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Financial institutions are facing a multitude of challenges in today's economic landscape. Inflation and uncertainty are prevalent, compounded by increasing regulatory scrutiny. By the end of 2023, global banks had shed over 60,000 jobs, while credit unions experienced a slowdown in hiring. This reduction in workforce not only amplifies operational and compliance risks but also significantly impacts financial crime prevention measures, notably anti-money laundering (AML) and transaction monitoring. The integrity and effectiveness of these measures are crucial, especially considering the staggering estimate of approximately $3.1 trillion laundered worldwide in 2023, according to the Nasdaq Verafin 2024 Global Financial Crime Report.
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