Towards Artificial Intelligence Enabled Financial Crime Detection
This work addresses the problem of financial crime detection for financial institutions, but it appears incremental as it builds on recent works in the field.
The paper tackles the challenge of detecting financial crimes, particularly money laundering, by proposing a novel AI model that aims to minimize human intervention in the detection process.
Recently, financial institutes have been dealing with an increase in financial crimes. In this context, financial services firms started to improve their vigilance and use new technologies and approaches to identify and predict financial fraud and crime possibilities. This task is challenging as institutions need to upgrade their data and analytics capabilities to enable new technologies such as Artificial Intelligence (AI) to predict and detect financial crimes. In this paper, we put a step towards AI-enabled financial crime detection in general and money laundering detection in particular to address this challenge. We study and analyse the recent works done in financial crime detection and present a novel model to detect money laundering cases with minimum human intervention needs.