Building upon AI and ML to Smooth Out AML: Key Trends, Perspectives, and Challenges

Executive Snapshot

• Figure: Executive Snapshot: Building upon AI and ML to Smooth Out AML — Key Trends, Perspectives, and Challenges

Situation Overview

• The Costs of Noncompliance: Fines, Penalties, and Reputation

• In the fight against financial crime and money laundering, regulators across the world continue to update legislation to enforce more robust measures and impose regulatory requirements for financial institutions.

• The Trend Toward International AML Requirement Harmonization and Enhanced Cross-Border Cooperation

• Some regulations applicable in the AML/CTF field are mentioned in the subsequent sections.

• In the U.S.

• In the EU

• In the U.K.

• Challenges and Perspectives: How to Address AML Requirements with AI/ML-Based Sophisticated Tools and Advanced Technologies

• Technologies that Tackle AML

• Ecosystem-Driven Collaborative Initiatives

• Banks' Spend in Fighting Financial Crime

• Figure: Worldwide Banking Financial Crime Prevention Spending by Region, 2021–2026 ($M)

• Key Benefits from Adopting AI/ML Technologies in AML

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• Related Research

• Synopsis