Nasdaq makes push into anti-money laundering tech with new AI-based system

Exchange group Nasdaq said on Wednesday that it is launching AI technology to help retail and commercial banks automate anti-money laundering 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.

While Nasdaq has long been a provider of market technology, including trade surveillance systems, the launch marks the exchange group's foray into the AML sector.

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