Machine learning enters battle against financial crime

Standard Chartered and Barclays using AI to detect money laundering violations

Regulators are encouraging the use of technology to fight financial crime

With money laundering playing an ever-larger role in penalties and reputational damage, banks are marshalling machine learning to bulk up their monitoring systems. Early results show the technology can help avoid false positives of nefarious activities from reams of transactions, enabling banks to zero in on truer indications of crime.

“Where 98% of our time is spent mitigating cases that turn out to be not suspicious, machine learning can help figure out which cases are more likely to fall in