Preventing financial crimes in an AI-enabled market

December 3, 2023

Embracing an AI and data analytics-led approach for both first and second lines of defense can prove invaluable

In today’s intricate financial landscape, where the digital realm converges with economic activities, the escalating prevalence of financial crimes presents a significant challenge. The year 2022 witnessed an alarming $5 billion in fines imposed on institutions for failing to thwart these illicit activities — an astounding 50 per cent YoY increase. Organizations experienced a 3 per cent reduction in turnovers due to FinCrime and FinCrime compliance issues, tallying up to a staggering $274 billion in 2022.


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