Corona and new regulations have challenged Compliance in 2020. A summary of the TOP topics
While AI can have great contributions to the fight of financial crime, one of the biggest problems with AI at present is the comprehension of the decision-making process. Explainable AI serves as a transparency technique by providing an explanation of the output, while maintaining a high level of prediction accuracy. This helps banks and financial institutions to tread the fine line of decision making in compliance.
Cross-border payment transactions promote international trade and services. However, foreign transactions entail an increased risk of financial crime. Credit institutions prevent this risk with effective correspondent bank monitoring and systematic analysis of payment messages.
Compliance in Industry Strict regulations and laws such as in the financial sector – think of the money laundering guidelines or anti-terrorism regulations – do not yet exist for the industry. Regulations are relaxed, which unfortunately takes its revenge in some cases. ThyssenKrupp for example had to pay penalties for price-fixing in the amount of over 900 million euros. Other