74% of survey respondents wrongly assume banks use Artificial Intelligence to detect money laundering

New research by BAE Systems has found that 74% of business customers think banks use machine learning and artificial intelligence to spot money laundering. In reality banks rely on human investigators to manually sift through alerts – a hard-to-believe fact selected only by 31% of respondents. This lack of automation and modern processes is having a major impact on efficiency and expense when it comes to the fight against money laundering.

The data contained in this release comes from 300 IT decision makers in the UK and the US, from organizations with 1000 employees or more, in a variety of commercial sectors. Interviews were conducted in February 2018, and were undertaken online using a rigorous multi-level screening process to ensure that only suitable candidates were given the opportunity to participate.

The research was conducted independently by Vanson Bourne, an independent specialist in market research for the technology sector. Their reputation for robust and credible research-based analysis is founded upon rigorous research principles and their ability to seek the opinions of senior decision makers across technical and business functions, in all business sectors and all major markets.

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