Driving anti-money laundering efficiency gains using artificial intelligence - Risk.net

Anti-money laundering (AML) is expensive and labour-intensive, and artificial intelligence (AI) can offer improved efficiency gains. Could they be a match made in heaven? This Risk.net webinar, in association with NICE Actimize, took place amid the strain on banks' back offices driven by the lockdown in response to the global Covid‑19 pandemic, and explores this potential pairing Today's evolving regulatory environment and criminal typologies have influenced AML compliance teams to adopt AI technologies such as machine learning to improve detection and better focus analyst workloads. The marriage of AI to existing compliance processes and risk modelling techniques has the potential to eliminate backlogs and create new efficiencies. But there may be some risks and question marks for those in the early stages of adoption. The strain on many financial institutions has only increased in 2020 due to the unexpected arrival of Covid‑19.