Artificial Intelligence for Enhanced Anti-Money Laundering and Asset Recovery: A New Frontier in Financial Crime Prevention
- Title
- Artificial Intelligence for Enhanced Anti-Money Laundering and Asset Recovery: A New Frontier in Financial Crime Prevention
- Creator
- Balaji K.
- Description
- The incorporation of artificial intelligence (AI) into asset recovery and anti-money laundering (AML) procedures signifies a revolutionary change in the handling of financial crime. This article investigates the use of AI techniques to improve AML compliance, detect suspicious activity, and improve transaction monitoring. Financial institutions can now analyze massive volumes of transaction data in real-time, find anomalies, and lower false positives thanks to AI-based solutions, which include machine learning algorithms and predictive modeling. The research also outlines the difficulties and advantages of implementing AI, such as enhancing the effectiveness and caliber of suspicious activity reports (SARs) while resolving security and privacy issues with data. The study makes the case that AI's capacity to offer collaborative analytics and dynamic risk assessments is essential for the development of AML frameworks and the overall effectiveness of financial crime prevention. 2024 IEEE.
- Source
- 2nd International Conference on Intelligent Cyber Physical Systems and Internet of Things, ICoICI 2024 - Proceedings, pp. 1010-1016.
- Date
- 2024-01-01
- Publisher
- Institute of Electrical and Electronics Engineers Inc.
- Subject
- Anti-Money Laundering (AML); Artificial Intelligence (AI); Machine Learning Algorithms; Suspicious Activity Reports (SARs); Transaction Monitoring
- Coverage
- Balaji K., Christ University, Business and Management, Bengaluru, India
- Rights
- Restricted Access
- Relation
- ISBN: 979-833154066-1
- Format
- Online
- Language
- English
- Type
- Conference paper
Collection
Citation
Balaji K., “Artificial Intelligence for Enhanced Anti-Money Laundering and Asset Recovery: A New Frontier in Financial Crime Prevention,” CHRIST (Deemed To Be University) Institutional Repository, accessed February 25, 2025, https://archives.christuniversity.in/items/show/19131.