There’s one AI function for AML that doesn’t have to wait until tomorrow

Dr Martin Goodson (+44 (0)7596 068421, martin@evolution.ai) is Chief Scientist and CEO at Evolution AI. Tim Parkman (+44 (0)845 618 1567, tp@lessonslearned.co.uk) is Managing Director at Lessons Learned Ltd.

If you work at the coalface in a bank AML function, write Dr Martin Goodson and Tim Parkman, attending an AI conference or reading the latest research on AML and CTF applications can be an uplifting but also a chastening experience. Experts talk of data lakes, quality tollgates and intelligent, straight through processing. Consultants show impressively data-driven slides depicting machine learning-derived suspicion recognition models that can reduce false positives by 90%. Sales executives show you how their smart software can source all the information you need to make a decision on one easy-to-read screen - and then help you make it. Then you think of the people-heavy, manually-processed, paper-driven place you’re about to return to, and it’s easy to get downhearted. You think, ‘If only they knew…’