In the past few years, Ireland’s technology and financial sectors have soared, with the country’s economy and job markets growing as well. However, with the increase in activity also comes an increase in the risk for money laundering.
In 2017, Irish authorities prosecuted 42 money launderers, which is double the amount reported in 2016 alone. Additionally, compared to the number of suspicious transactions reported in Ireland in 2012, the number doubled in 2017 to 24,000 suspicious transactions reported by Irish banks and financial institutions.
In order to prevent potential money laundering, Ireland needs to ensure that all financial institutions, including companies that deal with financial transactions, are fully compliant with anti-money laundering (AML) regulations, including transaction screening for potential illicit activities. This may be a challenge for some of Ireland’s current AML systems that are outdated and cannot handle the time-consuming screening process because they don’t rely on a more modern platform that integrates artificial intelligence and machine learning that make for a more efficient screening system.
Irish banks and companies must work diligently to keep up with advancing technologies and AML regulations because the more AML technology advances in order to make money laundering more difficult and easier to detect, the harder criminals will work the find a weakness in the system.
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