July 18 2018
Combating money laundering poses a major challenge for the financial-services industry and beyond. The United Nations Office on Drugs and Crime estimates that the annual cost of money laundering and associated crimes runs anywhere from US$1.4 trillion to $3.5 trillion a year.Every day anti-money-laundering (AML) professionals face increasingly complex threats and are tasked with analyzing a growing volume of data. Yet even as they strive to counter real-time threats, they are overwhelmed with the high levels of manual, repetitive, data-intensive tasks that are inefficient and often fail to disrupt criminal activity.
Can artificial intelligence (AI) provide an effective solution to the imbalance between effort vs impact, transforming AML compliance, as it promises to do for so much of the financial-services industry?