DUBLIN, Ireland—Three quarters of financial services firms in Ireland conduct anti-money laundering (AML) risk assessments entirely manually, while three in five firms outsource some or all of these activities to lower cost locations such as India or South America, according to a new report.
A survey of 61 financial services firms carried out by PwC found that 75% rely on manual financial crime risk assessments, and just 3% use a fully automated process, the Irish Times stated.
The PwC study noted that more automation could be used by the Irish financial services industry to “strengthen the fight against financial crime,” the Irish Times said.
Sinead Ovenden, risk and regulation partner at PwC Ireland, said most firms conduct annual AML risk assessments which can take months to complete, the Irish Times added.
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