A staggering USD2tril is laundered globally each year according to the United Nations Office on Drugs and Crime—equivalent to as much as 5% of global GDP. This eye-watering number frames the huge challenge facing enterprises seeking to deliver an effective anti-money laundering (AML) solution, and a key topic explored at Neural Technologies.
Neural Technologies is working with customers around the world, in the telecommunications industry and beyond, to address this significant need. This challenge is even more pronounced in a dynamic operating landscape, with innovative new financial solutions such as mobile money and cryptocurrency disrupting traditional banking pathways and creating new avenues for money laundering and fraud. Machine learning for AML is one important piece of this puzzle, as enterprises get to grips with mobile money, AML compliance, and the dynamics of high-growth e-wallet markets.
Powering Up With AI And Machine Learning For AML
Increasingly sophisticated money laundering techniques are creating huge problems for many enterprises, generating high-volume AML analysis demands that are at risk of swamping both operators and investigators. With Europol indicating that just 10% of suspicious activities filed by financial services institutions are actively investigated by law enforcement agencies, machine learning offers a powerful automated or semi-automated solution that can help enterprises keep on track, and maintain compliance with ever-tightening AML regulations.
AML Compliance For High-Growth E-wallet Markets
There were over 1.21 billion mobile money accounts by the end of 2020, representing 12.7% year-on-year growth. This fast-growing industry represents an exciting new opportunity for many enterprises, but an equally challenging and evolving aspect of AML compliance. Enterprises need to act now to ensure that their AML systems are suitable for this rapidly evolving ecosystem.
Protecting Mobile Money From Fraud at Neural Technologies
With 5.3 billion mobile phone users globally today, mobile money is now a significant and growing segment of the global financial system, predicted to reach a daily transaction value of USD3 billion by the end of 2022. As the COVID-19 pandemic continues to accelerate mobile money use, the need for a safe, secure, anti-fraud solution is more important than ever.
Our work with customers around the world shows the power of these technologies to deliver results for revenue assurance and fraud management in customers in industries such as telecommunications. That includes major communication service providers (CSPs) like Turkcell, where adoption of our advanced fraud prevention and revenue assurance solutions enabled the operator to increase fraud detection by 12%, reduce time between analysis and intervention by 27%, and improve collection amounts by 89%.