Shaun Smith-Taylor, ThetaRay’s Global Head of Solutions, explains in a Fintech Innovation Network why banks and fintechs are making the journey today to AI-based solutions for AML.
“Rules-based architecture for transaction monitoring is not very effective when looking at a large amount of data”, he says, nothing that “you aren’t going to identify the unknown unknowns without unsupervised machine learning”.
In the webinar, “𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗶𝗻𝗴 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗺𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗯𝗮𝘁𝘁𝗹𝗲 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗰𝗿𝗶𝗺𝗲”, Smith-Taylor notes that fortunately in the last two or three years the regulators have started adopting AI. “That is an important step”.