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  • 3 - Leveraging AI to Mitigate Money Laundering Risks in the Banking System

  • from Part I - Automated Banks
  • Edited by Zofia Bednarz, University of Sydney, Monika Zalnieriute, University of New South Wales, Sydney
  • Book:
    <i>Money, Power, and AI</i>
    Published online:
    16 November 2023
    Print publication:
    30 November 2023, pp 51-69
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  • Summary

    The channels identified as highly vulnerable to money laundering activity are money remitters (both licensed and underground operators), corporate vehicles, designated non-financial businesses and professions, and the banking sector. As gatekeepers of the financial system, banks are required to develop and implement policies and practices that mitigate the money laundering risks that apply to them. Banks that use AI have the potential to make anti-money laundering (AML) measures faster, cheaper, and more efficient. AI could help to identify risks and respond to, communicate and monitor suspicious activity more effectively, ultimately assisting banks in maintaining compliance with AML standards. This chapter aims to shed light on the advantages and challenges of adopting AI to mitigate money-laundering risks and protect the integrity of the financial system.