AML/KYC: Improving Compliance Efficiency with a Holistic AI-Based Solution
Money laundering crimes continue to rise in Europe. In Germany alone, the police recorded 37,663 cases in 2024, an increase of approximately 13% over the previous year.
Regulatory authorities have already taken several steps to tighten regulations to help combat the problem. The 6th EU Anti-Money Laundering Directive (AMLD 6) is now in force, and its stricter due diligence requirements must be implemented into national law by July 2027.
Additionally, the Anti-Money Laundering Authority (AMLA), legally established in June 2024, plans to progressively evolve to become fully operational by January 2028. The aim is to improve the current EU AML framework by making it more harmonized, efficient, and integrated. At the same time, compliance is expected to be monitored even more closely in the future. In a nutshell:
AML and KYC regulations are becoming more extensive and the pressure to comply with them is increasing.
For example, regulators require a comprehensive customer profile that combines risk assessments from multiple perspectives (KYC, transaction monitoring, fraud detection, regulatory investigations) into a fully verifiable overall assessment.
This poses several challenges, especially for organizations with limited resources, especially knowing that big retail banks have up to 30% of their staff working in AMLD compliance. Costs are rising and the regulatory pressure keeps on evolving. One of the key questions to ask is:
How can you efficiently organize the required reviews and reduce manual processes?
As is so often the case, the magic word is automation - ideally with a solution that covers all AMLD compliance processes holistically and learns on its own. This is the only way to significantly reduce false positive rates without increasing manpower costs.
Stay ahead of the requirements - with the AI-based solution from cleversoft.
The cleversoft Financial Crime Prevention Suite covers all stages of your AMLD compliance - from onboarding and name screening of new customers to AI-based transaction monitoring and alert handling, to suspicious transaction reporting to the FIU.
Intelligent data filters, parameters and AI components reduce false positives to a minimum. As all processes run on a single platform, the holistic and verifiable customer overview required by the authorities is also optimally guaranteed.
The cleversoft solution effectively reduces false positives and unwanted hits through:
And perhaps most importantly, the cleversoft solution can be configured independently of cleversoft as a vendor. So, you always have full control over the entire system.
Innovative AI and regulatory vigilance, optimally balanced.
Although AI is the buzzword of the hour in compliance circles, many institutions are still hesitant to use it in practice. One of the concerns is the upcoming European AI law.
cleversoft addresses these concerns with transparent, adaptable AI functions that complement rather than replace human expertise. The continuous feedback loop, checking and training the AI model is a key feature. Good for false positive reduction, but key in meeting the general requirement of the EU AI Act that artificial intelligence must not become an uncontrollable risk.
Key advantages of our complementary AI:
Conclusion: Take action now!
It's time to turn AML/KYC compliance from a resource drain to a strategic advantage. By replacing manual processing with AI-powered processes, you can achieve detection of actual money laundering instead of false positives, cost efficiency, security and future-proof compliance.
Get in touch with our team of experts via our contact form for a personal consultation and demonstration of cleversoft Financial Crime Prevention Suite.
We also recommend attending our upcoming webinar:
Our specialists will demonstrate the capabilities of our holistic solution and answer your questions. Watch your inbox - we will be sending out webinar invitations with all the details shortly.