There have been a number of vendors getting in to Robotic Process Automation (RPA) to address some of the tedious aspects of AML compliance. As many know, even the best AML compliance systems tend to produce large numbers of false positives that analysts must review and clear. Large backlogs can lead to enforcement actions and generally lead to high operational costs.
The promise of RPA is in automating these repetitive, human capital intensive tasks without expensive and time consuming IT projects with back-end and middleware systems. In essence, RPA uses existing user interfaces to replicate the actions a human user would take. In theory, this enables automation, reducing the FTE load and overall operational cost, without the overhead of substantial IT integration, shifting the effort to the business to define processes without a lot of IT support.
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