Though the use of AI in AML and fraud prevention is becoming important as other AI products and frameworks see business success but the advancement of AI seems not to have been the lasting solution to privacy and protection, fraud and financial crimes as they continue to be on the rise every day. Companies are advised to be on watch as the advent of the internet and the ushering in of the digital age simply moved financial criminal activity online. Using machine learning, companies have the ability to compile data from transactions and train the machine to show a discrepancy between a normal transaction and a suspicious one.
The job of regulators and institutions may be more tedious than expected because money laundering techniques are constantly showing up to bypass advancement in AML. Meanwhile, proper supervision and understanding have been identified as the key to the use of AI in fraud detection and AML. False positives are a danger that AI as well as human counterparts, can create and have checks within the approach to fraud detection is imminent. AI is filled with potential to help with AML and fraud detection when used in concert with existing programs and under human supervision.