Tag: financial crime prevention

The financial industry is under growing pressure to modernise, particularly when it comes to fighting financial crime. In this context, artificial intelligence (AI) has become a powerful tool for improving anti-money laundering (AML) efforts and ensuring regulatory compliance. But for many institutions still running on legacy systems, implementing AI can feel like an uphill battle.

KYC Portal has introduced a new feature designed to significantly improve how compliance teams manage tasks across applications.

Traditional KYC processes are increasingly struggling to keep pace with the demands of modern financial services. However, the rise of AI and ML is reshaping how compliance teams operate, delivering faster, more accurate, and more scalable solutions.

Money laundering remains a significant threat to financial systems worldwide, not only as a crime in itself but also as a key enabler of serious criminal activities such as drug trafficking, human smuggling, and terrorism. Consequently, it is critical for all businesses handling substantial sums of money to implement robust AML procedures.

Responsible AI encompasses the ethical development and application of artificial intelligence, prioritizing transparency, fairness, and legality across its operations. For the financial sector, this means deploying AI technologies that are not only efficient but also equitable and devoid of biases, ensuring that individual rights are respected throughout their lifecycle.

In 2025, the ability to effectively identify Politically Exposed Persons (PEPs) has become crucial in the financial sector's battle against money laundering and corruption. PEPs, due to their influential roles, are at higher risk of engaging in illicit activities.

In the ever-evolving landscape of financial regulation, staying compliant while efficiently managing risks presents significant challenges.

600 senior compliance leaders from financial services and fintech firms shared insights on AI adoption in financial crime prevention 91% of firms are...

FinScan, an anti-money laundering (AML) compliance solution from Innovative Systems, has enhanced its payment screening solution, FinScan Payments, to accelerate transaction workflows while strengthening...

Key Asian RegTech investment stats for 2024: Asian RegTech deal activity dropped by 35% YoY India dominated attracting 21% of all Asian RegTech deals...