AI: Key Anti-Money Laundering strategy

Artificial Intelligence (AI) is fast becoming European banks' key defense against money laundering that finances terrorism and other criminal activities around the world. Anti-Money Laundering (AML) is a key priority in the EU. The latest EU Anti-Money Laundering Directive (AMLD IV), published in 2015 and confirmed by the European Parliament, mandated higher safeguards for financial flows from high-risk countries and enhanced the powers of EU Financial Intelligence Units. Penalties are at an all-time high for banks transacting with known or suspected money launderers. The responsibility lies with banks to stop money laundering.