Machine Learning Adoption to Fight Financial Crime

Where is Europe Placing Bets Versus US?

By Tim Mueller, Alexandra Will

“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.

"Machine learning is getting applied in the areas of greatest pain for financial institutions. There’s the area of greatest pain, and that usually represents the area of greatest potential."

— Tim Mueller, Partner, Guidehouse Financial Crime, Fraud & Investigative Services

Tim Mueller, Partner and Segment Leader

Alexandra Will, Director

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