What new army is gangsters making money away?

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The group Al Capone was convicted for the last case in 1931

Money is made up of 5% of the world's GDP – or $ 2tn (£ 1.5tn) – every year, says the United Nations Office on Drugs and Crime. So banks and law enforcement agencies turn to a false understanding (AI) to help deal with the growing problem. But does it work?

A clear problem is that cleaning money, as after gungster Al Capone's exercise, has been leaking money in silver laundromats only in the 1920s.

“Soiled” cash is “cleaned” through discounts of banks and legitimate businesses, and is used for buildings, businesses, expensive cars, artwork – anything to be sold for sale t new.

And one of the ways offenders are made is called “smurfing”.

Special software is used to set out a lot of tiny investments that are below below the radar, explaining Mark Gazit, the chief executive of ThetaRay, Israel's leading crime offender provider.

"Nobody sees $ 0.25 agreement but that kind of trade takes $ 30m away if they are made hundreds of millions of times," he said.

And money stolen has often been set up to fund more crimes. One of the ATM's expensive cash machine (cash machine) was over € 1bn (£ 854,000) in total across 40 countries, for example.

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The head of ThetaRay Mark Gazit says that AI can see patterns of criminal behavior

"The group interrupted into thousands of ATMs and arranged for them to take up to five pounds at a particular point – saying 3m – at that time a local criminal would give? Up, he said, 'Mr Gazit said.

"The money then changed to Bitcoin and was used to finance trafficking."

“Money mules” are often called to send back this money through their valid bank accounts for tax.

“Estimates suggest that no 1% of all criminal assets run through the international financial system will be removed,” said Colin Bell, HSBC's leader in crime crime.

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And the problem seems to be getting worse, despite tightening rules.

In the UK only, financial crime increased by 10% in 2018, according to the National Crime Agency.

The US Federal Bureau of Research (FBI) told the BBC that it was working on "technical applications" to improve the armor of crime fighting equipment to keep pace with the progress of financial technology, while allowing the Force to absorb new technology. but it is likely to be very similar to the details.

But other organizations are talking openly about how they use AI to fight against money controllers.

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“AI that takes action can learn the device; moves through a high volume of business quickly and effectively, ”explained Mr Bell of HSBC.

"This may be an important tool to identify suspicious activity."

For this reason, AI is good at trying to smurfing efforts that are set up by bots rather than people, for example.

And he can also see suspicious behavior with people involved in a sheath – a key element of giving lots of money.

"Using AI removes much of the risk of people looking over suspicious activity," said Adam Williamson, head of professional standards association with the UK Association of Accounting Technicians (AAT) – a professional body which includes: t the duty to help accountants to clear money.

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A number of famous banks have recently been caught in silver scouring

Many of the largest banks in the world have been imported into silver scissors in recent years.

Earlier this year, a Swiss banking bank, UBS, was defeated by € 3.7bn (£ 3.2bn) after his trial of helping wealthy clients in France. over millions of miles from tax authorities and dispose of profits. He is appealing against the decision.

Last year, the Dutch bank paid € 775 million for failure to stop criminals from sending money through its accounts.

And Danske Bank's leader had to stop putting a € 200bn cash-releasing scandal on the Estonian branch.

In Latvia, also the third largest bank in the country ABLV Bank MP, was suspended after the US authorities said they were investing heavily and enabling their clients to control nuclear weapons against North Korea.

AI can halt mountains of real-time data – emails, phone calls, cost reports – and behavior patterns that people may not be aware of across a global banking group.

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A crypto-currency like Bitcoin is another way for groups to put their money back

Once the system has known valid legitimate patterns it can then find and learn false activity.

Regulators around the world are promoting the new technology, perhaps recognizing they are losing their battle.

The US Financial Fund Crime Director (FinCEN), Kenneth A. Blanco, says: "Financial centers have been developing their ability to find customers and keep track of business by getting Attempting to try with mental intelligence and machinery.

"FinCEN encourages that and financial services innovations."

AI technology companies, such as ThetaRay, LexisNexis and Refinitiv, offer businesses tools to help them manage money, but there is a concern that this is experiencing its own problems.

"If organizations are buying AI from the shelf, how can they persuade controllers to control them?" Which asks Adam Williamson at AAT.

And as well as being aware of anomalies when moving through large areas of data, it is only as effective as the data being eaten.

There is therefore a growing recognition of the need for banks, financial institutions, governments, and law enforcement agencies to share more information.

"Europol is designed to work in partnership with law enforcement agencies, government departments and other stakeholders," said executive director of the agency Wil van Gemert.

"We accept the idea of ​​general information."

  • Read more stories and features of how to invest in money here

Mark Hayward, member of the new UK Economic Crime Board, established in January, said: "Data sharing is one of our top priorities".

And legislation must keep up to date with the latest trends in the financial services that offenders can take for.

The terrorists paid for behind the 2016 terrorist attack, for example, on the vehicles with a pre-paid card to take advantage of the privacy of these users' cards.

This is why the fifth Currency Monetary Instructions introduced last year include digital money and first-paid cards.

As it is likely that convicts are in employment, it is clear that any devices that may attack the problem should be welcomed.

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