AI-supported transaction monitoring

Every bank in Switzerland must operate an IT-based transaction monitoring system that enables it to identify conspicuous transactions. This is the only way that the due diligence obligations under money laundering law in connection with transactions with increased risks, such as clarification or reporting obligations, can be fulfilled at all. Based on a sound risk analysis, transaction monitoring systems must be tailored to the specific business model and customer structure of the bank in question and vary accordingly from bank to bank. In order to reduce the manual effort involved in transaction monitoring and to focus the resources of compliance staff as far as possible on relevant problem cases, banks are examining the use of systems based on so-called "artificial intelligence" (AI applications).