Opportunities for Advanced Analytics and Artificial Intelligence in Combating the Trade-Based Money Laundering and Financing of Terrorism

Savaş Külcü, CAMS

Trade-based money laundering and financing of terrorism (TBML/TF) is the largest and most pervasive methodology, and the least understood, recognized, and enforced. The complexity and challenges of TBML/TF cause financial institutions (FIs) to be exposed to great vulnerabilities. Because of the role of banks as the responsible party for combating the financial crime defined in their compliance programs and their role in risk management, intermediation, and finance of trade, the effectiveness of combating TBML/TF is crucial from regulatory perspective, but also for economic and national security purposes. Thus, this white paper is aimed at presenting the opportunity to use advanced analytics and artificial intelligence in FIs against TBML/TF.

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