“Money laundering accounts for up to 5% of global GDP – or $2tn (£1.5tn) – every year, says the United Nations Office on Drugs and Crime. So banks and law enforcement agencies are turning to artificial intelligence (AI) to help combat the growing problem. But will it work?
‘Estimates suggest that not even 1% of criminal funds flowing through the international financial system is confiscated,’ says Colin Bell, group head of financial crime risk at HSBC.
In the UK alone, financial crime Suspicious Activity Reports increased by 10% in 2018, according to the National Crime Agency.
Once the system has learned legitimate behaviour patterns it can then more easily spot dodgy activity and learn from that.”