Regtech could save banks £2.7bn on AML compliance
Source: Global Trade Review
Banks are squandering £2.7bn a year because of outdated anti-money laundering (AML) systems – costs that could be saved by adopting machine learning and big data technology, new calculations show.
According to FortyTwo Data, an AML technology company, financial institutions are wasting armies of staff on chasing millions of false leads – red flags that turn out to be innocent – generated every year by legacy systems that rely on stale rules and scenarios.
