Leveraging AI for efficient AML compliance
Financial institutions, particularly banks have been burdened with spiraling compliance costs that continue to eat into their margins year after year. While other costs have come under the scanner, compliance operations remain inefficient. Most executives are reluctant to try new and ‘untested’ mechanisms, because the consequences of even a small miss could be devastating.
This paper talks about how Artificial Intelligence can augment the human effort in performing complex tasks in the KYC process, resulting in:
- Strengthening the bank’s regulatory reporting with automated audit trail creation
- Reducing dependence on paid data and associated subscription costs
- Improving employee productivity by automating mundane tasks
Download the white paper to learn more about how AI can help in AML and KYC