- New Feedzai research of anti-money laundering (AML) professionals unveiled the most significant threats and solutions to AML processes
- 46% state that increasingly sophisticated money laundering techniques, including generative AI technology, is one of the biggest threats their business faces
- 53% note that the majority of money laundering activity they encounter is linked to cryptocurrencies
- AI is the preferred solution to tackle financial crime, with 60% of respondents already seeing its positive effects in driving efficiencies in their AML processes and 51% viewing it as a critical element of future AML programs
SAN MATEO, Calif.–(BUSINESS WIRE)–AI is the most effective method for improving anti-money laundering (AML) processes and efficiencies according to AML professionals, research from Feedzai, a leading provider of financial crime and risk management solutions
Feedzai’s The State of Global Anti Money Laundering Compliance Report 2023 surveyed compliance professionals to discover what the biggest threats and opportunities are in the AML ecosystem. It found that 46% of AML professionals are concerned about increasingly sophisticated money laundering techniques, including generative AI. The threat from generative AI and linked technology is now the top challenge for AML professionals, overtaking regulation, cryptocurrency and blockchain, the top threats cited in 2022.
Despite no longer occupying the top spot, crypto still remains front of mind for AML professionals. Over half (53%) of those surveyed said that the money laundering activities within their scope are predominantly linked to cryptocurrency transactions. Cryptocurrencies’ anonymous and decentralized nature is being exploited to conceal the origins of illicit funds, exacerbating the challenges in detection and monitoring.