Banking Circle CIO: ‘AI can spot red flags that humans never could’

“Utilising AI and machine learning will influence an array of factors, from how we onboard clients to enhancing transaction monitoring. Though the fintech industry received record high investment levels last year, simultaneously 2021 was the year anti-money laundering fines rocketed.
With this in mind, I urge governments and regulators alike to prioritise digital transformations and adopt AI and machine learning to prevent fraudulent activity slipping through the cracks. These technologies will pave the way for disrupting the security landscape for good in the fight against financial crime.
What’s exciting about AI and machine learning is they can spot red flags which we as humans never could, greatly reducing the margin of error. With these tools, Banking Circle’s platform ensures vigilant security measures and insights when it comes to transaction monitoring.”