AI AND MACHINE LEARNING TO REDUCE AML REPORTING FALSE POSITIVES

WITH inflexible rules-based transaction monitoring systems built from a range of legacy systems still dominating the anti-money laundering (AML) landscape, excessive numbers of false positives are causing “mayhem” in the financial services sector, Luca Primerano, now chief AI officer at AML solutions provider Fortytwo Data in London, has claimed. Writing in Global Banking and Finance Review, in April 2017, Primerano, said AI and machine learning can deliver more accurate information from analysis of “billions of datapoints carried out in milliseconds ...


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