Nasdaq unveils Agentic AI workforce, improving efficiency in Anti-Money Laundering (AML) compliance significantly
Nasdaq Verafin, a leading provider of financial crime management solutions, has announced the launch of its Agentic AI Workforce. This suite of digital workers is designed to automate low-value, high-volume compliance processes in anti-money laundering (AML), focusing on two key areas: Sanctions Screening and Enhanced Due Diligence (EDD) reviews.
Automating Sanctions Screening
The Digital Sanctions Analyst, one of the digital workers, automates sanctions screening by dispositioning false positives, escalating true matches for further review, and providing full documentation and rationale for its decisions. This automation is intended to reduce the alert review workload by more than 80% [1][2].
Streamlining Enhanced Due Diligence
The Digital EDD Analyst, another component of the Agentic AI Workforce, automates the Enhanced Due Diligence process. It conducts comprehensive reviews, assesses risk factors associated with high-risk customers, and performs tasks such as entity research, counterparty review, transaction review for anomalous behavior, and summarizing notes and history for entities being reviewed [2].
Benefits for Banks
The benefits of these digital workers include significant efficiency gains, cost savings, enhanced defensibility, and improved accuracy in risk assessments. By automating administrative tasks, banks can reallocate resources to more sophisticated investigations and outcomes-focused activities [1][2].
Rob Norris, SVP and Head of Product at Nasdaq Verafin, stated that the Agentic AI Workforce will transform the way banks approach AML compliance. Chuck Subrt, the Fraud & AML Practice Director at Datos Insights, echoes this sentiment, stating that digital workforce solutions like Nasdaq Verafin's Agentic AI Workforce are transformative, enabling human experts to focus on high-value decision-making and critical analysis.
According to Nasdaq Verafin's Global Financial Crime Report, 75% of surveyed industry professionals had increased their investment in headcount over the prior year to improve financial crime prevention efforts. Despite this increased investment, nearly half of surveyed professionals reported a lack of adequate resources and technology to fight financial crime.
The Agentic AI Workforce is the latest evolution of Nasdaq Verafin's financial crime management solutions, following the successful rollout of the GenAI Entity Research copilot. Since its launch, more than 1,300 clients have benefited from Nasdaq Verafin's integrated GenAI copilot capabilities across its platform.
The Digital Sanctions Analyst and the Digital EDD Analyst are currently in beta and are expected to be available to Nasdaq Verafin clients later this year. The Agentic AI Workforce is designed to help financial institutions grapple with mounting pressure to enhance operational efficiency while maintaining robust compliance operations amid increasingly sophisticated threats.
[1] Nasdaq Verafin. (n.d.). Nasdaq Verafin Launches Agentic AI Workforce. Retrieved from https://www.nasdaqverafin.com/news/nasdaq-verafin-launches-agentic-ai-workforce
[2] Nasdaq Verafin. (n.d.). Agentic AI Workforce. Retrieved from https://www.nasdaqverafin.com/solutions/agentic-ai-workforce
[3] Subrt, C. (n.d.). The Future of AML Compliance: AI and Machine Learning. Retrieved from https://datosinsights.com/blog/the-future-of-aml-compliance-ai-and-machine-learning/
[4] Norris, R. (n.d.). The Agentic AI Workforce: Transforming AML Compliance. Retrieved from https://www.linkedin.com/feed/update/urn:li:activity:6939162153845816320/
- The technology sector, particularly artificial intelligence, is playing a significant role in the banking-and-insurance industry, as demonstrated by Nasdaq Verafin's launch of the Agentic AI Workforce, designed to automate compliance processes in areas like Sanctions Screening and Enhanced Due Diligence (EDD) reviews in finance.
- The Agentic AI Workforce, a suite of digital workers by Nasdaq Verafin, offers numerous benefits for the banking industry, including increased efficiency, cost savings, enhanced defensibility, and improved accuracy in risk assessments, thereby allowing banks to reallocate resources for more sophisticated investigations and outcomes-focused activities.
- As the Agentic AI Workforce, comprising the Digital Sanctions Analyst and Digital EDD Analyst, streamlines the automated execution of low-value, high-volume compliance tasks such as sanctions screening and EDD reviews, they aim to ensure banking-and-insurance industry compliance while maintaining operational efficiency amidst increasingly sophisticated threats.
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