AML pros say tech, not hiring, will keep them ahead of financial crime

Bank AML

A recent survey of financial crime professionals at U.S. banks and nonbank financial institutions found that while three of every four companies had more anti-money laundering (AML) employees in 2023 compared to 2022, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.

The key to combating ever-increasing and complex financial crime attacks on their institutions, respondents to Nasdaq’s 2024 Global Financial Crime Report said, is to find and implement technology solutions that employ artificial intelligence (AI) and data analytics tools to detect fraud efficiently and effectively.

The size of the problem, of course, is almost incomprehensibly large. The report found $3.1 trillion in illicit funds flowed through the financial system in 2023, accounting for global fraud-related losses at more than $485 billion.

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