Humans have always explored ways to make human lives more efficient, faster, and productive and enable us to do more in the limited available time. Throughout human existence, there have been millions or billions of inventions that have come into existence to solve a problem or a specific human need, again with the main objective that is to enhance the quality of Human life and existence.
In this relentless pursuit of operational efficiency, continuously evolving fields such as the banking sector continually seek innovative solutions. The advent of artificial intelligence (AI) and cloud computing has revolutionized numerous industries, including banking, particularly in the realm of Anti-Money Laundering (AML) compliance. On a fundamental level, AI enables machines to learn human problems and solve them at a faster pace with more predictability and accuracy which in turn helps the human to make better or rather more qualified decisions. Banking and financial institutions deal with massive volumes of data in the form of transactions, and customer information such as demographics, address, etc.