Spotlight Discussion: AI-Enabled AML-Reality versus Hyperbole

Anyone familiar with the banking industry knows that money laundering, financing of terrorist / suspicious activity issues never abate. Regulators periodically issue new decrees, introduce reforms to combat these pesky yet very expensive violations that can cost banks, anywhere from millions to billions in penalties.

Wachovia, now part of Wells Fargo was accused of facilitating Mexican drug cartels through accidental wiring of more than $400 billion over 2004-2007 period. According to original estimates by United Nations Office on Drugs and Crimes, 2%-5% of global GDP or $800 billion USD to $2 trillion is laundered each year across the globe.

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