Anti-Money Laundering (AML) professionals are at the forefront of navigating challenges and leveraging opportunities. The stakes have never been higher, and the responsibilities, vaster. In this dynamic context, Feedzai collaborated with AML professionals worldwide to understand the state of AML compliance today.
We’re thrilled to share the findings from our recent report, The State of Global AML Compliance 2023. This comprehensive analysis is based on survey responses from 271 AML professionals hailing from 77 global companies. The insights offer a panoramic view, covering the overall sentiment, variations by roles, and regional intricacies.
Key Takeaways from Feedzai’s State of Global AML Compliance 2023 Report
- AI and the AML Nexus: Over half of the respondents (51%) believe AI is pivotal to the future of AML programs. Integrating AI technology in compliance and fraud detection can reshape our approach to financial security.
- Challenges in Modern Money Laundering: A significant portion (46%) identifies the escalating sophistication of money laundering techniques as one of their biggest challenges. These evolving tactics necessitate an equally adaptive AML strategy.
- The Crypto Connection: A striking 53% reported that money laundering activities are widely connected to cryptocurrency transactions. Yet, 40% admit they are not leveraging technology to monitor these transactions. This poses the question: Are we keeping pace with the digital currency revolution?
- Effectiveness of Current Regulations: An overwhelming 80% opined that money laundering regulations, in their current form, are, at best, somewhat effective. This calls for a collective re-evaluation and, possibly, a paradigm shift in regulatory framework
These insights, while revealing, are just the starting point. A wealth of detailed findings and nuanced interpretations is waiting to be explored.
Join the State of AML Compliance Conversation on September 13th
I’m thrilled to moderate a webinar on September 13th, where Feedzai’s Karin Yuklea and Nick Parfitt will delve deeper into the report’s findings. But this isn’t just a one-sided presentation; it’s a platform for open dialogue. We want to hear your thoughts, concerns, and vision for the AML future.
As an AML professional, you’re an integral player in this evolving narrative. By understanding the global perspective, you can better anticipate challenges, leverage opportunities, and actively shape the AML landscape.
So, grab a cup of coffee, block your calendar, and join us for a candid conversation with global peers to challenge prevailing notions and co-create the roadmap for a safer, more transparent financial future.