Sri Lanka, Aug. 10 -- Sri Lanka needs to adopt integrated, artificial intelligence (AI)-based risk and compliance systems to combat growing threats from financial fraud, cyberattacks, money laundering, terrorist financing and payment fraud, according to Dr. Prabath Weerasinghe of the Faculty of Information Technology, University of Ruhuna.

Dr. Weerasinghe said traditional security mechanisms alone were no longer adequate to address increasingly sophisticated financial crimes, stressing the need for a comprehensive system capable of identifying and responding to multiple risks simultaneously.

He said key security and compliance functions, including Payment Integrity, Know Your Customer (KYC), Know Your Business (KYB), transaction analysi...