Enhancing Anti-Money Laundering Efforts with AI and ML A Comprehensive Approach to Financial Crime Prevention

Registration ID: IJNRD_219405

Published ID: IJNRD2109003

DOI: Click Here to Get

Mainak Mitra , Soumit Roy

Anti-Money Laundering, Artificial Intelligence, Machine Learning, Detection Accuracy, Laundering Techniques.

Abstract— The purpose of this article is to outline a comprehensive strategy for improving AML operations using AI and ML techniques. As the incidence of financial offenses rises, more sophisticated detection and prevention methods are required. By implementing AI and ML, financial institutions may be able to improve their AML capabilities, more precisely identify illicit funds, and reduce the number of false positives. This study presents an innovative approach to address money laundering that integrates artificial intelligence and machine learning, and evaluates its effectiveness through empirical analysis. To prevent financial offenses, the proposed method accumulates data, analyzes it, selects characteristics, builds a model, evaluates it, and then implements methods for continuous improvement. The efficacy and superior detection rates of AI and ML in comparison to conventional AML methods indicate their capacity to enhance worldwide anti-money laundering endeavors

Published Paper   E-Certificate

Mainak Mitra & Soumit Roy (September 2021). Enhancing Anti-Money Laundering Efforts with AI and ML A Comprehensive Approach to Financial Crime Prevention. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 6(9), 14-19. https://ijnrd.org/papers/IJNRD2109003.pdf

Volume 6 Issue 9, September-2021

Pages : 14-19

Paper Reg. ID: IJNRD_219405

Published Paper Id: IJNRD2109003

Downloads: 000121998

Research Area: Computer Science & Technology 

Country: Dublin, CA, United States

Published Paper PDF: https://ijnrd.org/papers/IJNRD2109003.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2109003

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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