As financial institutions confront growing regulatory demands, Nasdaq Verafin has launched an agentic artificial intelligence platform to support certain anti-money laundering (AML) procedures.
Verafin, renowned for its cloud-based financial crime management solutions, recently introduced the Agentic AI Workforce platform. This platform utilizes AI agents to
automate routine compliance tasks with minimal human supervision. Two central areas of focus are sanctions screening and enhanced due diligence (EDD) reviews.
Verafin’s Digital Sanctions Analyst is engineered to help financial institutions manage false positive alerts—a persistent issue in traditional fraud detection systems that frequently overburden compliance teams with manual evaluations.
The platform also tackles another resource-intensive task: periodic EDD reviews. Its AI agents are designed to assess and resolve low-risk cases automatically, enabling compliance staff to concentrate on higher-risk accounts.
Significant Tech Resources
Technological solutions for fraud prevention and compliance have become indispensable as cybercriminals now possess significant tech resources.
For instance, security firm Okta discovered that bad actors have leveraged Vercel’s v0 generative AI tool to create full-scale phishing websites from simple prompts. These sites can be generated quickly—clones of sign-in pages for brands like Microsoft 365, which can be created in seconds.
Cybercriminals are also employing AI agents. Symantec reported that OpenAI’s Operator agent could conduct a phishing attack
from start to finish.
A Double-Edged Sword
While AI can be a potent tool in the hands of malicious actors, it is equally powerful for organizations.
A recent study from the Bank for International Settlements (BIS) and the Bank of England found that AI models are
highly effective for fraud detection—particularly in identifying novel patterns of financial crime. BIS reported that AI outperformed traditional fraud defenses by approximately 26% in detecting suspicious activity.
Although AI’s potential applications carry inherent risks, financial institutions often view it as a
double-edged sword.
Nonetheless, with increasing fraud and compliance pressures, greater investment in AI seems inevitable.