AML Platforms ‘Are Just Not Working’—Is Human Error or Tech the Culprit?

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Despite the introduction of machine learning, natural language processing, and the burgeoning field of regtech tools to help firms fight financial crime, banks are still falling victim to—and perpetuating—money laundering, a de facto economy in its own right that amounts to an estimated $800 billion to $2 trillion globally, according to statistics by the United Nations’ Office on Drugs and Crime.

Legal experts and some vendors of these technologies attribute this to a disjointed approach to

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