The Modern Tech Banks Need to Fight Financial Crimes

Suspected money laundering enterprises are in the headlines again, ensnaring the state-controlled Industrial and Commercial Bank of China as well as . Yet for financial institutions that want to identify, track and stop money laundering and other financial crimes, the technological tools of banking's yesteryear no longer cut it. A new wave of tech tools can help banks and other financial firms discover dispersed and complex webs of illegal activity. Increasingly, financial firms are turning to artificial intelligence and sophisticated network analysis to detect such criminal enterprises. The legacy tools banks use to find suspicious dispersals of money often rely on logical "if-then" rules to spot criminal activity, as Wired reports.