How AI improves AML efforts across the financial services industry - Banking Exchange

Money laundering and other types of financial crime have plagued the financial industry for years. Banks and other financial institutions have consistently found themselves one step behind criminals looking to take advantage of the holes within banks' security and monitoring systems and carry out criminal activity undetected. In response, many of these organizations have put in place anti-money laundering (AML) solutions. However, it's no secret that these systems still leave much to be desired. Attempting to stop money laundering without concern for accuracy can create real challenges.