One in five South Korean banks struggle to update their AML solutions

From: RegTech Analyst

New research suggests that 23% of banks in South Korean banks have problems modifying their anti-money laundering compliance systems, according to a new survey from FICO.

The same survey suggested that 64% of the banks think that using artificial intelligence could help them prevent money laundering from happening under their watch.

Looking towards the future, 86% said that they plan to invest in more solutions to prevent financial crime in the years ahead.

“[Some] early adopters are starting to embrace the new world of AI and realize that the decade-old rules-based systems can’t keep up with sophisticated threats on their own,” said Timothy Choon, FICO’s financial crimes leader in the Asia Pacific.

“The secret sauce is operationalising advanced AI technology and making it work side-by-side with the rules-based systems. In fact, 20% of respondents picked this as their principal obstacle in meeting financial crime risk mitigation targets.”

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