Smart weaponry aids bank fight against money laundering
Advanced algos and machine learning gain credence as regulators encourage innovation
In the struggle against money laundering, banks are on the defensive. Tough laws have forced firms to develop elaborate procedures to detect prohibited transactions. But when these systems fail – as they often do – lenders leave themselves open to crippling financial penalties. US banks faced fines for anti-money laundering breaches of $1.37 billion in 2018, with those in Europe not far behind at $979 million, anonymous industry loss data from ORX shows.
As banks look to develop more advanced
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