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The BBC reviews how banks and regulators are leveraging AI to combat money laundering. Estimates suggest that not even 1% of criminal funds flowing through the international financial system is confiscated - highlighting both the dire need and opportunity for technology in this space.
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And the problem seems to be getting worse, despite tightening regulations. In the UK alone, financial crime Suspicious Activity Reports increased by 10% in 2018, according to the National Crime Agency. The US Federal Bureau of Investigation (FBI) told the BBC it was working on "applied technical enhancements" to its armoury of crime-fighting tools to help it keep up with advances in financial tech, but remains understandably tight-lipped on the details.
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