Machine Learning Archives

In the evolving landscape of AML and Know Your Customer (KYC) compliance, adverse news screening has become a vital process for identifying risks associated with customers, entities, and transactions. However, traditional screening methods often struggle to keep up with the vast volumes of unstructured data across thousands of news sources. Enter Artificial Intelligence (AI) and Machine Learning (ML) — game-changing technologies that are revolutionizing how adverse news is detected, categorized, and acted upon. What is Adverse News Screening? Adverse news screening refers to the process of searching publicly available information (like media articles, press releases, investigative journalism, and blogs) to identify negative or potentially risky mentions of individuals, companies, or orga...

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 leap...

Tag: Machine Learning

Using AI and Machine Learning in Adverse News Screening

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