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Using artificial intelligence to combat criminality in the financial system

With billions being spent to detect, report and investigate banking transactions that might be connected to illegal activities, many are examining how machine learning and artificial intelligence could reduce costs and increase efficiencies in fighting money laundering and terrorist financing. In addition to transaction monitoring, artificial intelligence could also be used to verify identity documentation and to identify customers that may pose a higher risk. Despite the progress made, work needs to be continuous in order to ensure that artificial intelligence systems stay ahead of attempts to work around them and are flexible enough to incorporate new legislative requirements that may be passed. It also remains to be decided how to involve new artificial intelligence systems in these endeavors as well as to what level we can trust the new system.

 

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