AI technology has the potential to transform adverse media screening.
Critical money laundering-related information on a financial institution’s clients may be found in media sources. However, traditional technology used in adverse media screening is proving inefficient and ineffective in scanning a vast and rapidly expanding media universe—limiting its application to only known high-risk actors.
Combatting financial crime in the digital era will require financial institutions (FIs) to strengthen and widen their adverse media screening coverage while improving efficiency and effectiveness of the process. Artificial Intelligence (AI)-powered solutions have the potential to transform adverse media screening and enable more frequent, dynamic, and proactive monitoring of customer risk.
Beyond improving efficiency and effectiveness of current adverse media screening programs, AI-powered solutions can open new horizons in customer screening. They can enable connecting adverse media screening with other screening processes and make it more dynamic and continuous—enabling FIs to take a more holistic, proactive, and risk-based approach in customer screening.