By Anna Irrera
LONDON (Reuters) - Exchange group Nasdaq <NDAQ.O> said on Wednesday that it is launching AI technology to help retail and commercial banks automate anti-money laundering (AML)investigations, as it expands into the financial crime software market.
The company hopes the system can make it quicker and cheaper for banks and other financial institutions to sift through the deluge of alerts flagging possible cases of money laundering generated by bank transaction monitoring systems.
The process of investigating alerts, which can potentially be as many as 300,000 a month, is currently manual, making it costly and labour intensive, Nasdaq said. Banks usually cast a wide net to catch illicit activity so the vast majority of these alerts ends up being false.
"Banks are worried about that wide net because of the cost," ...
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