1. Organizational compliance automation
To keep abreast of regulatory requirements, banks must integrate compliance measures into their operating fabric so that they can focus on providing value, according to Harvard Business Review. Merging automation can help.
Banks can benefit from governance platforms, risks and compliance with the automation of organizational compliance efforts. GRC solutions, such as those in Servicenow, IBM and Splink, and the use of artificial intelligence (AI) to track organizational updates, automate compliance work and create ready -made reports. This makes it easier to stay compatible, even when regulations change.
“Through the strategic integration of automation tools and technologies, companies achieve a state of permanent preparation, ensuring commitment to legal and regulatory standards and securing their operations against emerging threats,” Splink notes in the publication of the company's blog.
Related: How to manage risks and ensure compliance with changing the IT scene.
2. Use the monitoring of advanced transactions to prevent fraud
Banks must be more vigilant to monitor transactions with continued financial crimes. A representative of the American economy, money laundering has a higher local product rate higher than mining and facilities combined, according to NASDAQ. The Federal Trade Committee revealed that consumers lost more than $ 12.5 billion for fraud in 2024, an increase of 25 % than the year 2023, when fraud attempts became more complicated.
“We see everything from Deepfake CEOs who ask to transfer wires to fraudsters who use cloned voices to deceive the bank's customer service agents,” said Adam Inmelly, the chief risk employee at the Bank of Canada, for Fortune. He says that the fraud attempts on behalf of artificial intelligence constitute nearly half of the fraud attempts since democracy is artificial intelligence as a production tool.
Fortunately, artificial intelligence can be the solution. Tools that work with artificial intelligence materials such as Palo Networks Cortex XSOAR can analyze transactions in the actual time of suspicious activity, which improves compliance with anti -money laundering and detection of fraud while reducing the minimum misconceptions. According to the Ministry of Treasury, “remaining ahead of the technical, technically lecturers requires the discovery of active fraud, enhanced artificial intelligence.”
