Vishal Ranjane, Protiviti Managing Director, Risk and Compliance and Shubhendu Mukherjee, Protiviti Director, Risk and Compliance
Financial institutions are exploring the possibilities of using robotic process automation (RPA) in anti-money laundering (AML) compliance. RPA can be used for both streamlining customer due diligence and transaction monitoring processes. Large banks typically have hundreds of employees assigned to these tedious tasks, cross-referencing customer data and poring over an endless and growing stream of transactions, looking for anomalies. Now, banks are increasingly looking to automation to improve the efficiency of the transaction monitoring process, reduce the likelihood of errors and avoid penalties. Protiviti outlines a phased approach to designing and deploying RPA for AML compliance.