CPA | Anti-money laundering can benefit from AI—to a certain extent

In the below article from the CPA, artificial intelligence can be an effective way to detect criminal activity, but old-school rules still have a job to do. When her financial institution introduces a new product, Marie-Andree Malo-Mongeau and her team at CIBC get to work trying to think like money launderers in order to figure out how criminals might try to game the system. “What are we trying to catch here? What’s the criminal journey?”

Malo-Mongeau, a CPA and the former senior director of the bank’s Enterprise Anti-Money Laundering (EAML) unit, was not only tasked with stopping the flow of dubious funds, but she has also spearheaded an effort within her bank to implement artificial intelligence/machine learning tools to either augment or replace more traditional rule-based screening systems.....

Anti-money laundering can benefit from AI—to a certain extent (cpacanada.ca)