How Banks Can Trust AI to Combat Money Laundering

As a result, both the industry approach and regulatory framework are failing in the fight against money laundering. Despite the vast resources deployed by financial institutions to combat money laundering, the current approach is not delivering sustainable results. Money-laundering activity is estimated to be between 2 and 5 percent of global gross domestic product (GDP). In the United Kingdom alone, the social and economic cost is estimated to be least £24 billion a year. According to a report by Europol, around 10 percent of the Suspicious Activity Reports (SARs) filed by financial-services institutions lead to further investigation by competent authorities.