Combating Money Laundering with Machine Learning

Preventing money laundering and terrorist financing is an expensive undertaking. European banks alone have to spend almost EUR 80 billion annually to check business transactions for suspicion of money laundering, to investigate suspicious cases and, if necessary, to notify the regulatory authorities.

In the current issue of gi Geldinstitute, the CEO of HAWK:AI, Tobias Schweiger provides insights into the possibilities of machine learning and makes it clear that money laundering and terrorist financing can only be stopped with technology.