The Banking Executive Magazine - August 2021

AI ISSUE 152 AUGUST 2021 the BANKING EXECUTIVE 39 FINANCIAL INSTITUTIONS EMBRACE AI TO TACKLE MONEY LAUNDERING A third of financial institutions are accelerating their Artificial Intelli- gence (AI) and machine learning (ML) adoption for anti-money laundering technology in response to COVID-19. A report by software company SAS, KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS) showed that more than half of financial institu- tions globally, 57 percent, had al- ready deployed the technology or are piloting AI to implement within the next 12-18 months. Money laundering is said to ac- count for between two to five per- cent of global GDP - $800 billion to $2 trillion.