Worldwide, the estimated amount of annual money laundering is over 2% of GDP, or about $800 billion. The surge of Generative Artificial Intelligence , a particular type of simulated intelligence that can deliver content without any preparation, is now being used worldwide to combat financial fraud.
Read: Can a new Luddite rebellion rise against Big Tech? ‘We’re in a place where trouble could find us pretty quickly,’ author says. A new AI tool from Iceland’s Lucinity, called Luci, is helping bank compliance professionals find data and determine faster whether reports of suspicious activity are cases of fraud or actual money laundering networks. What used to take days of time and money for employees looking into financial crime now takes minutes.