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AI as new tool in banks’ crime-fighting bag?

Singapore’s OCBC Bank has seen a 35% reduction in the number of alerts while the accuracy rates of identifying suspicious transactions increased by more than four times after it started testing ThetaRay’s AI-based AML software. Loretta Yuen, group general counsel of OCBC and ThetaRay’s SVP of Financial Services Solutions James Heinzman interviewed by American Banker’s Penny Crosman. Read more from OCBC and ThetaRay on disadvantages of the rules-based AML systems and the role of AI (Artificial Intelligence) and unsupervised machine learning in catching the bad guys.

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