Artificial Intelligence Can Nab Money Launderers

Anti-Money Laundering (AML) payment risk is making onboarding very complex, though artificial intelligence (AI) is rapidly maturing and can help.Onboarding used to be a simple matter of filling in a form and transferring assets. But “Know Your Customer” and Anti-Money Laundering regulations designed to vet a potential clients’ payment partners and history have mandated companies perform a detailed due diligence on their clients, and maintain a file of information regarding that due diligence.Because of this, the initial form filled in by a client is far more extensive than in the past. In addition, clients must provide supporting documents that substantiates the information disclosed on the form. AI can assist with this process by extracting the supporting verification and in turn comparing it against the disclosed data.AI is actually not a single technology…

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