Technology Transformation in Financial Crime Compliance: Improving Workforce Efficiency to Manage Risk and Add Value

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23 October 2023

Financial crime compliance operations face a range of staffing and capacity challenges. Leveraging artificial intelligence and process automation to enhance efficiency and productivity can alleviate capacity shortfalls and transform an unvirtuous cycle in compliance operations into a virtuous one.


Financial crime compliance departments at banks and non-bank financial institutions (NBFIs) are challenged to keep up with the high volumes of alerts generated by their screening and detection systems. Analyst teams dedicated to investigating and decisioning alerts number in the hundreds or even thousands at large banks. Meanwhile, compliance units at smaller institutions are challenged to maintain adequate coverage with the limited resources available to them.

Organizations have deployed a range of technology solutions aimed at alleviating capacity shortfalls. Many, however, find that their existing technology does not deliver on ROI, incurs tech debt, or generates inaccurate results.

Artificial intelligence (AI) is emerging as a transformative technology for financial crime compliance. AI can support enhanced insights and high levels of business process automation. State-of-the-art financial crime compliance solutions often use a combination of machine learning, natural language processing (NLP), and intelligent automation to achieve these results. Automation can help organizations implement perpetual KYC by lessening the heavy operational demands of frequent KYC refresh and event-driven monitoring.

WorkFusion asked Celent to survey banks and fintechs to understand the workforce challenges facing compliance departments and the human, analytic, and technology levers they are pulling to address these issues.

Results of the survey include:

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