goldman Sachs' $2.9 billion payment in 2020 related to the 1MDB scandal [7]