Faster and more accurate analyses on AML and counter-terrorism
Regulations on anti-money laundering and countering the financing of terrorism – known with the acronym “AML” – are continuously and constantly evolving, both in Italy and Europe and in the international context. Just think of the very recent and growing sanctions imposed on Russia by the European Union, through the modifications to the CFSP (Common Foreign Policy and Security), which obliged financial institutions to rapidly transpose and analyze the AML regulatory updates related to these changes. And more.
The anti-money laundering and counter-terrorism regulatory area, mostly in Italy, is still adapting with respect to the European legal framework, and therefore it need a continuous regulatory compliance work. A complex activity, which now can become faster and more accurate.
In fact, Aptus.AI released an innovative RegTech solution that answers to this need, exploiting Artificial Intelligence to offer automated and real-time financial regulatory updates, including the field of anti-money laundering and countering the financing of terrorism.
The legal framework on AML: international, European and Italian legislation
Combating money laundering and terrorist financing is essential to ensure a greater global security, the integrity of the financial system and a sustainable growth. The international regulatory framework on AML is represented at first by the forty Recommendations of the FATF (Financial Action Task Force, founded in 1989), the intergovernmental organization that drafted the “International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation”).
Within the European Union, the anti-money laundering commitment started in the early 1990s and has generated, over the years, five Directives and various Measures. The fifth Directive EU/2018/843, currently in force, is the most recent and made specific updates to the provisions already introduced by the fourth Directive EU/2015/849. These two regulations enhance the European Union’s prevention system, in line with the 2012 FATF Recommendations.
Moving on to the Italian legislative framework on AML, today it is represented by the Legislative Decree 21 November 2007, no. 231, amended by the Legislative Decree 4 October 2019, n. 125 (for an exhaustive and detailed overview of the Italian AML legislation, please refer to this page of the Bank of Italy website).
In addition, over the years, a series of Measures by BankIT have also been issued, in addition to the Regulations and Resolutions by the Consob (listed in detail on this page of the Consob website). In short, as we anticipated at the beginning of the post, the AML field is continuously and constantly evolving in terms of regulatory updates.
Real-time AML and counter-terrorism regulatory updates with Aptus.AI
Financial compliance professionals who work daily on AML therefore have to deal with continuous updates to be monitored and analyzed. Obviously, the speed and the accuracy of these operations, especially in the field of anti-money laundering and counter-terrorism, are essential to ensure the stability of financial institutions and allow them to develop strategies which are not too exposed to risks.
Currently this is really complicated, because of the quantity and frequency of regulatory updates issued by regulators, like, for example, the recent changes made by the EU to the CFSP to sanction Russia. With our AI assistant, however, the situation is changing.
The Artificial Intelligence engines underlying our RegTech solution generate an electronic and machine readable version of financial regulations, thus automating the collection of regulatory updates and their comparative analysis, to allow compliance professionals to focus only on decision making and strategic activities.
Aptus.AI’s AI assistant allows users to interactively consult banking regulations and to compare the different versions issued by the regulators. But it is not limited to this. The solution also offers a customizable email alert system, to notify users – automatically and in real-time – about the regulatory updates related to their areas of interest. But our AI assistant can do much more.
Aptus.AI’s AI assistant’s features
Aptus.AI’s AI assistant is designed to revolutionize the work of compliance, legal, and consulting professionals, offering fast, precise, and customizable support in regulatory analysis.
Exploiting advanced Artificial Intelligence technologies, Aptus.AI’s AI assistant can transform the management of compliance and legal activities into a true competitive advantage, saving time and improving decision quality.
Here are the main features of the Aptus.AI’s AI assistant:
- Regulatory monitoring and real-time alerts: Automatic notifications on regulatory updates of interest, including Italian, European, and international authorities.
- Impact analysis and regulatory comparison: Automatic identification of the effects of updates on organizations and clear visualization of the differences between versions of legal texts.
- Custom projects and ad hoc responses: Ability to train the AI assistant on your own cases and receive targeted, reliable analyses based on the documents provided and specific needs.
- Automated generation of legal documents: Automated drafting of policy drafts, deeds, legal opinions, and recurring documents thanks to generative AI powered by always up-to-date databases.
- Risk analysis: Automatic identification by AI of risks arising from regulatory changes, allowing you to dedicate more time to strategic activities.
- Shared workspaces: Areas where you can easily collaborate with your team, sharing information and regulatory analyses in dedicated and secure environments.
With Aptus.AI’s IA assistant, compliance and legal consulting enter the era of digital innovation.
