AI-Based Monitoring for Anti Money Laundering

Money Laundering is a multi-billion-dollar problem for banks and governments alike. Not only does it stand out as a major financial crime, but it also grows further with the rapid increase in popularity of e-commerce and online banking, and with the “New Normal” of the COVID pandemic.

As financial institutions struggle to keep up with Money Laundering using traditional AML software, AI solutions introduce a new set of AML competencies that effectively improve accuracy and allow to better avoid government-imposed fines for failing to comply with regulations.

Benefits of using AI-powered AML solutions include the following abilities  –

  • Rapidly respond to dynamic data challenges
  • Capture fraudulent transactions that might slip through traditional monitoring systems (i.e., decrease the number of false negatives)
  • Reduce false alerts on legitimate transactions (i.e., false positives)
  • Provide explanations for the rationale of flagging transactions as suspicious (explainability)
  • Cut costs incurred by human inspections

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“With our universally applicable and easily adaptable AI platform, Beyondminds ensures that your business achieves production-grade, ROI-positive artificial intelligence.”

Roey Mechrez, CTO at BeyondMinds


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