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KYC AML report

Report: Accelerating the fight against money-laundering

Based on an initative from NCE Finance Innovations resource group for KYC & AML, and in collaboration with Cicero Consulting, Avo Consulting and Balder Betaling, we have created a report that maps key vendors in the KYC and AML space and the services they provide. We also look at how new technology can be used as a tool to streamline manual processes in Norwegian banks.

The report is free for all cluster members, and accessable to external companies for a fee.

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Banks are facing increased regulatory demands, manual processes, low efficiency, and imprecise models for flagging criminal activity. New technology can be utilised as a tool to alleviate some of these issues when combating money laundering. Artificial intelligence and improved data quality could revolutionize how we work with KYC and AML, especially if banks pull together and work out ways to train algorithms on shared sets of data.

The report also features a deep dive into a selection of KYC and AML service vendors, as well as a Use Case on how new technology can be leveraged by banks to reduce false positives when detecting white collar crime.

Excerpt from "Accelerating the fight against money-laundering"

Background and contributors of the report

The need for this report was identified by the resource group for KYC & AML in the cluster, where several member companies participate.

Currently, the group consists of Sbanken, Vipps, Signicat, Stacc, Sparebank 1 SR-Bank, Sparebanken Vest, PwC, Sparebanken Sogn og Fjordane, Avo Consulting, Fana Sparebank, T-Rank, EyesClear and Balder Betaling. Read more about the resource group here.

The resource group is led by Cathrine Ødegaard from Balder Betaling, who has in-depth knowledge on the inner workings of KYC and AML processes in the Norwegian Banking Sector and has been a central contributor to this report.

Cluster members Cicero Consulting and Avo Consulting have also contributed greatly to the report. AVO has expert knowledge of both artificial intelligence in banking and many of the vendors in the industry. Cicero has a great deal of experience with developing insustry reports, and has been instrumental in structuring and designing the report. Both companies has also contributed to conducting and analyzing the survey amongst Norwegian banks that is used in the report.