Artificial Intelligence's Role in Banking 3.0

In the modern banking world new technologies play a widely reported role in anti-money laundering (AML) protocols preventing financial crime – however it is important that we do not overlook technology's potential for establishing financial innocence. To businesses and institutions operating in and between developed markets, whose international transactions are fast and painless, this sentiment may seem counter intuitive. AML compliance is necessary for regulatory reasons, and catching out bad actors is, of course, a primary goal of any business – but why should we view AML technology through the lens of establishing innocence? This is a question which emerging market corporates will have no difficulty answering if they have ever attempted to interface with counterparts in developed markets. Entities based in emerging markets are often tarred with the brush of AML risk due to their geography and unrelated to their specific business, and – consequently – such organisations find international transactions lengthy, arduous and expensive as they navigate an AML compliance process that operates from a base level that is an unfair assumption of their risk.