Intel launches anti-money laundering AI

Intel launches anti-money laundering AI
Intel launches anti-money laundering AI

BNZ has joined Intel’s Early Adopter Program (EAP) to fast-track the adoption of innovative AI technologies in the global banking sector that could prevent money laundering and financial crime.

Intel launched its anti-money laundering (AML) Adviser in the US yesterday, and also introduced its EAP programme, designed for institutions such as BNZ who wish to lead the pack on innovation in financial services.

AML Adviser is aimed at detecting financial crime through a transparent AI solution that utilises associative memory. The launch kicked off the first associative memory AI solution specifically tailored to the needs of financial services institutions.

Intel’s AML adviser stimulates a human’s natural ability to learn, remember and reason in real time. It mimics the associative memory of the human brain to surface similarities and anomalies hidden in dynamic, heterogeneous data sources, while accessing an infinitely larger data set than humans can.

According to the UN, the estimated amount of annual money laundered globally is 2 – 5% of global GDP or US$800 billion – $2 trillion.

Banks collect the data necessary to comply with various regulations, but often have to pay non-compliance fines in the billions due to human error or missed deadlines. The AML Adviser will explain the rationale behind the recommendations to help banks meet compliance, mitigate fines and reduce countless hours reworking reports.

AML Adviser uses AI to enhance decision-making for investigators and analysts. Associative memory AI finds and explains multidimensional patterns so that investigators and analysts can explore emerging trends across a bank’s or insurer’s data.

With an unsupervised learning approach, the AML Adviser unified structured and unstructured data from enterprise systems, email, web and other data sources to deliver insights along with the explanation of how connections were identified.

BNZ Director of Products and Technology David Bullock said the bank was excited to be working with Intel “on a truly bleeding edge technology” that will enable us to understand our customers far better than we ever have before and help them make smarter decisions.

“By staying at the forefront of AI, we can help ensure we have access to the latest, innovative technologies that enhance our business,” Bullock said.

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