The Case for Artificial Intelligence in Combating Money Laundering and Terrorist Financing

Combating money laundering is an enormous task, and it comes with substantial costs and risks, including but not limited to regulatory, reputational and financial crime risks. Managing these risks rest with the guardians of the financial system. On the other hand, criminals minds are also capable of using new technologies such as online banking, electronic payments, and cryptocurrencies to move illicit funds across borders at breakneck speed.

 Joint whitepaper by Deloitte and United Overseas Bank (UOB)entitled “The case for artificial intelligence in combating money laundering and terrorist financing” that discusses the promise of machine learning in compliance and its potential applications. The whitepaper also highlights a case study that depicts UOB’s journey to tap machine learning to augment and to enhance its existing systems to spot and to prevent illicit money flows.