Artificial intelligence can enhance banking compliance

Technology has changed our society, and banks and other financial institutions have digitalized their operations at a rapid pace as well. However, the financial crime compliance units of these institutions still rely mainly on heavy manual processes. The banking compliance units' key reason for their cautious approach in the utilisation of AI and automation has been uncertainty about technology. Do regulators approve machine-based decision-making, and is machine learning logic fair in identifying suspicious activities? However, there is a clear need for utilising technology in financial crime compliance.