Emerging Technologies in AML-CFT Compliance

This whitepaper explores the potential of emerging technologies in the financial world for the purpose of enhancing Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) compliance efforts. Digital transformation and increasingly demanding regulatory requirements in the financial ecosystem caused an increment in the number and volume of the financial crimes which in turn peaked the AML costs for the financial institutions. The new automated technologies such as AI, ML, DLT, e-KYC and APIs offer many advantages in analyzing big data faster and in providing a safer digital environment. The use areas of the emerging technologies together with their pros and cons are discussed in detail in this paper in order to provide a holistic approach to the concept.