Dutch money laundering amendments to prompt greater AI use in transaction monitoring
Proposed amendments to the Dutch anti money laundering law could lead to sweeping changes in how Dutch banks monitor and analyse data to combat criminal activities in the country, but critical questions over data privacy and customers’ rights remain to be ironed out, according tothe Dutch Data Protection Authority (DPA).
The bill, if passed, will enable more banks to combine and analyse their customers’ payment data. The expanding cross-bank cooperation in transaction monitoring is expected to drive up efficiency and effectiveness in tackling money laundering, particularly with the help of artificial intelligence (AI).
Source: Dutch money laundering amendments to prompt greater AI use in transaction monitoring
