AI in AML: Present tensed, but future perfect

Today, Financial Institutions (FIs) face significant legal and reputational risks when it comes to complying with anti-money laundering (AML) requirements (including anti-terrorist financing and obligations to conform). Failure can lead to serious sanctions imposed by regulatory bodies (Recently, Societe Generale fined $5.83 MM for a number of shortcomings in its control for preventing money laundering). Today's financial markets are truly global. Transactions and flow of funds take place through a web of interactions across nations and systems. This makes it difficult to be compliant with thousands of regulations and norms across a large number of jurisdictions.