Technology

In the past, AML compliance processes have been complex and costly for organizations as millions of transactions are carried out every day around the world, and it isn’t possible to track them all manually. The use of artificial intelligence (AI) in combating financial crimes came and became very popular, as it reduces the risk of error in detecting criminal transactions.

Today, artificial intelligence scans all sanction lists instantly, so you don’t have to check the sanction lists manually for all customer’s transactions. Similarly, artificial intelligence analyzes your client’s transaction against the expected pattern and the set detection parameters, and flags any exceptions in form of alerts. Transactions that the monitoring system flag as suspicious need to be investigated by analysts to determine whether the alert is a true hit or a false positive, by separating innocent transactions from the suspicious.

Are you looking to automate your compliance system by integrating suitable software into your system with the right support? FCRM Limited’s technology advisory unit can help you identify (or customize) and implement fit-for-purpose software that serves your organizational structure, technology, and budget. Remember, we analyze your existing systems and processes, innovate, and transform your business!