financial-crime prevention

Financial-crime prevention is the set of processes and technologies used by financial institutions to detect, prevent, and report illegal activities such as money laundering, fraud, and terrorist financing.

Why it’s in the news: It is in the news due to a report from McKinsey & Company highlighting the potential of agentic AI to significantly reduce the time and cost of these processes, despite current adoption challenges.

Latest on financial-crime prevention

• Agentic AI could strengthen financial-crime prevention, but governance, cost hurdles limit adoption: McKinsey
• McKinsey & Company reported agentic AI could reduce bank KYC process time by 30 to 70 per cent.

Connections

2 entities linked to financial-crime prevention across the news graph.