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The Analyticals - Mathletes of Justice

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A New Approach to AI-Based AML Tools

Many experienced compliance professionals feel that the reality of Artificial Intelligence in the field of Anti-Money Laundering has been, at best, disappointing. Current AI-based AML solutions tend to focus on the single application of transaction monitoring, to the detriment of both money laundering detection and well-trained and user-friendly AI.

 

However, by taking a wider view of AML compliance and of real-world implementation of AI, in particular by better leveraging the role of the AML investigator and by staying laser-focused on the fact that AML is meant to catch criminals who are attempting to hide, there are in fact considerable gains to be made.

 

We introduce an alternative approach that looks at financial institutions' AML programs as a combination of three primary activities, and proposes, at a high-level, ways to properly implement an AI-based solution that will significantly improve each of those three activities. A deep dive into the implementation of such a solution will be the subject of future articles.

Focus on AML Software

Finding the right methods to detect money laundering and terrorist financing is becoming more and more important to financial institutions across the globe: governments and regulatory bodies are stepping up both the requirements and the fines for non-compliance, as it becomes crystal clear the pivotal role financial institutions play in stopping the movement of money for criminal and terrorist organizations.

Partnering with Artificial Intelligence

Artificial Intelligence, or AI, has long been touted as the solution to all of our problems; however, the reality has seemed to fall far short of the promise...

Compliance as an Ally

Increasingly, financial institutions are beginning to understand the value that can be added by investments in new and innovative technology for compliance -- and not just in reducing costs. Find out how modern compliance can drive revenue for any financial institution.

Customizing Data Storage & Usage

Data storage is at the core of any data-driven organization. The right data storage solution empowers institutions to extract meaningful and actionable insights from the massive amounts of data available, while at the same time maintaining a high level of information security and providing the records and logging necessary for audits.

Connecting the Dots and Future Technologies

It can be difficult, in this age of enormous amounts of unstructured data coming from all manner of sources, to see how we can possibly extract meaningful and truthful information. With the trillions of banking transactions that take place daily, how can a single institution realistically connect the dots and find money laundering, terrorist financing, or other financial crimes? And how can the institution be prepared for future threats and even more data?

An Innovative Team for Innovative Technology

The most successful teams are built of individuals who listen to the experiences and ideas of others and look for ways to integrate those experiences with their own to create effective, holistic solutions.  These are able to expand beyond what they previously knew, incorporate new ideas, and lift all members of the team to see an innovative vision.

50 Standard AML Models Your Firm Should be Running

To assist validating your platform or a new platform that you may be considering, we have created a list of 50 standard AML models that you should expect to be included in an application.

Using Network Analysis to Combat Money Laundering & Fraud

Methodologies used by money launderers and fraudsters and other bad actors can often also be reframed as network analysis problems which provide potentially much better detection rates, resulting in reduced costs and limited losses. We share some explanations of a few widely-used criminal methods, along with specific examples and ideas as to how network analysis can be applied for detection.

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