A Canadian flag flies in front of the Peace Tower on Parliament Hill in Ottawa, Ontario, Canada, March 22, 2017. REUTERS/Chris Wattie/File Photo
TORONTO (Reuters) - Canada's anti-money laundering agency is increasing its reliance on artificial intelligence (AI) to detect suspicious transactions, betting the use of the latest technology will help better fight financial crimes, a top official said.
The Financial Transactions and Reports Analysis Centre (FINTRAC) raised a few eyebrows last month when it fined the country's two biggest banks - Royal Bank of Canada and CIBC - for a total of C$9 million ($6.7 million) for violations that included failing to submit suspicious transaction reports, setting a record for fines issued on individual banks.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
