Machine Learning For AML & KYC Programs

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Machine Learning For AML & KYC Programs

• Machine Learning for AML- Anti Money Laundering incorporating KYC- Know your Customer Programs.

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• In the financial industry, machine learning stands out as a wonder. The technology is displacing human effort and the various processes it comes up with are easing processes and fighting fraud.

Machine Learning For AML & KYC Programs

• Every day a new fraud case occurs and this puts a sort of pressure on the techmakers to bring something new. This continuous war of increasing cases has put an impetus to the financial institutions to adopt the technologies and bring an impetus to stopping or at least reducing the cases. ML is a big thing in the AML. All the financial institutions are using this sophisticated technology to prevent financial crimes and money laundering.

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How is this e-KYC process practiced? • ML for KYC program and AML is no less than a miracle. It is not a new concept but surely has proved to be very fruitful in combating money laundering. Financial Institutions have gotten a big relief from this technology with the reduction in the numbers of false alerts that commonly occur through and during traditional methods.

Count on some of the advantages of ML in AMLthese solutions are promising.

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• 1. Boosted the transaction monitoring: Money laundering schemes changes rapidly thus making it difficult for human to catch them, this is where ML plays in by incorporating the new information quickly and catching false terms.

• 2. Early detection of behavior in the transaction: Advanced techniques can detect the behavior in the customer's profile. These changes likely include the criminal user, spot suspicious anomalies, and cluster analysis i.e. making a group of all the suspected customers.

• Machine Learning has a thumb rule of the bigger the data volume and data diversity, best are the results. ML in combination with KYC helps in catching all the suspicious activities likely to take place reducing the risk of any fraud or data leak. This process is also successful because of the active monitoring and the early identification of the suspicious activity that helps companies reduce the adverse efforts and take the disciplinary action required.

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• AML area is expanding and covering the new technologies like KYC and monitoring of transactions. These new technologies will play a huge role in combating the frauds and bringing transparency in the process that will be least affected by human judgments thus giving crystal clear results.

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