How AI can transform transaction monitoring and prevent financial fraud

Banks and fraudsters are engaged in a never-ending game of cat and mouse. On one side, fraudsters move money around to remove traces of criminality. On the other, banks are on the lookout for suspicious activity that indicates financial fraud. "Criminals put money through the financial system in a series of layers to mask its original source, getting to a point where that money is cleaned and can be used and integrated into the financial system for any kind of purchase or investment," says Livia Benisty, chief business officer and former global head of AML at, Banking Circle – a payments bank that is pioneering the use of AI in AML. Money laundering regulations require banks and financial services to demonstrate methods for spotting this behaviour.