WorkFusion uses AI to automate compliance processes for banks, improving fraud detection and reducing costs.

From Yahoo Finance: 2025-06-25 16:53:00

Third-party payment processors (TPPPs) face increasing transaction volumes and pressures to prevent financial crime from sophisticated criminals. The Federal Financial Institutions Examination Council warns of money laundering risks posed by TPPPs without effective merchant verification. WorkFusion’s agentic AI solutions automate compliance processes for major US banks to enhance fraud detection. AI agents streamline AML and sanctions compliance work, ensuring consistency and accuracy in decision-making to avoid backlogs. TPPs present unique risks due to limited customer relationships, making them susceptible to criminal activity like synthetic identification fraud using advanced technology. WorkFusion’s David Caruso emphasizes the importance of keeping pace with evolving criminal tactics through technology adoption to strengthen compliance efforts and reduce costs. Payment processors, as technology companies, are well-positioned to leverage AI solutions for improved risk management and optimism in combating financial crime.

Read more: WorkFusion’s David Caruso on making compliance stronger and at less cost