In recent times, many solution providers have claimed embedding AI in their Anti Money Laundering (AML) offerings. Upon conducting further research, it has become apparent that most enterprise level solution providers are supplementing existing AML solutions with predictive analytics, dashboard overview while very few are actually offering AI enabled real-time monitoring capability or agile solutions that respond to future anomalous behavior.
Next Wave of RegTech: Less Manual Oversight via Greater AI Hindsight
In uncertain and precarious times, most enterprises split into one of these two camps.
Those wanting to capitalize on lurking opportunities at any cost (arbitrage) and those wanting to retain customers while carefully helping them navigate through uncertainty. Which approach businesses adopt, is strictly their prerogative as the ultimate objective of any business is to maximize profit for their shareholders, ideally by keeping interest of all stakeholders (such as customers) in mind.
In dire times, it is not uncommon for enterprises wanting to fend for themselves but also wanting to capitalize (even if unfairly, unethically) on imbalances in demand and supply. To combat exploitation, unfair opportunistic advantages, consumers look up to regulators and compliance officers.