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Canada's anti-money laundering body to leverage AI bets to crack down on bad actors
![IndiaTimes]()
Monday, 8 January 2024
Canada's anti-money laundering agency is increasing its reliance on artificial intelligence (AI) to detect suspicious transactions, betting the use of the latest technology will help better fight financial crimes, a top official said. The Financial Transactions and Reports Analysis Centre (FINTRAC) raised a few eyebrows last month when it fined the country's two biggest banks - Royal Bank of Canada and CIBC - for a total of C$9 million ($6.7 million) for violations that included failing to submit suspicious transaction reports, setting a record for fines issued on individual banks.
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Monday, 8 January 2024
