ARTIFICIAL INTELLIGENCE IN MONEY LAUNDERING IN BANKS – A HOLISTIC APPROACH

Abstract

Banking system plays a major role in development of economy. Due to the advent of digital technology, banking has undergone a massive shift in its mode of operations. Banks have been already offering a wide variety of products and services, integrated with technology and automation, the most familiar being ATM machines all around us. New trends articial intelligence in banking sectors are gaining momentum at a fast pace as it reduces the human error and increases the efciency of operations of the banks. At the same time, this digital technology has paved way for both positive and negative impact on operations of the banks. One such activity is money laundering. such phenomenon has occupied a signicant position in the global policy agenda, in addition to other issues such as international terrorism. It is worthwhile to be mentioned that money laundering operations form a heavy burden on different countries in the world, which in their turn are looking for the best means to ght and limit them. It is well known that banks are one of the most important pillars of money laundering and its ghting at the same time, since most of money laundering is made through banks, which makes them perfectly suitable means to do such operations. Articial intelligence has been deployed by banks to reduce such operations. This study emphasis on application of articial intelligence in money laundering in banks and its efciency in controlling the operations of Banks.