European banks are increasing investment in technology and hiring skilled staff to comply with anti-money laundering (AML) regulations. Amsterdam-based ABN Amro took a provision of €85m ($96.3m) for technology to verify customer information and detect fraudulent activity in Q4 2018, while Frankfurt-based Commerzbank has spent €600m more on compliance since 2015. The report also found that the number of companies using blockchain as part of their business model is growing rapidly. Banks across the world have been investing in AI-based systems and specialist staff to meet AML regulations, said Walter Mix from Berkeley Research Group.
European banks are increasing investment in technology and hiring skilled staff to comply with anti-money laundering (AML) regulations. Amsterdam-based ABN Amro took a provision of €85m ($96.3m) for technology to verify customer information and detect fraudulent activity in Q4 2018, while Frankfurt-based Commerzbank has spent €600m more on compliance since 2015. The Netherlands’ ING has also bolstered its spending on financial controls through savings elsewhere, but has not disclosed the added costs. Banks across the world have been investing in AI-based systems and specialist staff to meet AML regulations, said Walter Mix from Berkeley Research Group.