$1.9 Billion. The amount HSBC, Europe’s largest bank, paid as a fine back in 2012 to avoid prosecution for facilitating money laundering.
Banks are required to evaluate their customers and monitor their behavior in order to spot potential money laundering. This process, though, is often very expensive and highly inefficient. Watch this video to see how some banks are utilizing artificial intelligence to improve the way they detect and report potential suspicious activity.
For more information on money laundering, read the blog, Strengthen Your Anti-Money Laundering Program with Automated Machine Learning.