How artificial intelligence is fighting financial crime - Fintech News

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.