AMLC to use AI amid surge in transaction reports

The Anti-Money Laundering Council (AMLC) is modernizing its operations by developing an artificial intelligence (AI) program to better manage the large volume of transaction reports it processes annually.

- KEISHA TA-ASAN

In a budget hearing yesterday, AMLC executive director Matthew David said they need AI assistance in managing millions of covered and suspicious transaction reports (CTRS and STRs).

"In the AMLC, the AI project is already under development. We're about to complete it within this year. We've already procured suppliers more than a year ago," he said.

He said the advanced AI system was a joint venture with Tiger Inc. and would likely be operational by early next year if the AMLC would be able to procure a subscription for the AI after developing the program.

According to David, the AMLC received 15 million CTRS and STRs last year from 14,000 covered persons, including banks, designated non-financial businesses and professions (DNFBPs), law enforcement and government agencies.