The Effective Use of AI for SARs

The sheer volume of SAR filings alone can easily overwhelm financial crime compliance organizations. Why so many SAR filings? Banks and financial institutions (FIs) consider “suspicious” a low bar to jump. This conservative approach makes transaction monitoring (TM) a challenging compliance obligation, as organizations must manually review millions of TM alerts each month, with most of those alerts being non-suspicious or false positives. These programs are typically the biggest compliance cost center, taking extensive time, requiring large teams of people and being rife with manual work and errors.