AI to Support Anti-Money Laundering
THE PROBLEM
To combat the growing threat of financial crime, a major Italian cooperative banking group needed AI to simplify and automate news analysis for Anti-Money Laundering (AML) prevention and control. The goal was to quickly detect negative news, such as investigations, crimes or legal proceedings, from media and any other online information source, enabling faster, more in depth checks on customers and counterparties. This proactive approach also aimed to anticipate reputational and regulatory risks and strengthen compliance in an increasingly complex and dynamic environment.
THE SOLUTION
Expert.ai developed an AI-powered news analysis solution to support the banking group’s AML processes, helping analysts and financial intermediaries easily navigate massive amounts of data.
Based on artificial intelligence technologies, the solution developed by Expert.ai allows for continuous and effective monitoring of information sources, analyzing content in depth to identify potentially relevant events and subjects.
Proprietary scoring algorithms are used to assess the relevance and severity of news items, determining possible matches between the subjects mentioned and the internal customer base. The analysis considers event type, the role of the person involved and the broader context in which the event occurred.
The solution integrates seamlessly into the bank’s AML workflows, supporting both:
- On-demand checks for Know Your Customer and verification processes
- Continuous proactive monitoring of the entire customer base, with automated alerts when risks emerge
BENEFITS
- Reduced manual, repetitive workload and fewer false positives
- Constant monitoring across diverse media sources
- Higher-quality insights, aggregating analysis data to extract and report relevant information in a timely and comprehensive manner
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