AUSTRAC is using AI to identify suspicious transactions using machine-recognised data. Money laundering in Australia is estimated to be worth $4.5 billion a year. The agency is looking to reduce the number of false-positive transactions it needs to sift through. It is clear that advanced technologies such as AI will continue to play a key role in helping financial institutions better meet their regulatory obligations, writes Andrew Keen. Keen: “Dirty money” is still a threat to the world’s financial stability.”]
Source: https://www.darkreading.com/compliance/stay-ahead-of-the-curve-by-using-ai-in-compliance