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How AI can address the global sanctions challenge

#artificialintelligence

Today's global sanctions regimes have arguably never been more challenging for organisations to ensure they remain compliant and have the required screening processes and procedures in place. Over the past decade, trade and economic sanctions have become an ever more popular tool of foreign policy in an increasingly uncertain geo-political climate. Aside from country-specific sanctions, such as those against Iran, Russia, North Korea, etc, more targeted regulations focus upon particular businesses or individuals. As a result, national and international AML, screening and anti-fraud obligations have increased in both scope and complexity. Failure to comply with sanctions and money laundering obligations, can result in severe financial and reputational costs.