Not long ago, financial institutions almost solely relied on traditional, rules-based BSA/AML transaction monitoring. Like other areas of banking, the BSA/AML space has evolved in recent years, adopting new technologies to identify potentially suspicious activity more accurately and efficiently. Using leading technology, innovative BSA/AML software providers are harnessing the power of artificial intelligence (AI) and machine learning for behavior-based analysis. It is important for financial institutions to find a balance between detecting suspicious activity without being so broad that the institution is bogged down with an abundance of false positives. Both types of analysis have pros and cons, and a careful convergence of rules- and behavior-based analytics provides the most coverage for financial institutions.
Balancing Act: Applying Rules-Based and Behavior-Based Analytics in BSA/AML Software
July 10, 2020
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