Nasdaq’s anti-financial crime unit, Verafin, has introduced a suite of AI-driven digital workers designed to assist banks with anti-money laundering compliance by automating low-value, high-volume tasks.
A survey conducted by Nasdaq Verafin among over 200 industry professionals revealed that 75% have increased their investment in staffing over the past year to enhance financial crime prevention. However, nearly half indicated they lack the necessary resources and technology to manage regulatory demands effectively.
These new digital workers are capable of independently analyzing, documenting, and making decisions throughout various processes, allowing banks to redirect resources toward more complex investigations and results-oriented activities.
Currently in beta and set for rollout later this year, the initial digital workers will target two resource-intensive compliance areas: sanctions screening and enhanced due diligence reviews.
The sanctions screening agent will help manage false positive alerts by documenting and acting upon them while escalating true matches for further investigation by bank personnel. Meanwhile, the enhanced due diligence analyst will automate banks’ periodic review processes, efficiently handling low-risk cases that require no additional scrutiny.
Rob Norris, SVP and head of product at Nasdaq Verafin, stated, “Our Agentic AI Workforce will revolutionize how banks of all sizes approach AML compliance, providing substantial efficiency gains that enable compliance teams to focus on addressing serious financial crimes, such as human trafficking, drug trafficking, and other forms of organized crime.”