
Keeping Finances Clean with AI and Machine Learning
The chief concern of criminals while stealing funds is that the transactions should not be traced back to them. To prevent this, banks spend an estimated £5 billion annually in combating financial crime, the major chunk of which goes into detecting and reporting suspicious activity. Transaction monitoring becomes increasingly important, and attempts are being made to integrate machine learning and artificial intelligence (AI) with the intention of improving current practices.
While data analytics and machine learning are popularly seen as aiding transaction monitoring in preventing money laundering, there are several other AI-driven methods that can also prove useful. This includes anti-impersonation checks and identifying potential high-risk customers to pay close attention to their transactions and look out for suspicious activity. Machine learning can complement human judgment – they can track the cases that need special attention and direct users to them. While these are mere probabilities, they direct people to a narrow range of cases, allowing for better focus on the same.
See Also: Top Fintech Solution Companies
A major complaint of banks is that even after filing a suspicious activity report; they get very little information from the police. While AI helps in recognizing the suspicious activity,—the combination of AI and human intelligence helps in tracking criminals. Gradual progress is being made, as is evident from the Joint Money Laundering Intelligence Taskforce, a group comprising several banks and law enforcement agencies, which allow increased coordination between police and banks, thus increasing the assessment provided to machines.
Further, individual institutions not only have limited information but cannot share suspicions about customers with each other. Increased sharing of information between banks could go a long way in identifying potential suspects.
AI can improve the effectiveness of the machine’s human counterparts. While these technologies improve and advance with time, it can aid in the ultimate goal of keeping finances secure.
See Also: Top Machine Learning Companies
Featured Vendors
Management Information Control Systems, Inc. Builder Information System: Contractors One Stop Accoun
Forecast5: Analytics Actionable Analytical Tools to Synchronize Financial Resources and Strategic Pl
DEX Systems: Service Life Cycle Management Software that Enhances Oracle EBS to provide increased co
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance
Read Also
