Steps Companies Can Take to Improve Compliance and Reduce Risk
Every year, billions of laundered dollars are moving through financial institutions without detection. Current detection systems aren’t keeping pace with criminals’ ability to outmaneuver them. Financial crime is a complex issue for financial institutions to tackle but AI is offering a clear and effective way forward.
The topics of money laundering and financial crime have been getting plenty of headlines in Europe lately. A recent investigation found that up to $230 billion of ex-Soviet and Russian money had passed through the Estonian branch of Denmark’s largest bank, Danske Bank.
Although it may seem like a European problem at the moment, financial fraud happens everywhere. Billions of laundered dollars are moving through financial institutions without detection. Over the past few years, dirty money has flooded into the U.S. as European countries have enacted laws and regulations to curb this activity. According to the 2015 National Money Laundering Risk Assessment, an estimated $300 billion in illegal proceeds is generated annually in the U.S. The money comes from many sources, including narco-trafficking, international organized crime, foreign corruption, cyrptocurrency-based money laundering and…