Use of Technology in Financial Crime: Evolving Threats and Global Risks

In the years ahead, the collective effort to counter money laundering, proliferation financing and sanctions evasion is likely to face growing challenges. Sophisticated state and non-state actors will continue to exploit gaps in enforcement, regulatory frameworks, and preventive systems - leveraging emerging technologies and capitalising on evolving geopolitical dynamics to evade detection and exploit the financial system.

EFI Director Rob Cutler in conversation with Jan Stappers and Helen Harrison

Last week, EFI Director Rob Cutler shared some reflections during the Annual Financial Crime Conference 2025 about the Role of Technology and AI in Managing Complex Financial Crime Risk. 

It was a rich discussion - and a timely one. 

Financial crime is evolving fast. Criminals are using more sophisticated tools, more agile networks, and in many cases, AI itself.  

It’s no longer enough to rely on traditional rules-based systems. Technology, particularly AI and machine learning, is becoming essential to detect hidden patterns, flag suspicious behaviour in real time, and keep pace with increasingly complex risks. 

But during the session, we kept coming back to a central tension: while many firms are eager to adopt AI-driven solutions, they often face challenges in implementing them effectively. 

Too often, we see technology rolled out before the business is fully ready. The result? Disconnected tools, data silos, and systems that aren’t properly aligned with risk priorities - all of which can negatively impact the customer experience and potentially lead to Consumer Duty issues. 

And even when the tech is there, there’s another critical piece of the puzzle that gets overlooked: people. 

Having the right workforce in place - not just data scientists, or business analysts but financial crime experts who understand how to interpret, contextualise, and act on what these systems reveal - is just as important as the technology itself. In fact, it’s what gives the technology real value. Without skilled analysts and cross-functional teams trained to work with AI, even the most advanced platforms can end up being underused or misunderstood, ultimately resulting in added costs rather than delivering savings. 

We also touched on something that can’t be ignored: the adversaries are adapting, too. Criminals are using the same technologies we are: AI-powered scams, synthetic identities, deepfakes, and they’re getting smarter every day. This isn’t just about keeping up anymore. It’s about trying to stay a step ahead. 

So where does that leave us? One thing’s clear: the future of financial crime risk management isn’t purely technological. It’s a partnership between innovation and expertise. It’s about building a strategy that connects the right systems to the right people, with governance and ethics embedded throughout. It’s also about budgeting and intelligently-structuring your compliance team’s tasks in a way that brings transparency to resource allocation, so you know exactly what you’re investing in and why. 

At EFI, we help make all of this possible. From aligning technology with real-world risk priorities to equipping your teams with the tools and insights they need to act effectively, we partner with firms to deliver compliance strategies that are not only smart and scalable - but measurable. And above all, it’s about collaboration: across industries, across functions, and across borders. 

We look forward to continuing the conversation.