Fragmented AML systems and platforms make it hard for banking institutions to keep financial crime at bay. Financial institutions continue to spend heavily on AML compliance to deal with the curse of dirty money but advancements in payment processing technology, increased level of organized crime, and expansion of economic sanctions have continued to erode the effectiveness and efficiency of AML programs. Can technology beat financial crime? Machine learning, real-time data-aggregation, artificial intelligence, and speech/text recognition analytics can approach compliance in a fundamentally new way, but also regulatory action is instrumental.
In this first BANKING ESSENTIALS webinar, produced jointly by S&P Global Market Intelligence and the European Banking Federation, two industry experts shared their thoughts on the challenges and opportunities within the AML compliance space.