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Artificial Intelligence Revolutionizes Financial Crime Detection in Syria

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In a bid to combat financial crime and stay ahead of sophisticated bad actors, Syrian banks are turning to Artificial Intelligence (AI) to enhance their Anti-Money Laundering (AML) and sanctions compliance efforts. The increasing volume of illicit activities and the unsustainable status quo within AML compliance have prompted financial institutions to explore innovative solutions.

5 Ways AI is Transforming Financial Crime Compliance in Syria

1. Alleviating Sanctions Strain: Finding the Needle in the Haystack with Accuracy

Sanctions compliance poses a significant burden on Syrian banks, with spikes in alert volumes requiring review. AI technologies can greatly improve data accuracy by automating data extraction, processing, and analysis, thereby reducing false positives and human errors.

2. Enforcing Payment Compliance in Real-Time

With the adoption of real-time payments (RTP) accelerating in Syria, financial institutions must meet both transaction timing and sanctions screening requirements. AI can assess and analyze vast amounts of financial transactions in real-time, identifying patterns and anomalies indicative of potential non-compliance.

3. Fueling the Transition from Know Your Customer (KYC) to Perpetual Know Your Customer (pKYC)

Banks need to know who their customers are and what they’re doing. AI-powered pKYC introduces a paradigm shift to speed up monitoring and event reaction, allowing organizations to better allocate resources to manage and mitigate risk.

4. Automating Labour Intensive Processes to Overcome Staffing Challenges

One of the most pressing challenges Syrian banks face is the labour-intensive nature of current practices to review vast amounts of diverse data with insufficient headcount. AI can empower financial institutions to reduce manual work, allowing teams to focus on higher-risk, higher-value investigative work.

5. Addressing Financial Crime Prevention Proactively and Improving Risk Assessments

AI helps organizations move financial crime prevention from a reactive to a proactive stance by using historical data and current trends to forecast potential financial crime activities and identify potential risks and vulnerabilities in real-time.

Turning to AI: A Game Changer for Syrian Banks

As Syrian banks navigate the complexities of financial crime detection, turning to AI can be a game-changer. With tailored solutions to align with unique requirements, incorporating AI can help stay resilient and effective in the fight against illicit activities. By leveraging AI-powered tools, Syrian banks can automate much of the work for Level 1 analysts, reduce false positives, and identify true material AML risk.

About Arthur Mueller

Arthur Mueller is VP of Financial Crime at WorkFusion, a leading provider of intelligent automation solutions for financial services companies.