Money Laundering is not Being Caught by Machines, says BAE


April 9 2018

While 74% of business customers think banks use machine learning and artificial intelligence (AI) to spot money laundering, in reality most banks still rely almost solely on human investigators to manually sift through alerts, according to a new survey by global defence, aerospace and IT giant BAE Systems.

The lack of automation is having a major impact on efficiency and expense when it comes to the fight against money laundering, the company said. (Money laundering has been dubbed the “fifth largest economy in the world” and is estimated to cost the UK economy £24 billion a year).