Packaged financial crime solutions are built from the ground up by proven AI experts working alongside experienced AML professionals. Unlike other AI for AML approaches, packaged AI solutions are quick to implement and are continuously updated by the solution provider based on input from multiple customers and regulators.
Serving almost 20 million customers, the bank was concerned about the risks associated with false negatives that its current AML compliance technology was missing. Intent on driving financial crime out of its operation, the bank began searching for a solution that could enhance its existing rules-based transaction monitoring system (TMS) and minimize the risk related to undiscovered financial crime.
While all agree the promise of AI for AML is great, taking the steps to select and implement AI within an institution is relatively new. So, what is the best approach for implementing AI and machine learning into your efforts to combat financial crime?