AI Adoption to Combat Financial Crime: Study on Natural Language Processing in Adverse Media Screening of Financial Services in English and Bangla multilingual interpretation

作     者：Roy, Soumita 

作者机构：Institute of Business Administration - JU Bangladesh 

出 版 物：《arXiv》 (arXiv)

年 卷 期：2024年

核心收录：

主　　题：Financial data processing 

摘      要：This document explores the potential of employing Artificial Intelligence (AI), specifically Natural Language Processing (NLP), to strengthen the detection and prevention of financial crimes within the Mobile Financial Services(MFS) of Bangladesh with multilingual scenario. The analysis focuses on the utilization of NLP for adverse media screening, a vital aspect of compliance with anti-money laundering (AML) and combating financial terrorism (CFT) regulations. Additionally, it investigates the overall reception and obstacles related to the integration of AI in Bangladeshi banks. This report measures the effectiveness of NLP is promising with an accuracy around 94%. NLP algorithms display substantial promise in accurately identifying adverse media content linked to financial crimes. The lack of progress in this aspect is visible in Bangladesh, whereas globally the technology is already being used to increase effectiveness and efficiency. Hence, it is clear there is an issue with the acceptance of AI in Bangladesh. Some AML & CFT concerns are already being addressed by AI technology. For example, Image Recognition OCR technology are being used in KYC procedures. Primary hindrances to AI integration involve a lack of technical expertise, high expenses, and uncertainties surrounding regulations. This investigation underscores the potential of AI-driven NLP solutions in fortifying efforts to prevent financial crimes in Bangladesh. © 2024, CC BY-NC-ND.