January 17 2019
As Kai-Fu Lee explains in his recent book, AI Superpowers: China, Silicon Valley and the New World Order, artificial intelligence (AI) and machine learning have moved from the age of discovery to the application and implementation stage.
Data scientists have made major leaps in the past decade to get us here. The complex algorithms have been written, the keys to manipulating massive data sets are known, and the technology is universal enough to be applied to different problems.
One such problem is the cost of fighting financial crime. In the US alone, the cost of anti money laundering (“AML”) compliance is estimated at $23.5 billion per year. European banks come close with $20 billion spent annually.