CHIEF COMPLIANCE OFFICERS NEED TO ACCELERATE THE ADOPTION OF AI FOR CREATING EFFICIENT FCC ORGANIZATIONS

Compliance business has successfully leveraged digitization and robotization for seeking impact. It’s time to focus on artificial intelligence to gain on the overall process efficiency.

Effiya Technologies partnered in the ‘FINTELEKT AML/CFT 12TH ANNUAL SUMMIT’, conducted in Mumbai, on 11th May 2023. Financial crimes are rising and becoming more advanced, this makes innovation in compliance operations vital.

Abhishek Gupta, managing director of Effiya Technologies presented a classic comparison of judgmental vs AI driven decision making and its overall impact on reducing false positive and improved productivity for any financial institution. He also presented unique insights on the potential that still hasn't been realized for AI in different compliance functions. He encouraged compliance professionals to be open to the idea of implementing innovation and explained how to address the concerns and challenges they meet on the way. He also stressed the need of compliance professionals to create resident data management, machine learning capabilities within compliance department that can ensure seamless coordination by cross functional teams involving FCC projects.

In the conference, experts also delved into two other important themes that are important for the practitioners – information sharing amongst participants that is helping the industry immensely and training the frontline staff on compliance related issues which is becoming a big challenge amidst rising employee turnover.

About Fintelekt AML/CFT annual summit

Fintelekt AML/CFT annual summit provided a platform for leading industry experts and technology solution providers to discuss recent trends and developments in AML compliance and the future of AML/CFT. The summit aimed to bring together these experts with the sole purpose of sharing their knowledge and insights.

About Effiya Technologies

Effiya Technologies powered by Sutra Management is a fintech startup that provides AI-enabled solutions for the client. Headquartered in Singapore and with reseller partners across India and GCC, the company is one of the growing companies providing intelligent financial crime combatting solutions. Developed with years of research, Effiya has a patented technology that reduces false positives for watchlist and transactions monitoring.