Abstract
Anti-money laundering and financial terrorism laws create a major dilemma for banks, where the latter could be held liable as constructive trustees for the rightful owner of the corrupted funds. This paper aims to find out ways to maintain compliance to the Know Your Customer (KYC) principles via an Artificial Intelligence AI-enabled mobile banking service. The intervention research was conducted in the Middle East precisely in a private-owned bank. The results show that the bank’s compliance program can benefit from the AI banking services as enablers to fight Money-laundering. For this reason, the intervention research management consulting project comprises of valuing the impact of implementing a Socio-economic Approach to Management to synchronize the human potential and AI banking services to sustain the compliance program (FATF, 2012). This anticipated improvement in performance would increase the AI services and KYC implementation return on investment thus ensuring compliance and competitive advantage.
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