Regtech

The fundraising is a sign of the rise in the anti-money-laundering market, which is expected to reach $4.26 trillion worldwide in less than a decade.

The graduates of this year's Fintech Innovation Lab New York, chosen by executives at 43 banks, are focusing on improving artificial intelligence, solving IT issues and providing a better customer experience.

The company said the aim of a redesign and additional automation is to make its compliance software easier for bankers to use.

With a lighter compliance burden, small banks could shift tech spending to customer-facing innovation.

The program has expanded to seek startups in Chicago and Wisconsin for mentoring and potential partnerships.

Scarlett Sieber will be based in the bank’s Labs division, working on forging partnerships with fintech firms.

Modernized bank technology and improved data sharing would sharpen anti-money-laundering efforts, making crime like human trafficking more risky and less profitable.

There’s a lot of hype surrounding up-and-coming regulatory technologies, including the use of AI and robotics, but banks will have to be patient to see big returns on those investments.

Banks plan to spend more on blockchain and AI in the coming year, and appear willing to explore new technology partnerships.

Banks plan to spend more on blockchain and AI in the coming year, and appear willing to explore new technology partnerships.