Artificial Intelligence – the Ultimate Weapon to Fight Financial Crime

April 3, 2019

Getting buy-in from senior management is one of the biggest hurdles to adopting AI in the fight against financial crime, indicating a need for a shift in mentality, says Fenergo’s Karl Seagrave.

As the war against financial crime heats up, regulators around the world are homing in on banks in breach of Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations; and Asia is no exception. Recent research shows that in the past three years alone, Asian regulators have dished out more fines for non-compliance than ever before, demonstrating that no region is untouchable when it comes to regulatory sanctions.

Prior to 2016, fines across APAC were minimal, but the tide has well and truly turned. In 2018, one bank received the largest fine ever levied in APAC; a whopping USD 534 million for repeated contraventions of AML legislation. The MAS (Monetary Authority of Singapore) has levied nine separate fines totalling USD 21 million since 2016, yet prior to this they had not issued a single fine. Hong Kong has also ramped up activity in the past two years, imposing seven fines totalling USD 5.4 million, while Philippines regulators dished out their first fine in history (USD 23.1 million) in 2016.











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