A machine learning system by the Federal Reserve, FraudClassifier categorizes payment transactions based on fraud risk, alerting financial institutions.
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The Wolfsberg Group, a group of 13 global banks that aims to develop frameworks and guidelines for the management of financial crime risks, particularly in relation to customer recognition, anti-money laundering and terrorism financing policies, published the Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime.
The advent of big data, ie the ability to access a previously unimaginable amount of data opens up many new fields of activity for companies.
Banks and financial services institutions have to comply with ever-more stringent regulations and the AML Compliance Program to anti-money laundering and terrorist financing.