‘AI to prevent money laundering’

KARACHI: Banks in a virtual conference have been urged to deploy artificial intelligence to prevent money laundering and cyber-attacks, a statement said on Friday.

State Bank of Pakistan (SBP) Executive Director-BSG Dr Inayat Hussain said, “Banks can implement artificial intelligence-based functions to detect and prevent payment frauds (in real time)… and to improve processes for anti-money laundering (AML) and know your customer (KYC).”

The 13th International Mobile Commerce international conference was organised by Total Communications with the support of SBP, Pakistan Telecommunication Authority, National Information Technology Board, and FINCA Microfinance Bank. Clickatell CCO Hannes Van Rensburg advised financial institutions to deploy chatbot technology. “This not only enables banks to better serve their clients, but improves security checks as well.”