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Artificial Intelligence in AML and KYC: Enhancing Accuracy and Reducing Costs Hot Topic Q&A

Artificial Intelligence in AML and KYC: Enhancing Accuracy and Reducing Costs Hot Topic Q&A

Executive Brief

The runaway growth of costs associated with anti–money laundering (AML) regulatory compliance continues to be a hot topic in the banking industry, with global spending on AML processes set to grow to more than $8 billion in 2017.1 AML monitoring is just one component of the complex, and costly, compliance environment all banks must navigate; in the US alone, the American Bankers Association noted that the six largest banks spent $70 billion on compliance in 2013, nearly double the year before.

Relief is on the horizon, however. Advanced analytics solutions incorporating artificial intelligence (AI) can significantly improve the effectiveness of AML case management and know your customer (KYC) screening processes.