Summary of Ai Adoption to Combat Financial Crime: Study on Natural Language Processing in Adverse Media Screening Of Financial Services in English and Bangla Multilingual Interpretation, by Soumita Roy
AI Adoption to Combat Financial Crime: Study on Natural Language Processing in Adverse Media Screening of Financial Services in English and Bangla multilingual interpretation
by Soumita Roy
First submitted to arxiv on: 12 Dec 2024
Categories
- Main: Computation and Language (cs.CL)
- Secondary: Artificial Intelligence (cs.AI)
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| Summary difficulty | Written by | Summary |
|---|---|---|
| High | Paper authors | High Difficulty Summary Read the original abstract here |
| Medium | GrooveSquid.com (original content) | Medium Difficulty Summary This paper investigates the application of Artificial Intelligence (AI) and Natural Language Processing (NLP) to enhance the detection and prevention of financial crimes within Mobile Financial Services (MFS) in Bangladesh. The study focuses on using NLP for adverse media screening, a crucial aspect of complying with anti-money laundering (AML) and combating financial terrorism (CFT) regulations. Furthermore, it examines the overall reception and obstacles related to integrating AI into Bangladeshi banks. The research finds that NLP algorithms demonstrate substantial promise in accurately identifying adverse media content linked to financial crimes, achieving an accuracy rate of around 94%. However, there is a lack of progress in this area in Bangladesh, whereas globally, AI technology is already being used to increase effectiveness and efficiency. |
| Low | GrooveSquid.com (original content) | Low Difficulty Summary This paper looks at using Artificial Intelligence (AI) to help stop financial crimes in mobile banking in Bangladesh. It explores how AI can be used for things like checking news stories for suspicious content. The research also talks about the challenges of using AI in Bangladeshi banks, such as a lack of technical experts and high costs. But the good news is that AI technology has already been shown to work well in other places, stopping crimes with an accuracy rate of around 94%. This shows that there’s a big problem in Bangladesh when it comes to accepting and using AI for this purpose. |
Keywords
» Artificial intelligence » Natural language processing » Nlp
