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KYC AML report

Report: AI in the Norwegian Banking Sector

Based on an initative from the NCE Finance Innovations resource group for KYC & AML, and in collaboration with Cicero Consulting and AVO Consulting, we have created a report that maps out the vendors in the AML space and the services they provide. We also look at how new technology can be used as a tool for the banking sector.

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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 revolutionise how we work with KYC and AML, especially if banks pull together and work out ways to train algorithms on shared sets of data.

Excerpt from "AI in the Norwegian banking sector"

As a cluster, it is our role to champion legal co-opetition and encourage a future where banks work together to give customers better services while combating financial crime. We hope this report will take us one step closer to making that future a reality. ​The report is free for all members of NCE Finance Innovation, and accessible for externals for a fee.

Contributors to the report
The idea of creating this report originated from the resource group for KYC&AML in the cluster, where several member companies participate.
Currently in the group we have representatives from Sbanken, Signicat, Vipps, Stacc, Sparebank 1 SR-Bank, Sparebanken Sogn og Fjordane, Sparebanken Vest, and PWC, led by Cathrine Ødegaard from Balder Betaling.

Ødegaard has been a central contributor to the report, being a leading expert on the inner workings of KYC and AML processes in the Norwegian banking sector.

Creating this report would not have been possible without Cicero Consulting and AVO Consulting, both members of the cluster. AVO has expert knowledge of both artificial intelligence in banking and many of the vendors in the industry. Cicero has been invaluable in giving the report its final form, and making it accessible for both adepts and novices to KYC & AML.