Originally featured on Forbes.com for Crowe BrandVoice
Advanced technology is a crucial tool for fighting financial crime. Learn how machine learning and other forms of artificial intelligence can help.
As financial crime techniques become more sophisticated, financial services organizations are adopting the latest in technology to protect themselves and their customers against criminal activities such as money laundering, human trafficking, fraud, and terrorist financing.
Historically in the fight against financial crime, financial services organizations have deployed rules-based systems that rely on predefined models to monitor and flag suspicious transactions or activities. With technology creating new opportunities for criminals to behave maliciously, it now is critical for financial services organizations to monitor and predict unlawful behavior with the help of advanced technology and analytics.
To stay ahead of such criminals, financial services organizations can take advantage of advanced technology to strengthen their financial crime prevention efforts and provide robust controls, repeatable processes, and enhanced transparency and governance needed to meet regulatory requirements and expectations.