Can AI stop money laundering? - New platform identifies high-risk companies and individuals
Banks and financial institutions are facing an increase in fraud and money laundering, as well as pressure to adhere to increasingly stringent financial regulations.
Despite spending in this sector expanding by up to 10 percent annually in some advanced markets between 2015 and 2022, the financial industry only manages to detect about 2 percent of the global flow of financial crimes, according to Interpol.
Some experts believe that artificial intelligence can help ease this burden. In Norway, startup Strise has built a platform that scans public records and media reports, identifying potential money laundering risks in real time.
This agent is designed to verify new applications for opening accounts at financial institutions subject to European law, such as banks, insurance companies, and payment services.
When you open an online bank account, you are typically asked to provide information such as your address and occupation, and to update it annually. The process is a legal requirement that verifies the identity of customers and the source of their money. These checks are intended to stop criminals from using legitimate banks to move illegal money, but they are slow and expensive.
“We can now do this process using artificial intelligence, which takes information and processes it in a completely new way,” said Strise company officials. “If you can identify a suspicious company at the moment of account opening, you can prevent it from accessing financial services,” they emphasized.
The innovative system automatically identifies red flags, such as connections to sanctioned individuals, high-risk jurisdictions or political figures who may be affected by corruption. The company says that financial institutions using its platform have been able to identify and reject high-risk firms more efficiently, increasing case handling capacity by up to tenfold, without adding staff.
Currently, the European Union is finalizing the Frankfurt Anti-Money Laundering Authority and a new directive that will enter into force in 2027, with the aim of combating terrorist financing.
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