SMARTER SEGMENTED SYSTEM, MAYBE USING AI, CAN REDUCE FALSE POSITIVES ROLLED OUT BY TMS
March 1st, 2019
Transaction monitoring systems (TMS) are supposed to detect suspicious activities and provide useful information to AML/CFT law enforcement, but they are proving ineffective, with more than 90% of filings in the USA false positives, according to former chair of the US House of Representatives sub-committee on terrorism and illicit finance Steve Pearce. New technologies are being adopted to tackle the problem, from machine learning to AI, amid calls for closer cooperation with regulators.
In 2016, over 15 million currency transaction reports and over 1.5 million ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.