Tuesday, November 7, 2023

Optimizing AML Transaction Monitoring Through AI Technology


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Transaction monitoring has never been more difficult. AML professionals grapple with the increasing speed of payments, complex regulatory requirements, and sophisticated criminal methodologies. To win this battle, you need every tool under your belt, including AI and machine learning technology.

Ripping and replacing your existing transaction monitoring system can incur heavy costs. An alternative approach? Adding an AI layer to your current system.

During the session, Datos Insights Strategic Advisor Becki LaPorte, Hawk:AI VP of Strategy Chris Caruana, and VersaBank Chief Anti-Money Laundering Officer Garry Clement explored key considerations for adding an AI-powered technology to your system.

Learning outcomes:

  • Demonstrating ROI to stakeholders
  • Complying with regulations
  • Managing resources
  • Measuring success
  • Preparing for implementation