Using AI to fight money laundering - Information Age

The Fintech industry's rapid growth and use of new technologies to meet the rise in demand for online services has brought with it increased levels of cyber crime. Criminals have taken advantage of the benefits digital banks offer to access money, launder illicit money and fund terrorism worldwide. The growth in technology for blockchain and digital payments provides new opportunities for criminals to launder funds at faster speeds and larger scales than they might have been able to previously. According to UK Finance, criminals stole a total of £753.9 million through fraud in the first half of 2021, an increase of 30% compared to H1 2020. With the huge amounts of data that Fintechs process, it's no mean feat to detect potential money laundering activities using manual processes.