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AI is up to the Task of AML Compliance

GAB - AI is up to the Task

Money Laundering Bulletin, August 16, 2021 - Fighting money laundering and the financing of terrorism (AML/CFT) requires financial institutions to build vigorous systems. For AML systems to be effective, they must be able to identify suspicious transactions both correctly and efficiently – an enormous task. This is the case especially as regulatory requirements are increasing, fraudster’s behaviors are changing, (e.g., in light of the COVID-19 pandemic, and electronic and crypto transactions are on the rise. We see limits of today’s predominantly rule-based systems, as complex money laundering patterns such as VAT carousels or laundromats go undetected.

Artificial Intelligence (AI) has revolutionized many facets of life. AI can drive cars autonomously or beat humans in a game of chess. Why is it then, that in a data-driven field like AML/CFT, we are not harnessing the full potential of AI?

Read the article in full (Paywall): Money Laundering Bulletin - AI is up to the task of AML Compliance