In the current landscape, the Canadian government is increasingly turning to artificial intelligence (AI) as a potent tool in the battle against money laundering. AI empowers companies to analyze unprecedented volumes of data, significantly enhancing the detection of suspicious activities. In this discussion focused on AI and its role in combating money laundering, we will delve into several key aspects, including:

• Balancing the operationalization of AI in AML with privacy and data protection
• How FINTRAC is increasing reliance on AI
• Best practices for using AI to scan for suspicious transactions
• How FINTRAC is leveraging AI to improve collaboration with financial institutions
• Leveraging AI to cut costs and drive efficiencies
• Navigating the risks, capabilities, and limitations of AI
• Top questions to ask when comparing AI tools from different vendors
• Identifying the value and use of AI in transactions monitoring