Artificial Intelligence in KYC-AML
In this report, commissioned by NextAngles, Celent discusses several challenges plaguing financial institutions’ Know Your Customer (KYC) and Anti-Money Laundering (AML) operations, and proposes how Artificial Intelligence (AI) enabled solutions can mitigate the challenges.
The 3 key questions that the research addresses are:
- How resource-intensive are KYC-AML operations for banks?
- What are the key operational challenges in KYC- AML?
- How can AI solutions help in banks’ KYC-AML operations?
This research greatly benefitted from detailed discussions with representatives from five major financial institutions and its recommendations are substantiated with industry use cases and examples.
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