AI could cut time for money laundering checks by 99%

Leading crypto exchange rolling out large language model for enhanced due diligence checks

AI AML check

A leading cryptocurrency exchange has built a large language model (LLM) that its risk managers believe will cut the time for basic anti-money laundering (AML) checks by as much as 99%.

Speaking at a webinar on June 28, Ian Rooney, the head of enterprise compliance at Coinbase, said the company planned to roll out the LLM tool for enhanced due diligence (EDD) checks within the next month. He explained that it could reduce tasks “that we estimate, on average, would take an analyst about an hour

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