Understanding AI

Understanding AI
Dedicated to exploring the critical role of artificial intelligence (AI) and other advanced technologies in combating financial crime, Understanding AI is your guide to the future of anti-financial crime. These tools continue to revolutionize the detection and prevention of fraud, money laundering, and other illicit activities, while highlighting the latest innovations, trends, and best practices that enhance financial security and integrity. The column serves as a valuable resource for professionals seeking to stay informed about cutting-edge developments in AI-driven financial crime prevention.

December 2019 - February 2020, Practical Solutions, Understanding AI

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The debate over whether financial institutions (FIs) should pursue advanced technologies—including intelligent automation, artificial intelligence and machine learning—to drive sanctions compliance has shifted from “if” to “when, how and to what scale?” These technologies redefine what is possible in sanctions compliance by helping implement...
March - May 2018, Practical Solutions, Understanding AI

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The capacity to send and receive international payments through correspondent banking is critical to the global economy as financial institutions rely on these relationships to move their customers’ money. As a result of increased regulatory requirements and risk related to shell companies, correspondent banking relationship management...
AFC Policy, September – November 2017, Understanding AI

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In the present environment, roughly one in three organizations experience economic crime, only 50 percent of money laundering or terrorist financing occurrences are identified by system alerts and one in five banks are recipients of regulatory enforcement actions.1 The United Nations Office on Drugs and...
Compliance, June – August 2017, Understanding AI

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Does overthinking artificial intelligence result in self-inflicted suspicious activity reports (SARs)? Financial institutions not only pride themselves but are obliged to document when consumer activity goes astray. SAR authors who have an overreliance on the results of anti-money laundering (AML) detection/risk assessment software dutifully draft...