Banks deploy AI to cut off terrorist funding


Banks are increasingly turning to machine learning to mine vast quantities of bank data and find anomalies in accounts and transactions that might otherwise have gone unnoticed. “It’s a surgical approach to finding a needle in a haystack,” says Stitt, who now serves as director of financial crime analysis for the Wayne, Pennsylvania-based firm QuantaVerse, which developed the AI technology some of the world’s biggest banks use to identify money laundering, terrorist funding, and other financial crimes. The technology has already helped identify a Panamanian man the DEA called “one of the world’s most significant drug money launderers.”