Regtech Solution Briefs are a new report series designed to provide Celent research clients with timely updates on regtech solutions and strategies by highlighting vendor briefings we found particularly interesting.
Financial crime compliance (FCC) operations are among the least efficient in the financial services industry. High levels of false positive alerts result in skyrocketing operational costs and staffing challenges for compliance departments. This has been a leading factor in the skyrocketing cost of FCC operations, reaching US$155.3 billion globally in 2024, according to Celent.
To help solve this problem, WorkFusion has developed a line of AI Agents with proven abilities in automating know your customer (KYC), anti-money laundering (AML) and fraud alert investigation. According to WorkFusion, its solutions enable automation rates of up to 80% and up to a 90% reduction in analyst research time. These capabilities have helped their solutions gain traction at an increasing number of Tier 1 and Tier 2 financial institutions, as well as at fintechs.
