Check mates - AI and the future of KYC

Financial crime prevention is an increasingly complex task for financial services firms. Criminal activities such as money laundering and fraud have rocketed, and the perpetrators are getting smarter.

Amid tightening regulation and the threat of substantial fines for compliance breaches, firms are under intense pressure to improve their customer due diligence and know-your-customer programmes, as well as case investigation. But how are they coping?

Risk.net partnered with specialists NICE Actimize to survey senior financial crime executives in banks and other financial services firms to assess the efficiency of current resources, processes and systems, and the potential of artificial intelligence-assisted technology to reverse a vicious circle of spiralling costs and resources.