"Traditional rule-based KYC-AML technology necessitates significant dependence on manual efforts particularly in alert investigation stage, which is costly, error-prone, and inefficient" Multinational banks need to ensure compliance not only in their home country but also in environments that are more complex and have fewer infrastructures. For Example, Deloitte has highlighted in its "Meeting new expectation" report that AML sanctions-related fines and penalties imposed in 2013 and 2014 quadrupled the total for the previous nine years. Artificial Intelligence (AI) takes KYC and AML compliance to the next level. AI isn't just a technology, it is a collection of related technologies which has the potential to automate workflows and quickly analyze large volumes and different types of data. AI based link analysis is a set of techniques for exploring associations among large numbers of objects of different types.

One of today's prime trends – blockchain technology – has the remarkable potential to empower other mega-trend, artificial intelligence. Regardless of the ongoing Facebook confidentiality scandal, private companies including Facebook, Baidu, Google and Alibaba are continuing to collect and store a surprising amount of consumer data. Increasingly, data analysts are employing AI algorithms and tools to mine these data-sets – known as big data. However, the Internet of Things (IoT) with autonomous cars and Wi-Fi enabled devices will create enormous challenges regarding storage of data. Google's self-driving vehicle generates roughly 1 GB of data per second, how will current systems cope in a world with every autonomous vehicle sending an approximate 2 Petabytes of data to the cloud per annum?

One of today's prime trends – blockchain technology – has the remarkable potential to empower other mega-trend, artificial intelligence. Regardless of the ongoing Facebook confidentiality scandal, private companies including Facebook, Baidu, Google and Alibaba are continuing to collect and store a surprising amount of consumer data. Increasingly, data analysts are employing AI algorithms and tools to mine these data-sets – known as big data. However, the Internet of Things (IoT) with autonomous cars and Wi-Fi enabled devices will create enormous challenges regarding storage of data. Google's self-driving vehicle generates roughly 1 GB of data per second, how will current systems cope in a world with every autonomous vehicle sending an approximate 2 Petabytes of data to the cloud per annum?

"Traditional rule-based KYC-AML technology necessitates significant dependence on manual efforts particularly in alert investigation stage, which is costly, error-prone, and inefficient" The ultimate aim of any Financial Institution (FI) is to earn the confidence and faith of their customers but equally important to verify the information customers provide back to them. The regulators are increasingly concentrating on ensuring that banks have robust and effective controls in place for customer due diligence (CDD). Multinational banks need to ensure compliance not only in their home country but also in environments that are more complex and have fewer infrastructures. For Example, Deloitte has highlighted in its "Meeting new expectation" report that AML sanctions-related fines and penalties imposed in 2013 and 2014 quadrupled the total for the previous nine years. Artificial Intelligence (AI) takes KYC and AML compliance to the next level.

The ultimate aim of any Financial Institution (FI) is to earn the confidence and faith of their customers but equally important to verify the information customers provide back to them. The regulators are increasingly concentrating on ensuring that banks have robust and effective controls in place for customer due diligence (CDD). Multinational banks need to ensure compliance not only in their home country but also in environments that are more complex and have fewer infrastructures. For Example, Deloitte has highlighted in its "Meeting new expectation" report that AML sanctions-related fines and penalties imposed in 2013 and 2014 quadrupled the total for the previous nine years. Artificial Intelligence (AI) takes KYC and AML compliance to the next level.