AI is the simplest methodology for bettering anti-money laundering (AML) processes, based on compliance consultants.
Monetary crime and threat administration options supplier Feedzai surveyed compliance professionals to find what the largest threats and alternatives are within the AML ecosystem.
Learn extra: FCA has elevated surveillance over final 12 months
It discovered that 46 per cent of AML professionals are involved about more and more refined cash laundering strategies, together with generative AI.
Compliance consultants seem to suppose that one of the best ways to fight the misuse of AI is with AI itself. 33 per cent say that AI and machine studying are the simplest methodology for stopping cash laundering, and over half (51 per cent) of respondents imagine that an elevated use of AI and machine studying is the way forward for AML and know your buyer programmes.
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“Fraudsters are capitalizing on fast-developing applied sciences to trick current AML programmes, in lots of circumstances utilizing generative AI to their benefit,” mentioned Nick Parfitt, principal AML SME at Feedzai. “Our newest report reiterates the demand from AML professionals for his or her organizations to undertake AI together with human perception as a defensive weapon to enhance their compliance course of and efficiencies.
“Banks and monetary establishments are sitting on a wealth of knowledge that they will use to higher shield their prospects and enterprise. By taking a RiskOps method, they will put this knowledge to good use by making a 360-degree view of buyer threat that addresses all the lifecycle of monetary crime and compliance – serving to to cease criminals of their tracks earlier than they will do any harm.”
The analysis additionally discovered that crypto stays entrance of thoughts for AML professionals. Over half (53 per cent) mentioned the vast majority of cash laundering exercise they encounter is linked to cryptocurrencies.
Learn extra: Over £1.2bn stolen via fraud