Kroll survey: Firms rapidly adopting AI tools for financial crime compliance
A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence (AI) technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
Of the 400 respondents to the “2023 Fraud and Financial Crime Report” by risk and financial advisory vendor Kroll, 56 percent said AI and machine learning have been implemented into their financial crime compliance programs. Two-thirds of respondents (67 percent) said over the next 12 months they planned to invest more in AI tech tools to combat financial crime.
The perception of using AI tools as part of the monitoring process was also positive among respondents, as 36 percent said they viewed the technology in a very positive light and 47 percent said somewhat positive. Only 7 percent said they viewed AI as somewhat negative or very negative.