Artificial intelligence (AI) in FinTech is often associated with Big Data and analysis of customers’ behaviour. In reality, it can be used in a wider range. Anti-money laundering (AML) AI is used to fight financial crime and secure apps’ reputation. After all, financial technology is all about trust. How is it done and what conclusions can you draw for yourself?
Criminals are getting more sophisticated with each passing year. In the world of financial regulations, the term “bad actors” is reserved for individuals or companies that abuse applications’ privileges. FinTech companies have to deal with them, growing amounts of complex user data and connections between this information.
Especially, if the product is complicated, has many different services, or the app itself functions in a larger ecosystem on the market (exchanging data between companies, etc.). A few things can fall into cracks, causing legal and marketing problems. The AML AI is used to fight money laundering with highly specialised algorithms.
How to fight money laundering with these algorithms? Read more here.
