Combatting Financial Crime with the use of Artificial Intelligence (AI)

The rise of Financial Crime is an ever increasing threat to global economies, the financial sector, and individuals. Criminals are becoming more sophisticated at breaking through gaps in Cyber Security, and the traditional methods to combat Financial Crime cannot keep up with the pace that criminals can operate.

In 2023, the banking industry globally faced more than £670 million in fines for inadequate AML Governance processes. 2 Indicatively, it is imperative organisations to bolster their detection capabilities and stay ahead of evolving risks.