• Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
placeholder-661-1.png
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
placeholder-661-1.png

AI and machine learning against money launderers

Australia’s banks process more than 13 billion cashless transactions over every year. This indicates that, more than 35 million transactions every single day is being made. Within this the criminals hide illegal transactions and launder money by concealing their activities. Similar to how cyber attackers, money launderers are nowadays exploiting the sheer volume of transactions with the hope that they will not get detected.

Traditional processes can’t keep up with these many transactions. Australia’s largest financial institutions continually fail to identify illegal transactions. Last year, Westpac admitted to 23 million breaches of anti-money laundering (AML) laws. $1.3 billion was fined for its failure to report international transactions and insufficient monitoring. In 2018, the Commonwealth Bank agreed to pay $700 million in a settlement with AUSTRAC. The Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Act was passed by the Federal government.

YOU MAY ALSO LIKE

Besi Raises Long-Term Financial Outlook Amid Rising Demand for Hybrid Bonding Chip Tools

Deadline Extended for Elon Musk in SEC Civil Suit Over Twitter Stake Disclosure

In the cyber security world, artificial intelligence (AI) and machine learning have been deployed to weed out attackers. They will automatically scan every email and also serves as an indicator of suspicious activity. The scourge of money laundering can be battled by the same technologies. RegTech start-ups are using the latest advances in AI and Machine Learning to help even the playing field. There are many challenges that must be overcome to analyse all the data. In other industries, applications like RegTech software could run on any of the major hyperscale public cloud providers.

In the anti-money laundering use case, the need for privacy, security, sovereignty, and governance controls, helps in the risk of handing transaction data. Australian enterprises are investing mutlicloud architectures. Hyperconverged infrastructure (HCI) provides all the performance and management associated with public cloud. The ease of deployment means such solutions can be easily configured and integrated into a bank’s environment with minimal impact on the IT team. This ensures that they can continue driving the core business. When anti-money laundering protections fail to the board, the business, and the victims of crime – AI can finally help to even the ledger.

Tags: Artificial IntelligenceMachine LearningMoney LaunderingTechnology

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result

Recent News

Besi Raises Long-Term Financial Outlook Amid Rising Demand for Hybrid Bonding Chip Tools

Besi Raises Long-Term Financial Outlook Amid Rising Demand for Hybrid Bonding Chip Tools

Tesla’s Robotaxi Gamble in Austin Puts Future of Autonomous Vehicles to the Test

Tesla’s Robotaxi Gamble in Austin Puts Future of Autonomous Vehicles to the Test

Strengthening Ties: China Urges Closer Economic Cooperation with Britain

Strengthening Ties: China Urges Closer Economic Cooperation with Britain

Switzerland’s New Banking Reforms Restrict UBS’s Global Expansion Following Crises

Switzerland’s New Banking Reforms Restrict UBS’s Global Expansion Following Crises

Gemini Quietly Files for U.S. IPO as Crypto Firms Capitalize on Market Momentum

Gemini Quietly Files for U.S. IPO as Crypto Firms Capitalize on Market Momentum

Deadline Extended for Elon Musk in SEC Civil Suit Over Twitter Stake Disclosure

Deadline Extended for Elon Musk in SEC Civil Suit Over Twitter Stake Disclosure

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

Besi Raises Long-Term Financial Outlook Amid Rising Demand for Hybrid Bonding Chip Tools

Tesla’s Robotaxi Gamble in Austin Puts Future of Autonomous Vehicles to the Test

Strengthening Ties: China Urges Closer Economic Cooperation with Britain

Switzerland’s New Banking Reforms Restrict UBS’s Global Expansion Following Crises

Gemini Quietly Files for U.S. IPO as Crypto Firms Capitalize on Market Momentum

Categories

  • Banking
  • Business
  • Events
  • Finance
  • Blogs
  • Fintech
  • Forex
  • Insurance
  • Technology
  • Videos

Social Media

COPYRIGHT © 2020-2025 GLOBAL BUSINESS REVIEW MAGAZINE LLC - ALL RIGHTS RESERVED

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy
  • Disclaimer
  • Terms & Conditions
No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

Copyright © 2025 Global Business Review Magazine - All Rights Reserved.