Automation: Breaking New Ground in AML Compliance
Since the 2008 global financial crisis and associated financial crimes that ensued, regulators have imposed increasingly stringent rules on financial institutions, requiring them to improve oversight by reinventing their compliance processes, including through automation.
It is clear that both financial institutions and regulators need to find more effective solutions to tackling financial crime. Automation can be a good solution.
Governed by business logic and structured inputs, robotic process automation (RPA) is a type of technology that helps organisations to partially or fully automate standardised tasks. It involves software robots that mimic human action to perform a variety of processes – from data entry and transaction processing to response triggering and communication with other digital systems.
Thanks to its potential ability to increase efficiency in data generation and interpretation, RPA technology is gaining considerable traction in the regulatory compliance departments of financial institutions.
Download the full white paper to find out more about the benefits and challenges of adopting robotics and intelligent automation in the risk and compliance space.
An April 2020 study reported in Compliance Week found that US $137 billion is spent on financial crime compliance in EMEA annually.