insights

What's the new weapon against money laundering gangsters?

AI can help detecting suspicious activities on a large scale during bank transactions.

Money laundering is a major issue all over the world. The United Nations Office on Drugs and Crime reports that it accounts for up to 5% of global GDP. Countries are searching for ways to combat money laundering because a lot of the times it is linked to the funding of human trafficking ,or large criminal organisations. One way criminals launder money is by hacking ATMs and using money mules (local criminals) to pick up the money ATM releases.

These small transactions could be (willingly) overlooked by humans, and thus, are not reported. This is where AI could step in and remove the possibility of bribery out of the equation, by objectively detecting suspicious activities on a large scale. AI could also spot fake accounts which are set up remotely by bots.