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AI Meets AML: How Smart Analytics Fight Money Laundering

Blog: Enterprise Decision Management Blog

Brain with AML highlihgted in neural pathways

In the last six months alone, I think I’ve read at least 1,000 Wall Street Journal articles on artificial intelligence (AI) and its technologic cousins: robots, drones and self-driving cars. Between those three things, I’m pretty sure most of the jobs humans have today will change. Some will even disappear.

There is so much noise about AI and its ilk that, in my opinion, it’s important for us in the worlds of fraud and compliance to take a step back and focus on how we can implement this incredibly advanced technology in the context of our current technology and regulatory environment. For example, while it’s pretty cool how AI is now being leveraged to play poker and beat professionals in real games, it’s a distraction from the discussion of ways that AI can help right now, today, for real business challenges.

One of the places where AI can make a huge difference today is in anti-money laundering (AML). FICO has incorporated AI technology in our FICO® TONBELLER® AML solutions; FICO’s Chief Analytics Officer, Dr. Scott Zoldi, recently articulated a number of AI’s important benefits to customers attending the FICO TONBELLER User Group. These benefits include:

Check out this infographic to learn more about transaction profiling technology, customer behavior sorted lists, and self-calibrating models.

Tune in tomorrow for the second post in this series, when my colleague Frank Holzenthal will explore what these technologies add to AML.

Follow me on Twitter @FraudBird

To find out more about how FICO is putting AI to work in AML, register for our February 23 webinar, co-presented with CEB TowerGroup, “Hiding in Plain Sight: Is Your KYC Process a Spotlight or a Blindfold? Operational Benefits of New Analytic Technologies.”

The post AI Meets AML: How Smart Analytics Fight Money Laundering appeared first on FICO.

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