Banks and other financial institutions are in a constant battle to prevent criminals exploiting their services and networks. Around $1.6 trillion a year – 2% to 5% of global GDP – of “dirty money” is laundered and legitimised through the global financial system, according to the United Nations.
Financial institutions face major costs in dealing with these threats and ensuring compliance with anti-money laundering regulations. Meanwhile, criminals continue to find ways to circumvent controls and exploit old defences.
Thankfully, the technology behind financial crime prevention is evolving rapidly and artificial intelligence (AI) techniques such as machine learning can result in dramatic improvements. In this webinar, you’ll learn how one such technique is capable of imitating human decisions for customer screening, resulting in significant efficiency gains while reducing the burden on resources.
The deployment of AI in a highly regulated industry is not without its challenges. AI models must be designed and implemented responsibly and with transparency in mind to ensure the capabilities – and limitations – are clearly understood.
This live webinar, hosted by the Financial Times in partnership with RDC, will bring together leading experts who will shed light on the latest crime threats facing the financial sector and how innovative know-your-customer (KYC) technology can manage those threats.