Human + Machine, Updated and Expanded

3 Accounting for Robots AI in Corporate Functions

Money laundering is a major concern for financial institutions, which can face heavy fines and stiff regulatory restrictions for any infractions. At one large global bank, up to ten thousand staffers were engaged in identifying suspicious transactions and accounts that might indicate money laundering, terrorist financing, and other illegal activities. Aggressive monitoring was required to meet the rigid expectations of the US Department of Justice, and the incurred costs were high, with an excessive number of false positives that the bank had to investigate.

In response, the bank implemented a full suite of advanced analytics tools for anti-money-laundering detection, including machine-learning ...