The Application of Artificial Intelligence in The Fight Against Money Laundering in Financial Institutions

Authors:

Pages: 96-101

Abstract:

With the advent of universal banking, the problems with this activity increase. As the volume of information on financial transactions, customer data and transactions increases, it becomes increasingly difficult to detect this type of crime. This is due to the nature of the human data processing and analysis process. The process is significantly complex and time-consuming and can be used to use the capabilities of artificial intelligence, which can significantly increase the speed of data processing, information analysis and help decide on the confirmation or rejection of a crime. The report focuses on the use of artificial intelligence in the fight against money laundering. The benefits and legal risks of its implementation in Europe are highlighted. Three software proposals are considered, which offer specific solutions against money laundering. The developments are by the companies - Ayasdi, SAS and Comarch. It is concluded that the use of AI by financial institutions helps to combat money laundering, which contributes to a significant reduction in operating costs.

Keywords:

Anti-Money Laundering; Artificial intelligence (AI); Artificial intelligence (AI) solutions; Fighting financial crime with Artificial intelligence (AI).

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