The adoption of machine learning (ML) in fighting financial crime will likely explode as technology solutions become more effective and efficient—driven by work-stream prioritization, product maturity, and refinement of implementation processes. Such was the key takeaway from a recent survey, “The Evolving Role of ML in Fighting Financial Crime,” conducted by Guidehouse Inc. and Compliance Week in partnership with the International Compliance Association (ICA).
It is still early days for many institutions, but what is clear is the anti-money laundering (AML) function is on the runway to using ML to fight financial crime. The benefits of ML are indisputable, though financial institutions (FIs) vary in levels of adoption.
