Posts Tagged ‘Reinforcement Learning’

Reinforcement learning to maximize rewards in specific environments.

The Importance of Reinforcement Learning

A few years ago, BBC Earth highlighted a memory test performed by a Chimpanzee named Ayumu. The Chimp displayed traits of machine learning (ML) when it was shown the numbers 1 to 9 in a randomized order on a screen and able to correctly remember the sequence when the numbers disappeared almost 90% of the […]

[Guide] Machine Learning For AML & KYC Programs

In our guide titled “6 Ways to Mitigate Risk in Cross-Selling for Financial Services,” we briefly touched on the use of artificial intelligence and intelligent machines, along with comprehensive processes, to fight fraud. In combination with ‘know your customer’ (KYC) processes to help catch suspicious banking activity and reduce risk through the analysis of data […]

Leveraging Machine Learning For AML & KYC

In the recent “Shaping Digital Finance” session at the 20th Milken Institute Global Conference, Corrie Elston, chief technology officer, financial services, Google Cloud Platform, said that a financial services institution may experience 80% accuracy in detecting fraud and 99.5% false positives. As mentioned earlier, only about half of money laundering or terrorist financing incidents were […]

What Is Machine Learning?

One of the buzzwords in the financial services industry is “machine learning.” While even among experts in the field there is no single accepted definition of machine learning, in simplest terms, machine learning focuses on the use of technology (often referred to as artificial intelligence or cognitive computing), to find solutions through continuous learning. It’s […]

Examining The Issues With Today’s AML & KYC Strategies

While anti-money laundering (AML) programs may present the biggest opportunity for machine learning to thrive, there are many issues when it comes to fighting money laundering. The number and high caliber of resources required to battle fraud in today’s highly regulated environment are immense, and the cost – of both personnel and technology required to […]

Defining Anti-Money laundering (AML) & Know Your Customer (KYC)

According to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), “Money laundering is the process of making illegally gained proceeds (i.e., ‘dirty money’) appear legal (i.e., ‘clean’). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is […]