Webinar series

The coronavirus pandemic has caused drastic changes in banking customer behavior and has given criminals new ways to generate and launder money. Such a shift in behavior has increased complications in the current AML/CFT program and financial institutions are finding it difficult to balance the evolving compliance demands with core business operations. New technology such as artificial intelligence (AI) and machine learning (ML) can prepare FIs for disruptions across the detection of suspicious cases and their disposition.

The COVID-19 crisis has accelerated the digital transformation plans across financial institutions to provide customers with a frictionless experience. This calls for adjustments in the current AML/CFT program framework to account for new patterns of criminal behavior and better address emerging money laundering risks. With the banking ecosystem redefined, many banks agree that artificial intelligence (AI) can help build an agile AML system resilient to market and regulatory changes, but for some, deploying AI is complicated, unknown, and more expensive than it might seem.

The global pandemic has affected all of us and has given us a reality check to adapt to any change and continue business as usual. As countries across the world experiment and reshape how we work and live, still AML practitioners and financial institutions are required to maintain a safe and sound Bank Secrecy Act (BSA) program. Integrating AI-powered AML systems to enhance risk coverage and improve operational efficiency is just the beginning. The future lies in sharing AML wisdom, giving equal footing to all banks and stopping the bad actors together.