With an influx of new technology, criminals are finding it easier than ever to commit money laundering, fraud, and sanctions evasions.
The tools available to criminals – such as using AI – are also available to financial institutions, enabling them to detect and prevent financial crimes.
Tech spend is the priority for 69% of banks and more than 80% are scoping or engaging in AI initiatives in financial crime.
Despite this, just 46% of banks reported to the Bank of England that they have only a ‘partial understanding’ of the AI technologies they use.
Though parameters and cautions remain, there is increasing acceptance by regulators that using AI can help to mitigate crime.