WHY BANKS MUST TURN TO ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING IN THEIR HOUR OF NEED

As both businesses and society today continue to embrace digitisation at an uncontrollable rate; fighting financial crime, money laundering and the funding of criminal activity are all growing in importance. The global phenomenon of digitisation has led to an increase in wire banking, thus raising pressure on banks and financial institutions to monitor and detect suspicious activity to prevent it coming to fruition. It is therefore crucial that the banking system today adopts the latest tools for a mature digital service, which include self-learning capabilities that are able to quickly adapt to the ever-changing banking environment. The recent narrative has been primarily focused on regulators ramping up demands for greater scrutiny of transaction monitoring, as well as threatening to impose hefty fines on non-compliant banks. In Australia, for example,The Sydney Morning Herald recently reported that the Commonwealth Bank has come under extensive scrutiny following an internal review of the bank's breach of global anti-money laundering and counter-terrorism laws, with legal proceedings now being levelled against it.