10 February 2022, 10:46
Tagline
10 February 2022, 10:46
Tagline
AML should be in 2022 a top priority for financial institutions. As in recent years a variety of different factors have brought anti-money laundering (AML) to the forefront of boards and executive teams. AML incidents put a financial institution’s no matter of its size reputationwise on the line.
What key trends will dominate compliance technology in 2022 and what new technology trends will have an impact on your compliance team in the next months. Learn what new regulatory changes and obligations, mean to your tech stack.
Developing a scalable Compliance program is important in 2022.
The global market for Anti financial crime Solutions is projected to grow from 2019 by 2024 to 3.6 billion USD at an Annual Growth rate of 19.5 %. At DX we think that the real number is much higher as more and more organizations understand the real power of Regtech.
RegTech is a FinTech enabler and it is an area ready for the global boom. Therefore plan away, but focus on those things that will drive, motivate and shape that future into the one you want it to be.
Emerging Technologies to Combat Financial Crime are on the rise.
Traditionally The banking sector and many non-financial businesses have been ordered by regulators across the globe to integrate enhanced Anti-money-laundering software powered by advanced, frontier technologies.
Digital Transformation & Automation of workflows will be the keyword in the financial business in 2022 and beyond.
It is for sure expected that regulators will demand faster methods for identifying suspicious transaction monitoring in addition to AML procedures.
The use of technologies like AI & ML, and big data will be crucial in this case.
Businesses will need to determine potential risk by incorporating tech-driven tools that limit false positives, and detect, analyze, and eliminate suspicious transactions by focusing on the Ongoing Monitoring rather than just on the KYC and onboarding part.
The Use of Artificial Intelligence in Anti-Financial Crime Prevention isn’t new.
artificial intelligence can assist businesses in dealing with a number of challenges emerging with digitization and digital transformation.
It can decrease the need for human intervention, especially in situations involving anti-money laundering & anti-financial crime prevention. The future is clear:
Explainable AI that does not replace people. An AI that doesn’t assist in reducing the need for human approval and speeding up many aspects of AML more is supporting the human in a way human & machine.
The Financial Action Task Force (FATF) has urged governments and businesses to collaborate in the fight against money laundering and terrorism funding. Both parties are dealing with the same issues, particularly in regards to information: its quality, quantity, transparency, and ability to be handled effectively. While the trend toward information sharing may take time to catch on, we have already seen the first steps, such as the FinCEN Exchange in the United States, which aims to improve public-private information sharing. However, it is expected to see more similar initiatives in 2022.
Money launderers, Fraudsters & Finfriminals will always determine innovative ways to manipulate the financial service & Banking sector to carry out illicit activities.
However, detecting & preventing criminal activities in time is the most difficult factor while incorporating a robust AML framework to trace, detect and eliminate the potential risk of money laundering terrorist financing, and other financial crimes.
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