- WITH cross-border communications soaring and digital transactions becoming more rampant, fighting money laundering has become more complicated than it previously was.
As a result, financial institutions are experimenting with all kinds of technology to safeguard their customers and block out bad actors. Increasingly, in the fight against money laundering, artificial intelligence (AI) and more specifically, machine learning (ML), seems to be providing a strong defense.
Whether you look at international giants such as HSBC
and Standard Chartered Bank
or regional banks such as Maybank and DBS
, everyone is collaborating with fintechs or developing their own in-house AI/ML solution to fight financial crime.
Banks, due to their very nature, have access to tremendous volumes of data. Hence, with AI/ML on their side, they’re able to quickly build models and frameworks that learn what “ordinary and regular” looks like and pinpoint transactions that should be
The number of non-cash transactions
in Asia is expected to reach 277 billion by 2020, according to the World Payments Report 2017 — and there’s no telling which of those are being initiated by bad actors intending to launder money using new and innovative schemes….