Anti-money laundering (AML) compliance is a significant burden to financial institutions. AML systems generate a high proportion of false positives, often surpassing 80% or 90% of alerts, resulting in soaring compliance costs at large banks and operational bottlenecks at most institutions.
Next-generation technologies including intelligent automation and machine learning are being used to increase efficiency and improve efficacy in AML operations. Implementing next-gen technology in-house, however, is out of reach for many banks and credit unions. For these firms, cloud-based delivery of advanced solutions may provide the way forward to modern AML compliance.
Read the full whitepaper to explore factors such as:
- What limitations do banks have in sourcing AML technology?
- What are the use cases for next-generation technologies in AML compliance?
- What factors are supporting the adoption of next-generation technologies in AML compliance?