AI in Action

Financial crime prevention is changing. How can institutions use AI in the AML process?

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.

This guide aims to help you understand the practical applications of AI in AML processes. Download it today.