Korea to use AI to better combat money laundering
05 Dec 2017

Korea Herald

South Korea’s top financial regulator said Tuesday it will use artificial intelligence technology to automate some of the nation’s probe systems against money laundering.

Kim Yong-beom, vice chairman of the Financial Services Commission, said it will start building the anti-money laundering compliance system using AI next year.

“We will build an information analysis system using AI, starting in 2018,” Kim told a meeting of the Asia-Pacific Group on Money Laundering in Seoul.

“That would help us process the increasing number of financial transaction reports in a more sophisticated and systematic manner,” Kim said.

“With the new system, we will be able to respond more effectively to new types of money laundering schemes,” Kim said.

Photo by Emmanuel Dyan

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