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AI combat money laundering

AI to more effectively combat money laundering

  • by EB 21 May, 2021
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Form webinar
Evaluation none
Duration 62 minutes
Language English
Certificate personal certificate (only ACAMS members)
Participation free of charge, registration required

Association of Certified Anti-Money Laundering Specialists (ACAMS) webinar entitled Leveraging AI to more effectively combat money laundering and the financing of criminal organizations.

Every year, billions of dollars are laundered through the financial system unbeknownst to the financial institutions that are tasked to stop it. Unlike banks, fraudsters continue to utilize the latest technologies to accomplish their illicit mission. The recent economic crisis connected with the Covid-19 outbreak has exposed us to more shortcomings and deficiencies in our banking systems that have been neglected for years.

It is becoming increasingly apparent that the processes and digitalization of banking systems must be automated especially when we expect greater effectiveness in a shorter time frame. Rule-based systems and most routine tasks are time consuming for analysts and can be easily taken over and enhanced by AI based systems. AI can help with detection and alert ranking; it can learn new patterns and even explain why a particular event may be an instance of fraud. AI supports AML teams by significantly decreasing their workload and increasing effectiveness, freeing up time for matters that require a human touch.

During this webinar we will show you the current trends and market changes and how AI can learn from past events and give explanations. We will show you the advantages of using AI in money-laundering detection as well as the differences in traditional and AI approaches. We will also show a specific business case which will illustrate the benefits. There will also be time to ask our expert anything you would like to know about AI based AML.

Learning Objectives:
1) How to discover new laundering strategies?
2) Reducing false alarms and mitigating the risk of money laundering with the help of AI systems,
3) Is it possible to understand the “brain” of AI?

About Association of Certified Anti-Money Laundering Specialists

ACAMS is the largest international membership organization dedicated to advancing the professional knowledge, skills and experience of those dedicated to the detection and prevention of money laundering around the world, and to promote the development and implementation of sound anti-money laundering policies and procedures. ACAMS achieves its mission through:
a) Promoting international standards for the detection and prevention of money laundering and terrorist financing,
b) Educating professionals in private and government organizations about these standards and the strategies and practices required to meet them,
c) Certifying the achievements of its members, and
d) Providing networking platforms through which AML/CFT professionals can collaborate with their peers throughout the world.


Watch „Leveraging AI to more effectively combat money laundering and the financing of criminal organizations”

Guide to the ACAMS Platform

Source:
1. Andras Cser, Forrester, and Paweł Kryszkiewicz, Comarch, Association of Certified Anti-Money Laundering Specialists (ACAMS), Leveraging AI to more effectively combat money laundering and the financing of criminal organizations (24.06.2020),
2. The Association of Certified Anti-Money Laundering, About ACAMS.

Image by mohamed Hassan from Pixabay

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