WHILE BANK EXECUTIVES PONDER THE COST OF UPGRADING TO ADVANCED AI IN AML, LAW ENFORCEMENT IS ALREADY USING IT IN MONEY LAUNDERING INVESTIGATIONS

Bogdanov, Kazan, Trump

We all know how expensive it has become to fund your ever-expanding compliance departments; more staff, more programs, more training, more everything, so it is understandable that banks are reluctant to add AI-powered platforms to their existing toolbox of AML/CFT systems. That is a sad reality faced by financial institutions in 2023.

The problem is, if you don't upgrade, you risk the real possibility that law enforcement agencies, especially those that are Federal, who themselves are using AI and machine learning to extract evidence of money laundering, may uncover it at your bank, and you would have previously found it,and removed the threat early on, had you employed your own AI program.

We have been warning the financial community about the widespread use of AI by law enforcement since 2018. While I found the photograph attached to this article buried in social media, when investigating money laundering at Trump Ocean Club several years ago, I am sure that law enforcement found it long before I did, using AI-powered programs.

Unless you want one of those dreaded subpoenas dropped on your bank by law enforcement, and the negative media publicity that often comes with high-profile money laundering arrests, find the laundrymen first, using artificial intelligence platforms,before law enforcement comes knocking on your door. Your best defense is an AI offense.