Banks speed up their AI adoption to combat money laundering

A third of financial institutions are accelerating their AI and machine learning adoption for anti-money laundering (AML) technology in response to COVID-19. Meanwhile, another 39 percent of compliance professionals say their AI/ML adoption plans will continue, despite the pandemic's disruption, this is according to a new study by analytics company SAS, consultancy KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS). AI and ML have emerged as key technologies for compliance professionals as they look to streamline their AML processes to fight financial crime and money laundering. More than half (57 percent) of respondents to the study have either… [Continue Reading]