The Role of AI in Tackling Financial Crime

It enables financial institutions to simplify identifying illicit client relationships, beneficiaries, and links to criminal or terrorist activity during the onboarding phase. FREMONT, CA: Financial regulations globally are cracking down on banks. As Anti Money Laundering and know your customer (KYC) procedures are getting stricter, hefty fines are being imposed on those found to be in breach of the same. Recent studies have discovered that banks across the globe have been charged with a total of USD 26 billion in monetary penalties in Anti Money Laundering (AML) and sanctions violations over the last ten years. As banks and financial institutions continue to search for digital transformation initiatives to streamline and simplify the customer onboarding process and reduce the risk associated with fraud, many are looking to exploit emerging technologies' potential.