Publication | ThinkSet
Artificial Intelligence and a New Era of Financial Services Compliance
John DelPonti and Joseph Sergienko
Prioritizing effectiveness, regulators are giving banks the green light to innovate on anti-money laundering efforts and are encouraging risk-based reviews.
Banks and financial service companies faced with escalating compliance costs are dealing with a particularly troublesome area—the fight against money laundering—where increasing volume and complexity of transactions mean that the stakes have never been higher.
Anti-money laundering (AML) and financial organizations’ broader efforts to stay on the right side of financial crime regulations require continued compliance investments—and can lead to potential fines if not carried out to a high standard. But there are human impacts as well. Human traffickers, drug runners, terrorists, cyber criminals and common con-artists operate in a world with increased political upheaval and have at their disposal an ever-expanding array of financial technology and new crypto currencies with which to launder their ill-gotten gains.