AI Compliance Framework

Authorities and financial institutions (FIs) are highly aware of the challenge of detecting financial crime. Modern criminals are using increasingly more complex structures and are acting across multiple financial institutions and jurisdictions. Parties, such as FIs, FIUs , and law enforcement, operating alone encounter challenges in the identification and tracing of suspicious behavior.

In this blog post, I would like to provide an outlook on 2023 and the following years, this means the near future of our domain that is dedicated to fighting financial crime. As always with such outlooks, this one does not claim to be complete, but is a mixture of subjective perception and observation and objective analysis.

It’s time to take financial crime risk assessment to the next level and overcome the limitations of the traditional approaches. Let’s unleash the potential of advanced technology to transform the efficiency and effectiveness of our financial crime prevention strategies.

Enhancing the resilience of the risk and compliance program has become a growing requirement among auditors and regulators, as reflected in numerous legislative frameworks. The challenge resides in successfully transitioning to a digital format while achieving efficiency amidst ever growing volatility. The implementation of automation, alongside artificial intelligence and effectively coordinated policies and procedures, contributes significantly to the optimization of this process.