Banks and financial institutions are facing a rising tide of fraud and money laundering, and a growing pressure to keep up with tightening financial regulations.
Despite increasing spending by up to 10 per cent a year in some advanced markets between 2015 and 2022, the financial industry detects only about 2 per cent of global financial crime flows, according to Interpol.
Now, some believe artificial intelligence (AI) could help relieve the burden.
In Norway, the fintech start-up Strise has built an AI platform that scans public registries and media reports to flag potential money-laundering risks in real time.
The AI agent is designed to vet new applications for opening accounts at financial institutions subject to the European anti-money laundering legislation, such as banks, insurance comp
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