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  5. Fighting Financial Crime Amidst Growing Complexity: The Need to Rethink AML Technology and Approach

Fighting Financial Crime Amidst Growing Complexity: The Need to Rethink AML Technology and Approach

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5 October 2018
Arin Ray

Heavy reliance on manual efforts to deal with a flood of false positives is proving unsustainable in managing financial crime compliance operations. New technology such as AI, machine learning, and RPA can help in improving efficiency and effectiveness.

Key research questions

  • Why is financial crime compliance operation becoming important?
  • How are regulatory and technological evolution impacting compliance operations?
  • What new tools can help in improving efficiency and effectiveness in compliance?

Abstract

Intense regulatory scrutiny is exposing gaps in financial crime compliance operations, while proliferation of digital solutions and channels is causing rapid increases in volume and velocity of transactions. Traditional tools are insufficient to deal with the growing volumes and complexities.

Siloed operations, suboptimal data management practices, and rules-based technology fall short of optimally monitoring risks, making compliance programs inefficient and ineffective. Heavy reliance on manual efforts is rapidly escalating costs, making current practices unsustainable.

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