Corona motivates banks to adopt artificial intelligence to combat money laundering

Artificial intelligence and machine learning are gaining increasing importance.

From the source

A third of financial institutions are seeking to accelerate the adoption of artificial intelligence and machine learning technology to combat money laundering, as part of the response to the Corona pandemic (Covid-19). At the same time, 39% of the surveyed compliance specialists stated that plans to adopt artificial intelligence and machine learning will continue with greater momentum and without interruption, despite the challenges and obstacles resulting from the epidemic. These and other emerging trends in the sector and others were explored through a new study on anti-money laundering technology, conducted by SAS, KPMG, and the Association of Certified Anti-Money Laundering Specialists.

The report issued by the study, titled “Accelerating Recovery Amidst Challenges: The Case of Adopting Artificial Intelligence and Machine Learning in AML Compliance,” highlights the perceptions and insights presented by more than 850 ACAMSA members on the scientist. The Association of Certified Anti-Money Laundering Professionals surveyed each of these members about their companies' use of technology to detect money laundering cases, which represent between 2 and 5% of global GDP, or $800 billion to $2 trillion annually.

Artificial intelligence and machine learning are emerging as key technologies, and they are gaining increasing importance for compliance professionals looking to simplify AML compliance processes, to prevent financial crime and non-money laundering. The study showed that more than half of the respondents (57%) either have moved towards using artificial intelligence and machine learning techniques in anti-money laundering compliance processes, or have started the trial run of artificial intelligence solutions, or plan to actually implement them within the next 12-18 months.

“With regulators around the world increasingly evaluating the compliance efforts of financial institutions based on the effectiveness of the evidentiary information they provide to law enforcement, it is not the case that regulators around the world are more Surprisingly, 66% of respondents believe that regulators really want organizations under their control to benefit from AI and machine learning.”