The High Costs of AML Transaction Monitoring: Can Machine Learning Help?
The Bank Secrecy Act (BSA) obligates financial institutions to follow a stringent transaction monitoring process to track/monitor, investigate, and report suspicious transactions to U.S. government agencies. According to OCC, these obligations comprise imperatives such as monitoring cash purchases, reporting daily aggregated cash transactions in access of $10000, and reporting activities that might indicate money laundering. …
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