Legal Team
This article highlights how AML case management principles, such as cloud-based platforms, automation, and AI, are influencing LegalTech solutions. Both sectors face data management and risk challenges, and by adopting scalable cloud systems, legal departments can streamline workflows, automate tasks, and anticipate risks, similar to AML's approach to enhancing efficiency and accuracy.
Source: Fintech Global
In the changing realms of financial technology and legal operations, the principles driving efficiency in Anti-Money Laundering (AML) case management offer valuable insights for LegalTech solutions. As digital transactions skyrocketed by 22% in 2022 alone, reaching $2.2 trillion USD according to Napier AI, both sectors face similar challenges in managing vast volumes of data and mitigating sophisticated risks.
Just as financial institutions adopt cloud-based AML systems to lower total cost of ownership (TCO), legal teams can benefit from similar platforms in matter management. These systems offer pre-built libraries and sandbox environments, reducing both upfront and ongoing expenses while providing scalability and flexibility. A recent Gartner report underscores the growing importance of cloud technology, stating that "cloud computing will continue to evolve from being an innovation facilitator to a business disruptor and, ultimately, a business necessity" by 2028.
Automation and Artificial Intelligence (AI) are changing both AML and legal operations. In AML, automated systems triage cases, prioritising high-risk matters, while AI boosts detection rates and improves investigation accuracy. Legal departments can apply these technologies to streamline matter management, automate document reviews, and forecast potential risks.
Read more: Fintech Global