A third of financial institutions are accelerating their AI and machine learning (ML) adoption for anti-money laundering technology in response to COVID-19, according to SAS.
A report by software company SAS, KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS) showed that more than half of financial institutions globally, 57 percent, had already deployed the technology or are piloting AI to implement within the next 12-18 months.
Money laundering is said to account for between two to five percent of global GDP - $800 billion to $2 trillion.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
Imogen.lillywhite@refinitiv.com
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