Global Market Analysis of Anti-Money Laundering Technologies, Regulations, and Challenges
Situation
Our client wanted to better understand how different technologies can be used to improve anti-money laundering work, and the key obstacles to more collaboration around implementing new ways of detecting money laundering.
Objective
The objective was to validate our client’s proof of concept for new ways of combating money laundering using a data-driven approach based on artificial intelligence, machine learning, privacy-enhancing technologies and network analysis.
Our Work
10EQS conducted qualitative and quantitative research across various financial institutions including Banks and FinTechs in the EU, Asia, and North America. 10EQS evaluated current and planned technology and approaches to data in use to combat money laundering, AML detection challenges including legal, regulatory, technological, operational, data management, and various options and tradeoffs for addressing the challenges or potential risks.
Project Team
- Ex-McKinsey Management Consultant with extensive financial services & technology industry experience
- Ex-McKinsey Consultant supporting content synthesis
- Associate Consultant conducting secondary research
- 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
- 100 survey respondents
- 25 industry experts
Industry experts (excerpt)
- CTO, AI, FinCrime & Cyber Security – Nordic-Baltic Banking Group (Sweden)
- VP Anti-Money Laundering Team – French Multinational Bank (Canada)
- VP of Fraud & Analytics – British Banking Company (India)
- AML Officer – FinTech Banking Platform (UK)
- Global Head of AML & Risk Management – Online Payment FinTech (US)
- AML Strategy & Operations – Merchant Online Services FinTech (Singapore)
Results
10EQS found that new technology like network analysis & generative AI drives efficiency; at the same time, low adoption of privacy tools and high integration costs reveal a gap in secure, seamless collaboration across financial institutions. The results informed our client’s strategy for potential automation, data integration, and regulatory reform.