August 5 2019
For decades, increasing reliance on technology and automation has meant one thing for workers: fewer jobs. In a fast-growing corner of the finance industry, it’s doing the opposite as banks across Europe struggle to fill positions in units employing tech to combat money laundering.
Reeling from a litany of scandals and more than $20 billion in fines since 2012, lenders are using artificial intelligence and machine learning to ferret out miscreants seeking to obscure the origin of ill-gotten cash. But that technology coughs up so much data that banks must hire legions of workers to sort through it all and separate the scoundrels from the scrupulous.
