Revolutionising AML Compliance: The Impact of AI-Powered Transaction Monitoring

Advancements in RegTech are having a crucial effect on financial services’ approach to achieving AML compliance. Automation processes can provide accurate real-time risk alerts and continuous KYC, reducing manual work and, more importantly, the threat of laundered money moving through the system. 

Fuelling this tech revolution is AI, whose generative functions are reshaping operational processes worldwide. After pondering AI’s role as a ‘silver bullet’ in this regard, we felt its valuable role in processing global payments deserves its place in the spotlight.

We now present our industry-leading 2024 White Paper: AI & transaction monitoring: the next frontier!

With vast amounts of data in the hands of well-trained AI models, identifying anomalous behaviours that the human eye may miss is simplified in record time. Plus, with AI taking care of inefficient roadblocks, including false positives, compliance officers can focus on improving processes to adhere to ever-changing regulatory challenges. 

While the makeup of a financial institution’s compliance team may change in favour of (still limited!) data science expertise, the combined power of regulatory knowledge and well-documented processes with time-saving AI solutions can supercharge transaction monitoring for AML to weed out nefarious actors. 

The guide also addresses:

• The differences between AI-driven monitoring and a traditional rules-based approach
• Considerations for deploying complex AI technology
• Examples of practical AI already in action

To access our white paper fully, please follow this link for a free download. 

Shifting practices and systems in this unpredictable fincrime landscape isn’t easy, but AI applies much-needed adaptability to fundamental transaction monitoring tasks. 

If you’d like to learn more about how RelyComply’s AI-driven AML compliance platform can assist you, please contact our team today!

Disclaimer
This article is intended for educational purposes and reflects information correct at the time of publishing, which is subject to change and cannot guarantee accurate, timely or reliable information for use in future cases.