The IMF estimates the size of money laundering to be 2%-5% of the world’s GDP, that is, $2000bn each year.
Whereas traditionally the complexity of the money laundering problem was considered too hard for systems to solve, today top banks are making use of artificial intelligence (AI) to remedy the problem. Using adaptive software to learn a customer’s individual characteristics, the solution can then spot and explain suspicious transactions. The AI solution, called Sentinel, has been developed by Searchspace, and works using a combination of high dimension statistics and adaptive technology. The system automatically builds mathematical models of people’s transaction behaviour and has a way of framing a context to actions.
