The study by SAS, KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS), surveyed more than 850 ACAMS members worldwide about their use of technology to detect money laundering, which amounts to around 2 to 5 per cent of global GDP – or $800bn to $2tr – annually.
57 per cent of respondents said they had already deployed either AI or ML into their anti-money laundering compliance processes or are piloting solutions that they plan to implement in the next 12-18 months.
“As regulators across the world increasingly judge financial institutions’ compliance efforts based on the effectiveness of the intelligence they provide to law enforcement, it’s no surprise 66 per cent of respondents believe regulators want their institutions to leverage AI and machine learning,” said Kieran Beer, chief analyst at ACAMS.
“While many in the anti-financial-crime world – the regulators and financial institutions alike – are just coming up to speed...