Detecting Money Laundering with Machine Learning

Trying to think of a practical, real world use of Machine Learning? Bank and financial institutions have regulatory requirements to monitor account activity for money laundering activities. Regulators around the world take these monitoring and reporting requirements very seriously. However, the big challenge facing anti-money laundering (AML) efforts is that money laundering rarely appears in the activity of a single person, business, account, or a transaction. Money launderers have gotten quite sophisticated.