Evolution of Compliance Technology

The compliance technology landscape has evolved rapidly over the past decade, with a focus on data quality, governance, transaction monitoring, and sanctions screening. While some banks are still laying the foundation for effectiveness, others are exploring artificial intelligence and machine learning. However, it is important to understand that AI is not a cure-all and requires proper human oversight and quality control. In the next 10 to 15 years, the industry is expected to focus on efficiency by leveraging AI to learn from false positives and enhance current systems. Robotic process automation is also gaining attention as a means of reducing repetitive tasks and increasing workflow efficiency.