Blockchain could be a potent disruptor for AML compliance Blockchain presents a compelling solution The Anti- Money Laundering (“AML”) landscape is witnessing a period of considerable change as financial institutions explore systems to increase efficiency in analyzing massive amounts of financial data. Blockchain could be a potent disruptor for AML compliance, addressing procedural challenges and enhancing the efficiency of AML laws. In today’s digital age, we struggle to prevent money laundering with costly and outdated technologies We’re deep in the digital age, surrounded by a surge of transactions whizzing past us every second. This digital transformation, however, has brought along increased sophistication in illicit activities and unauthorized transactions, a challenge that many traditional AML systems struggle to keep pace with. The stark reality is that an alarming $2 trillion is laundered annually through our global banking system. Current AML solutions, which are largely reactive, detect suspicious activities only after they have taken place rather than preventing them in the first place. Also Read How AI startups are contributing to environment and social impact How AI startups are contributing to environment and social impact AI’s personal touch: Balancing automation and human connection in real estate marketing Mahindra Lifespaces introduces home […]
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