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Artificial intelligence applications in banking and financial services: anti money laundering and compliance
Gupta A., Dwivedi D., Shah J., Springer International Publishing, Cham, Switzerland, 2023. 156 pp. Type: Book (9819925703)
Date Reviewed: Jun 13 2024

As financial crimes grow increasingly complex in the modern era, Artificial intelligence applications in banking and financial services arrives as a timely and authoritative guidebook for financial institutions seeking to harness advanced technologies against sophisticated criminal threats. Authored by Abhishek Gupta, Dwijendra Nath Dwivedi, and Jigar Shah, this meticulously structured book serves not just as a theoretical primer, but more crucially, as a practical handbook for banking and compliance professionals, providing actionable insights and integration strategies for leveraging artificial intelligence (AI) in financial crime prevention.

Right from the foundational first chapter, “Overview of Money Laundering,” the book grounds readers in real-world contexts, elucidating the mechanics and regulatory landscape of money laundering before delving into AI applications. The subsequent financial crime management chapters offer invaluable governance and policy implementation guidance tailored for financial institutions. However, the core value of this book lies in its exhaustive analysis of integrating machine learning into anti-money laundering and compliance systems.

Chapters on strategic data organization, AI planning, and critical data governance provide detailed roadmaps for institutions struggling with foundational data strategies for AI systems. The segments on customer risk assessment offer invaluable frameworks leveraging advanced AI techniques to evaluate and classify risk. The explorations into AI-powered transaction monitoring provide clear methodologies to apply intelligent algorithms in detecting financial crime, complete with industry best practices.

A segment that particularly stands out is the chapter on “Ethical Challenges for AI-Based Applications,” addressing biases and providing a sobering risk analysis of real-world AI deployment. This balances the technological enthusiasm, serving as an essential checklist for the conscientious adoption of AI. Finally, for strategic executives, the last chapter provides leadership best practices and a skills blueprint for building expert AI financial crime-fighting teams.

Supplemented by appendices that dive deep into machine learning techniques and analytics, the book leaves no stone unturned in thoroughly expounding AI’s multifaceted application in banking compliance and financial crime control. It deftly integrates theoretical foundations of AI with practical workflows, governance guidelines, and technological integration strategies to serve not just as an indispensable resource, but more critically, as an actionable playbook for industry professionals navigating the complex challenges of adopting AI. By providing practical blueprints for integrating AI into legacy bank systems, policy frameworks balancing ethical considerations, methodologies leveraging algorithms for intelligent customer risk assessment, and detailed roadmaps spanning strategic planning to data preparation for AI systems, this guidebook aims to equip technical and executive banking professionals with end-to-end solutions to augment financial crime-fighting capacities using AI.

While most literature in this sphere remains mired in theoretical abstraction, this book stands apart for its practical approach from an industry practitioner perspective intended specifically for banking and financial services professionals. Through detailed frameworks and readily applicable techniques leveraging advanced intelligent algorithms, this guide serves as an indispensable handbook for compliance teams and technology strategists looking to augment their financial crime-fighting capacities.

By providing end-to-end solutions spanning data, technology, teams, and leadership strategy, the book propels readers from foundational understanding to actual implementation, arming them with tactical approaches for combating money laundering. While domains such as customer risk assessment, transaction monitoring, and ethical algorithms are covered extensively, the text retains accessibility through industry-oriented language and banking-specific use cases.

Supplementing the practical toolkits, the chapters exploring organizational leadership and team structure are crucial in driving enterprise-wide adoption, providing blueprints both for upskilling existing analysts and for recruiting specialist technical talent. This focus on organizational transformation and capability building ensures that the technological potential is matched by institutional readiness.

Another standout element is the book’s multipronged approach spanning process optimization, behavioral analytics, technical integration, and long-term strategic planning. By covering the entire spectrum, from short-term optimizations to long-term investments, compliance teams have the freedom to identify quick wins as well as play the long game when addressing complex issues like bias mitigation.

While most literature seems divorced from the coalface of banking realities, Artificial intelligence applications in banking and financial services stands out for its practical toolkit approach intended to enable actual industry professionals and strategists with actionable techniques and transformative frameworks for leveraging AI against financial crime. It represents one of the few industry-tailored guides for integrating advanced intelligence into the compliance and anti-money laundering apparatus of financial institutions.

Reviewer:  Goran Trajkovski Review #: CR147778
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