Pitching Machine Intelligence Against Financial Crime

Compliance Monitor article

Machine intelligence (MI) solutions, which includes cognitive computing, artificial intelligence, machine learning, and deep learning (collectively MI), can enhance existing technologies and processes to detect possible financial crime better. These technologies can deliver significant efficiencies without the need to engage in large-scale software upgrades. As a result, leading financial institutions, with industry partners, have started to deploy MI against the complex challenges presented by anti-money laundering and transaction monitoring in particular. Regulators have indicated they are open to the application of MI in compliance functions, but they have been clear that cost reduction should not be the sole focus. 

Alma Angotti, Timothy Mueller, and Joe Campbell explain how MI can help with segmentation, prioritization, and typology development. The continuing development of MI will allow institutions to implement the risk-based approach demanded by regulators while enhancing human intervention and increasing the effectiveness of transaction monitoring programs.


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