Financial institutions leverage AI to combat evolving financial crime

Financial institutions are increasingly turning to advanced technology, specifically Agentic AI, to address the complexities of financial crime. While banks have access to sophisticated technology, vast armies of consultants, and extensive KYC (Know Your Customer) and client due diligence resources, criminals continue to exploit gaps in the system.

A primary challenge identified is the structural mismatch in approach: banks often implement vertical solutions to compliance problems, whereas criminals operate with a horizontal perspective, navigating across various jurisdictions and complex corporate structures to bypass individual controls.

To bridge these gaps, the Agentic AI Workforce is being deployed across more than 800 financial institutions. Solutions like Nasdaq Verafin are being integrated into existing workflows to provide streamlined, trusted results for regulatory exams without requiring entirely new data sources or systems. These implementations focus on responsible AI principles, including transparency, accountability, and oversight, to ensure compliance within evolving regulatory frameworks.