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AI as an Ally in the Fight Against Financial Crimes in Banking

Artificial Intelligence (“AI”) is the use of software applications - and sometimes specialized hardware - that utilize algorithms that make decisions similar to human cognition. Machine learning is a subset of AI which utilizes algorithms to “learn automatically” over time to enhance application outcomes with high degree of accuracy.

AI, notably Machine Learning, can help financial institutions reduce financial crime in the following ways:

  • Reducing false positives to improve suspicious activity identification
  • Increase the speed by which transaction layering can be uncovered
  • Improve the accuracy of sanction screening and risk rating clients

In what follows, we will explore these methods, along with some recent examples of where AI may have helped combat against illegal activity in banking. We will touch on a few other opportunities to leverage AI in the struggle to maintain compliance in this regulatory environment.

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