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Using AI to Fight Crime: The Terrorism, Trafficking And Money Laundering Links
by Rebecca Sadwick , Contributor
This article is the second in a series exploring the connection between money laundering and orchestrated global crime—including terrorism, trafficking, and large-scale corruption.
Artificially intelligent (AI) systems can programmatically process large volumes of transactional and financial data, making accurate determinations of suspicious financial activity.
This technology-fueled effectiveness has catalyzed the increased proactivity and ethical responsibility banks have assumed since 9/11, driven as much by an internal paradigm shift as by external regulation.
Financial Inclusion and the Dark Web
As I learned more about the ways big data is used by financial institutions to monitor criminal activity, two concerning questions came to mind.
First, I wondered whether there was a risk of driving criminal activity underground—specifically, further into the deep web utilizing cryptocurrencies that are harder to track. Second, I wondered whether the rise of automated transaction monitoring would negatively impact financial inclusion of people with fewer assets and financing options—especially those in developing countries.
Turns out, the answers to these questions are intertwined but decidedly opposite.