“The adoption of machine learning in fighting financial crime will likely explode as technology solutions become more effective and efficient—driven by work-stream prioritization, product maturity, and refinement of implementation processes.”
This was the key takeaway from a global survey conducted in 2020, “The Evolving Role of ML in Fighting Financial Crime,” conducted by Guidehouse and Compliance Week, in partnership with the International Compliance Association.
While survey responses demonstrated similarities between US and Europe (UK/EU) organisations, our analysis also identified notable differences among participants in both regions. This article examines key areas where European survey responses deviated from those by US or global participants. This should be of particular interest to European organisations wishing to benchmark maturity against both global and European peers.
Special thanks to Brian Karp for contributing to this article.
EU regulations and regulators tending to be more prescriptive in their design and expectations. European financial services companies can more confidently leverage compliant, off-the-shelf products, especially those that don’t have in-house development teams. While some customization may be required, these products supply most required capabilities out of the box.”
Partner, Fraud Technology Services
Financial Crime Solutions