Finance Monthly - April 2023

As we look to the future, technology will play an even more prominent role in combatting human trafficking, but so will the impact of dozens of organisations collectively sharing information on trafficking patterns. From Technology to Shared Intelligence In recent years, Artificial Intelligence has taken on a vital role and has entered the fight against anti-money laundering. AI provides the ability to sift through large sums of data, identify patterns, and more importantly, identify anomalies in “normal” behaviours and activities. We are in a world where data is everywhere; however, the problem is making sense of it and converting it into actionable intelligence. AI brings that ability to us. As previously mentioned, there are many red flags surrounding human tracking, many of which can individually be rationalised. However, the data points and activities can be analysed through advanced technologies to determine which are truly indicative of illicit activities such as human trafficking and which are more “coincidental” occurrences. By prioritising the more suspicious and deprioritising the less suspicious or coincidental, compliance officers and law enforcement can focus their attention on where illicit activities are most likely to occur. And by that effort, come closer to catching the bad guys. Financial institutions have the opportunity to leverage the investigative work that has already been done in this area. For now, continue to pay attention to the red flags, stay vigilant, and address anything that is suspicious. And join the united fight to put human traffickers and their ilk out of business. “In recent years, Artificial Intelligence has taken on a vital role and has entered the fight against anti-money laundering.” people globally 5.4 out of every are victims of modern slavery, which equates to approximately an estimated 1000 40.3 million victims. “ “ Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 23

RkJQdWJsaXNoZXIy Mjk3Mzkz