The integration of technology in anti-money laundering and counter-finance terrorism has been revolutionary in 2023 and is still expected to be a game changer. New technology aimed to target this sector is often known as RegTech technology, which promises to ensure regulatory compliance using various aspects of technology including Artificial Intelligence, Machine Learning, and Natural Language Processing.
The world of advanced technology is experiencing a significant boom with its performance excellence to minimize cases of money laundering and corruption across the globe.
From shifting to a smoother and faster onboarding process, the role of technology has remained phenomenal for online adverse media monitoring in 2024 as well.
A prominent case example is Danske Bank, which after facing a significant money laundering scandal invested in technology upgrades to grapple with illicit activities and loopholes within internal controls.
Using an AI-powered control to monitor the flow of transactions, the bank has increased 50% of fraud detection capabilities and experienced a 60% reduction in the emergence of false positives.
Businesses across the world are facing the challenge of keeping up with the growing demands of simplified AML screening without minimizing the efficiency and accuracy of results. This blog will talk about real-life case studies followed by tech advancements in online adverse media monitoring to come in 2024.
A Real-Time Analysis Of How Technology Has Helped With AML Compliance
Tech advancements are not just the tools to modernize AML screening, it’s a future revolution in response to complex financial crimes that demand a combination of human and AI expertise to revamp AML screening.
Lyold’s Banking Group
In response to growing demands of fraud detection, Lloyds banking group has revamped their financial fraud detection system under the label “ The Rat”. Despite launching it in 2019, the technology is still relevant. Their system uses advanced biometric technology that can detect any individual with suspicious activity in seconds.
By implementing machine learning algorithms for suspicious patterns, the system helps with prompt detection and close risks before they could damage reputations, preventing 1900 customers from being a victim of a scam worth £4 million.
What New To Expect In Adverse Media Screening In 2024?
Gone are the days of searching for adverse media through search engines. With millions of fake news making rounds on search engines and social media alike, the need for an automated screening solution can greatly simplify the detection, credibility, and reliability of AML Screening.
Implementing a customer-focused strategy is the first step toward building a customer-centric screening solution. Here are technological advancements to expect:
- Keyword Refinement
Adverse media news is scattered all over the place. Search engines, social media, and other traditional media sources cover millions of sources and thousands of news articles.
Filtering out relevant news is a consistent challenge for organizations. The inability to refine and filter out relevant news results in false positives.
The world is already fast-paced, limiting time to identify false positives is no longer relevant in 2024. Keyword refinement is the ultimate technology that will be resolving this dilemma this year.
Based on a single keyword, the AML screening software can pinpoint the relevant news articles, social media, and documents revolving around that keyword so that you don’t have to manually go through millions of adverse media news to find the one that aligns with your needs.
- Sentiment Analysis
Filtering out news using adverse media checks is still a challenge in today’s advanced age. There could be millions of news you can find through open search at search engines but finding relevant news is when we could say that adverse media screening solutions are potentially accurate and efficient.
AML Watcher has revolutionized the industry standard with one of the finest built-in sentiment analysis features in adverse media monitoring.
While searching for adverse media, efficient AML screening software can use AI/ML algorithms to understand the entire sentiment associated with the news. Blocking news with positive sentiment and vice versa as per the shifting requirement of your business is highly adaptable with AML Watcher.
- Tailored Risk Analysis
Again, there are millions of adverse media added to the repository each day which might not be relevant for all at once. Adverse media talking about financial fraud might be relevant for the Fintech industry but may not be as important for the law enforcement industry.
Across a wide range of industries, and different jurisdictions, various types of adverse media or industry-specific news would be readily available for niche-specific adverse news screening with the new technology of tailored risk analysis.
Final Word
Tech-driven crimes, demand tech-driven solutions to counter them effectively and 2024 will be a year with real-life examples of it. Try out free searches for sanctions with the open search feature of AML Watcher which gives you a 360-degree outlook on comprehensive background screening.
