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. https://shuftipro.com/blogs/artificial-intelligence-can-reduce-cost-of-aml-compliance-by-217-billion/
blog article
ARTIFICIAL INTELLIGENCE CAN REDUCE COST OF AML COMPLIANCE BY $217 BILLION
The U.S. financial firms spend approximately $25.3 Billion in terms of compliance, risk management and AML procedures. Europeans banks come close with $20 Billion annual AML expenditure. The increasing territorial and regulatory gap between organisations and consumers has lead to a demand for digitisation of operations. Regulatory bodies owing to evolving nature of online fraud and monetary assets (cryptocurrency) are putting a safety check on every interaction between a business and its consumer. This results in a narrow gap between compliance management and profits. But fortunately technology has evolved enough to remove this barrier. READ MORE