Tag: AML Solutions

AML Solutions and Effectiveness of AI/ML in Enhancing Crime Prevention
Technology

AML Solutions and Effectiveness of AI/ML in Enhancing Crime Prevention

According to estimates brought into light by the United Nations Office on Drugs and Crime (UNODC), money laundering is around $800 billion to $2 trillion which makes 2-5% of the global GDP. Since this criminal threat is forecasted to set new scores, authorities are making efforts by obliging businesses to develop efficient AML compliance programs. With more sophisticated fraudulent schemers skyrocketing, existing countermeasures are no more sufficient.  Legal and financial institutions such as the International Monetary Fund (IMF) and Financial Action Task Force (FATF) are placing requirements for businesses to develop anti money laundering software, especially after the incident of 9/11. This blog covers how integrating AI and ML into AML verification systems can help companies to ...