By Dan Nolan for AML Intelligence
Nasdaq Verafin today (Monday) launched its Agentic AI Workforce, or what it calls “digital workers” for automating low-value, high-volume AML processes.
The AI tools will focus on sanctions screening and Enhanced Due Diligence (EDD) reviews. Currently in beta, the first digital workers are expected to be available to Nasdaq Verafin clients later this year.
The company says the Agentic AI Workforce is made up of “digital workers” that can be deployed by banks to execute complex tasks, including decisioning, with minimal supervision.
“Our Agentic AI Workforce will transform the way banks of all sizes approach AML compliance, delivering a step change in efficiency gains that allows compliance teams to shift efforts and focus on the important work of tackling serious
financial crimes such as human trafficking, drug trafficking, and other facets of organized crime,” said Rob Norris, SVP and Head of Product, Nasdaq Verafin.
The AI “Digital Sanctions Analyst” will aid sanctions screening by dispositioning, documenting, and actioning false positive alerts, while escalating true matches for further review by bank investigators.
Initial results show that Nasdaq Verafin’s Digital Sanctions Analyst reduces a bank’s alert review workload by more than 80%.
The “Digital EDD Analyst” will automate a bank’s periodic EDD review process, actioning lowrisk cases that do not require further investigation, offering significant efficiency gains for banks.
“The financial services industry is grappling with mounting pressure to enhance operational efficiency while maintaining robust compliance operations amid increasingly sophisticated threats,” said Chuck Subrt, the Fraud & AML Practice Director at Datos Insights.
“We are witnessing a transformative shift as institutions seek to automate resource-intensive workflows that traditionally consume the vast majority of analysts’ time on data collection and processing.
Digital workforce solutions like Nasdaq Verafin’s Agentic AI Workforce flip the investigator time equation to enable human experts to focus on high-value decision-making and critical analysis.”
According to Nasdaq Verafin’s Global Financial Crime Report, a survey of more than 200 industry professionals found that 75% of respondents had increased their investment in headcount over the prior year to improve financial crime prevention efforts.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
