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Building upon AI and ML to Smooth Out AML: Key Trends, Perspectives, and Challenges

Publisher IDC
Published Aug 09, 2023
Length 10 Pages
SKU # IDC18113642

Description

Building upon AI and ML to Smooth Out AML: Key Trends, Perspectives, and Challenges


This IDC Perspective illustrates trends and challenges that banks must cope with in managing anti-money laundering (AML) risks and in fighting financial crime activities. Corporate banks must fulfill mandatory regulatory requirements defined across multiple jurisdictions and that are evolving over time. Financial organizations must ensure that while supporting their corporate customers' businesses, they are undertaking all appropriate measures to verify that their customers' transactions do not entail fraudulent activities; this way, they protect the bank-self, the customer, and the whole financial system and preserve the industry's trustworthiness. To properly act as trust gatekeepers, banks must adopt robust risk management procedures and properly deploy resources in terms of people, processes, and technologies. Since the fight against financial crime is a moving target, financial organizations must ensure that they periodically review their frameworks to stay up to date with evolving best practices, and that they adopt the best available technologies. "Given the overwhelming amount of data to be processed along the AML process, banks must adopt solutions that leverage AI and ML technologies to achieve more efficient and accurate money laundering detection. Thanks to the these technologies, AML tools can evolve to counter criminal actors' creativity," said Maria Adele Di Comite, research director at IDC Financial Insights.

Please Note: Extended description available upon request.

Table of Contents

10 Pages
Executive Snapshot
Situation Overview
The Costs of Noncompliance: Fines, Penalties, and Reputation
In the fight against financial crime and money laundering, regulators across the world continue to update legislation to enforce more robust measures and impose regulatory requirements for financial institutions.
The Trend Toward International AML Requirement Harmonization and Enhanced Cross-Border Cooperation
Some regulations applicable in the AML/CTF field are mentioned in the subsequent sections.
In the U.S.
In the EU
In the U.K.
Challenges and Perspectives: How to Address AML Requirements with AI/ML-Based Sophisticated Tools and Advanced Technologies
Technologies that Tackle AML
Ecosystem-Driven Collaborative Initiatives
Banks' Spend in Fighting Financial Crime
Key Benefits from Adopting AI/ML Technologies in AML
Advice for the Technology Buyer
Learn More
Related Research
Synopsis

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