From explanations to applications, the Understanding AI Column provides practical insight into AI for AML professionals interested in technology...but tired of hype.

Our regular contributors are from Basis Technology. If you would like to contribute to this column or have any topics you would like to suggest, please email editor@acams.org.

Cracking Down on TBML and Terrorist Financing Requires a New Approach

Trade-based money laundering(TBML) is a massive problem worldwide, as criminals increasingly use trade activities and transactions to transfer large quantities of illicit cash into legitimate or less suspicious commodities to hide the origins of their ill-gotten gains. According to the World Trade Organization, the average...

Machine learning, a powerful subset of artificial intelligence, and robotic process automation (RPA) have shown promise in addressing various automation opportunities that can benefit the financial services industry. In the Bank Secrecy Act/anti-money laundering world, financial institutions (FIs) are burdened with compliance requirements and growing...

The anti-money laundering (AML) community is drowning in false positives. A 2018 review by Microsoft found most transaction monitoring systems have a 95%-99% false positive rate.1 Machine learning and artificial intelligence have been widely viewed as the solution to reducing the number of false...