AI OFFERS NEW STRENGTHS TO AML SERVICES – BUILDING ON TECH-FRIENDLY TRADITIONS IN SECTOR
May 30th, 2024
New AML technology will in future use the latest artificial intelligence (AI) as innovations are developed to handle tasks such as tracing the financial networks of criminals, spotting trade-based money laundering and detecting deep-faked biometrics. Financial institutions and other obliged entity AML teams were early adopters of IT systems, including machine learning, to automate the assessment of customer and transaction data. But upgrades to legacy systems, for example those used by banks, are needed to keep pace with regulatory changes, such as the US ...
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