Artificial Intelligence vs. the Golden Age for Financial Crime – Time to Push Things Forward? - CFCS

As the surge of fraud and cybercrime during the pandemic has demonstrated, it's a very good time to be a bad actor. Artificial intelligence and machine learning technologies offer a great deal of promise in terms of combatting money laundering, but true AI is scarcely found in the financial institution space. To compound matters, an earlier wave of purported AI and machine learning applications often overpromised and undelivered, leaving firms skeptical and slower to adopt innovative tools. With the Anti-Money Laundering Act of 2020 passed in the U.S., there's an increased imperative. This new package of laws has been the most consequential anti-money laundering legislation passed by Congress in decades.