AI Now Helps Banks Manage Compliance

Will artificial intelligence help banks navigate the complexities of compliance more effectively? Against a backdrop where regulations have grown by leaps and bounds in the wake of the financial crisis, The Wall Street Journal reported that banks have taken on tens of thousands of new staffers tied exclusively to compliance. But a little technology muscle may not hurt either. WSJ noted that artificial intelligence is being deployed across a number of initiatives, which include anti-money laundering programs, sanctions lists and billing functions. The movement toward automation, of course, means that flesh-and-blood workers are free to take on other tasks. The trend has some legs, as WSJ stated. A survey released in March of more than 420 senior financial firm executives, conducted by Baker McKenzie, found that nearly half of respondents expect…

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