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Innovation and Technology for AML: The Institute Annual Conference


The Institute of Money Laundering Prevention Officers' Annual Conference brought together leading experts from across regulated sectors including financial services, law, accountancy, gambling and gaming and more. It was great to discuss compliance, AML, innovation and technology across so many sectors.


In case you missed it, check out our key takeways of the main themes of the event below...

Day 1 key themes:


  • The necessity of using information from all kinds of sources (sanctions, adverse media, other data) to make the necessary connections. Artificial Intelligence and Machine Learning platforms can do this simultaneously, building a knowledge graph that connects the dots between all of this data.

  • The value of AI-powered reg tech for eliminating false positives. The industry standard for false positive rates amongst compliance software is around 90-95%. What this typically means is an analyst getting multiple positive results for a person when they search for them on a database. Unlike this, a Xapien report uses context about your individual to produce a report only on your "Chris Smith", not the thousands of others in the world.

  • However, when using AI vendors, it's important to understand the how and why's of what they do - so that your process can clearly be explained to regulators. At Xapien, we pride ourselves on making our system easy-to-use and easy-to-understand. All of the information on our report is sourced, and fully auditable, with a date and time stamp. This means that you can show to the regulator that you made a decision after assessing all of the information available to you at the time.


Day 2 key themes:


A question was posed to the floor: “How many of you know how much it costs to onboard a customer?"


The price of doing due diligence on an entity is difficult to calculate - not only is there the cost of the tools and the cost of the compliance team's time, there's also the missed opportunity and revenue that could be earned while the customer is going through a lengthy DD process. With Xapien's automated research tool, background reports can be generated automatically in 8-10 minutes. This means that organisations can focus on onboarding the right clients, quickly.

“Regulators aren’t clear about what is enough” when it comes to EDD / CDD said panel host Samantha Sheen, Compliance and Strategy Advisor... “build me some tech that does that!" Book a demo now to find out more about how Xapien can help with your compliance, EDD and CDD.