What needs to be done? Embrace AI: AML providers should adopt AI technologies to enhance their detection and prevention capabilities, leveraging advanced analytics and machine learning algorithms. Enhance data collection and sharing: AML providers should focus on building comprehensive data sets by collaborating with financial institutions, sharing anonymized transaction data, and utilizing consortium data approaches. Strengthen collaboration: AML providers should foster closer collaboration between the private sector, government agencies, and law enforcement entities, facilitating information sharing, joint investigations, and coordinated efforts to combat financial crime. Invest in explainability: AML providers should ensure their AI models and algorithms can provide end-to-end explainability to meet regulatory requirements and gain trust from regulators and financial institutions. Stay updated with emerging technologies: AML providers should continuously monitor and adopt the latest advancements in cloud computing, AI, and machine learning to stay ahead of evolving financial crime threats.