Transforming AML Compliance With Technology

Terms like ‘‘robotic process automation’’ (RPA), ‘‘artificial intelligence’’ (AI) and ‘‘machine learning’’ (ML) may sound like buzzwords. While many anti-money laundering professionals recognize these terms as technological advancements that have the power to add efficiencies and major benefits when integrated into their ‘‘business as usual’’ processes, others remain skeptical about the benefits and adoption of these technologies. To those shaking their heads and asking, ‘‘Are we there yet?’’ we feel the answer is a resounding ‘‘Yes.’’

In this article, Protiviti Managing Directors Shaun Creegan and Vishal Ranjane outline the critical steps to transform an AML compliance program using these technologies.