AI apprentices crucial in fighting fincrime, says AML RightSource chief

Tracy Mortenson, President of AML RightSource, highlighted the vital role of AI apprentices in the fincrime industry, emphasizing their significance in tackling financial crimes.

Mortenson stated that updated technology would contribute to "reducing the amount of noise in the system," allowing companies to focus their resources on identifying truly nefarious activities instead of wasting time on false positives. She also emphasized the increasing sophistication of criminals and their exploitation of technology for illicit purposes.

Mortenson pointed out that the financial industry is currently grappling with heightened levels of regulation, resulting in a greater demand for AML professionals across banking, insurance, and fintech sectors. However, she acknowledged that many companies struggle to allocate sufficient time for recruiting and training personnel. AML RightSource, on the other hand, specializes in providing competent AML staff.

In order to stay ahead of criminals, Mortenson emphasized the importance of leveraging technology to enhance efficiency, speed, and quality in AML operations. Speaking at the Anti-Financial Crime Summit in Dublin, she highlighted the challenges of keeping pace with regulatory changes and technological advancements. AML RightSource employs automation tools, transaction monitoring, and other software to complement existing banking systems and aid in the fight against financial crime.

Regarding the selection of a European city to host the new AML Authority, Mortenson stated that the chosen city would assume a prominent role in global efforts against financial crime. She emphasized the urgent need for the successful bidder to rapidly train thousands of individuals in anti-financial crime practices to establish the city as a leading global center and effectively combat criminal activities.

If Dublin were to win the bid for the Anti Money Laundering Authority (AMLA), Mortenson emphasized the necessity of doubling down on upskilling workers. She stressed that Dublin would need to promptly train a significant number of individuals in anti-financial crime practices to meet the demands of the AMLA. Mortenson urged the city to start the process immediately, as she believed Dublin was currently lagging behind. She also highlighted the potential of a career in AML, noting its lucrative nature and promising growth prospects.

By fLEXI tEAM