This new suite of tools is designed to enhance detection capabilities for combating terrorist financing and drug trafficking activities. According to the 2023 Nasdaq Verafin Global Financial Crime report, these criminal activities drive trillions of dollars in illicit flows worldwide, with terrorist financing topping $11 billion and drug trafficking nearly reaching $800 billion.
Nasdaq Verafin’s sophisticated AI technology meticulously assesses multiple evidence points based on distinct financial crime indicators, which greatly enhances the ability to spot suspicious activities.
This AI-driven approach is aimed at helping banks meet the increasing complexity of regulatory requirements and align their strategies with national AML/CFT priorities, which include not only terrorist financing and drug trafficking but also human trafficking, fraud, and other significant laundering risks.