financial crime compliance evolution
Artificial Intelligence: The Next Step in Financial Crime Compliance Evolution
Financial Services compliance departments are constantly turning to technology to find efficiencies and satisfy increasingly tough regulatory examinations. It started with simple robotics, which can provide great operational efficiencies and help standardize processes. Never ones to rest on their laurels, compliance departments have begun looking to Artificial Intelligence (AI) as the next technological step to enhance and improve their programs. PayPal has cut its fraud false alerts in half by using an AI monitoring system that can identify benign reasons for seemingly bad behavior. HSBC recently announced a partnership to use AI in its Anti-Money Laundering (AML) program.
Industry:
- Banking & Finance (1.00)
- Law Enforcement & Public Safety > Fraud (0.77)