COVID-19 is accelerating longer term digitalization trends in financial services and causing massive shifts in transactional behavior. It is also creating new opportunities for financial criminals to take advantage of the vulnerabilities in the system and perpetuate fraud and money laundering. Remote work requirements due to COVID-19 are adding to the strains because at many financial institutions AML operations are not set up to support virtual work at scale.
Managing new risks with old technology is costly and inefficient. Globally, financial institutions spent US$8.3 billion on KYC-AML technology and US$23.4 billion on operations in 2019. This highlights there is still heavy reliance on manual tasks many of which can be automated and streamlined by using next generation technology.
The report examines eight emerging technology trends in KYC-AML in detail, including dozens of use cases on how AI, data, cloud, and regtech can help financial institutions increase efficiencies, lower costs, and improve results in their KYC-AML operations.
Report Highlights:
- Assessment of COVID-19's impact on financial crime compliance operations
- Identification of gaps in current technology and operational arrangements in AML
- Implications of technology limitations on spending in AML operations with in-depth analysis of spending in key regions and AML functions
- Detailed discussion on top technology trends in AML and how they can alleviate current challenges
- Recommendations for financial institutions and solution providers to prepare for the new era of digital financial services
Download a free sample of the report here:
--
