Meet the
Compliance horizon
in Latin America 2023
AMLA is still the priority.
46.4% placed this aspect as their No. 1 priority.
For the second consecutive year, it is observed that compliance with AMLA 2020 represents the main priority of the compliance department. In general, this has a positive impact, as it strengthens AML/CFT management in different aspects.
%
Process automation is a priority
35.1% mentioned process automation as a No. 1 priority activity with respect to process improvement over the next 12 months.
Increasingly, emerging technologies and artificial intelligence are being leveraged as tools to support those executing compliance strategies. This trend frees compliance personnel from repetitive and time-consuming tasks so that they can focus their efforts on more profitable work. In addition, the use of technology not only speeds up operations, but also enhances analytical and detection capabilities.
Local regulations are constantly changing
81.8% mentioned that their local PLDFT regulations have been updated in the last two years.
This update may be the result of more generalized changes through the constant evolution of international frameworks and publications frequently shared by the FATF. This is also influenced by the constant evolution of financial crime, technology, changing consumer behavior, among many other causes.
%
Low implementation of AI for compliance processes
13.2% use AI for compliance processes
Although the survey reveals that only 13% of institutions apply artificial intelligence for compliance management, the use of this technology has grown for various aspects, such as customer behavior analysis, alert management and decision support.
The Anti-Money Laundering Act (AMLA) is one of the regulations that makes direct reference to the use of technology to improve risk detection and mitigation models, and in terms of industry, there is a growing use of machine learning and Big Data techniques to strengthen institutional analysis models.
Download the full report to learn more!
Enter your corporate email address in the form to receive a copy of the report.
