Colin Dixon 20 Oct 21 4 min read

The Rise of AI and the Role of Technology in AML/CTF Compliance

We know there is huge potential to utilise the benefits of Artificial Intelligence (AI) to combat Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) activity, and there are already some interesting applications including the analysis of Suspicious Activity Reports (SARs), detecting behavioural anomalies, detecting cybercrime, and much more.

As AI continues to make inroads in the world of AML/CTF, and organisations wish to be proactive when leveraging this technology to their benefit, they need to consider if the promises of shiny new technologies are realistic right now. Aub Chapman, Director Aub Chapman Consulting Services and Martin Dilly, Director Martin Dilly AML, dive into a virtual discussion around technology and vendor selection to ensure you are solving the right problem, and describe the current AI landscape, what is currently possible and how this might affect compliance professionals in the future as more processes are automated.

Aub discussed the common questions that he gets asked as a consultant, and key to preparing for any new technology acquisition or AI project is ensuring your business case and requirements are outlined at the beginning of your search. This will help you to define your criteria for a specific technology or vendor, which is critically important to understanding what technology you need. If you don’t understand what problem you are trying to solve, choosing the right tool or AI solution will be a massive challenge.

An additional factor that should be considered when sourcing technology is the enforcement actions, as this highlights what should be considered as a part of an AML/CTF programme.

In Martin’s presentation, he took us through four areas where AI and technology are currently being utilised in AML/CTF compliance, including online learning, straight through onboarding utilising electronic identity verification and biometrics, automated documentation in the consulting space, and transaction monitoring and screening.

Martin asked an interesting question “what do you do better than a machine”. After writing down our answers, Martin then began to challenge us on what is currently possible to achieve with AI pushing us to rethink our answers, can machines really do a better job at telling if someone is lying?

For most of us there are aspects of our job that may eventually be taken over by technology, however, it’s unlikely to eliminate your job completely. What AI will do is help us to remove or reduce the most mundane and laborious part of our jobs, leaving us humans the more interesting, involved and challenging portions of our work.

A relevant and timely topic, Aub and Martin dig into some practical examples for how to choose technology, what to look for in tools and platforms, and paint a picture of where AI is headed. Watch the full webinar here and uncover where AI is headed and how this may impact you in the future.


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