Artha: Journal of Business and Finance

Emerging Technology in Financial Crime Compliance

Sriram Narasimhan

LTIMindtree

Keywords: Financial Crime, Compliance, Artificial Intelligence, Machine learning, Fraud detection

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Abstract

Banks and Financial services are evolving rapidly with increased adoption of technology. With this evolution comes increase in financial crime. The methods used for financial crime have become more sophisticated and complex. The rule based applications used to combat financial crime are inadequate and banks are looking at using emerging technologies like machine learning to combat financial crime.

The article addresses the use cases of financial crime compliance were emerging technology and machine learning can be used from the perspective of operational efficiency, risk reduction and enhanced compliance. We are also seeing increased interest in this space from regulators and government entities. Many product companies have embraced the use of emerging tech and artificial intelligence in financial crime compliance and the article also addresses how algorithms can learn from historical data, identify patterns and make predictions to assist financial crime compliance.

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Author Biography

Sriram Narasimhan, LTIMindtree

Sriram Narasimhan, LTIMindtree

Sriram Narasimhan is a Senior Director at LTIMindtree, where he leads the Regulatory Compliance Practice. An alumnus of the PGDM (36th batch, 1999–2001) program at the Indian Institute of Management Calcutta, he is a technology leader with over 25 years of experience in Indian multinational IT services firms. His professional expertise lies in delivering regulatory compliance solutions for international Banking and Financial Services clients.

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References