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How artificial intelligence is fighting financial crime

30 12 6

WITH cross-border communications soaring and digital transactions becoming more rampant, fighting money laundering has become more complicated than it previously was.

As a result, financial institutions are experimenting with all kinds of technology to safeguard their customers and block out bad actors. Increasingly, in the fight against money laundering, artificial intelligence (AI) and more specifically, machine learning (ML), seems to be providing a strong defense.

Whether you look at international giants such as HSBC and Standard Chartered Bank or regional banks such as Maybank and DBS, everyone is collaborating with fintechs or developing their own in-house AI/ML solution to fight financial crime.

SEE ALSO: How AI is making India’s railways safer

Banks, due to their very nature, have access to tremendous volumes of data. Hence, with AI/ML on their side, they’re able to quickly build models and frameworks that learn what “ordinary and regular” looks like and pinpoint transactions that should be scrutinised further.

The number of non-cash........

© Asian Correspondent