Shinhan Bank Enhances Anti-Money Laundering Reporting System Using AI and RPA

Development of AI-Based Money Laundering Risk Assessment Model
Establishment of Differentiated Reporting System for High-Risk Suspicious Transactions
Implementation of Automated Basic Financial Information Collection and Organization Using RPA

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 8th that it has successfully completed the 'Anti-Money Laundering (AML) Advancement Project,' which applies digital technologies such as artificial intelligence (AI) machine learning and robotic process automation (RPA) to AML operations.

This project has been underway since April to meet the strengthened requirements of domestic and international supervisory authorities related to AML operations and to secure global standard-level operational competitiveness.

First, machine learning techniques were introduced to the suspicious transaction reporting process for money laundering. Previously, the selection of money laundering risk transaction reports was based on the judgment of experts in the field, but a money laundering risk measurement model using machine learning was developed to improve the accuracy of detecting high-risk suspicious transactions.

Additionally, RPA was introduced for information collection related to suspicious transaction reporting, automating the collection and organization of financial information, and a dashboard was designed to provide an at-a-glance view of the AML operation status, thereby streamlining the reporting system.

A Shinhan Bank official stated, "Through this project, we applied AI and RPA technologies, accumulated through Shinhan Bank's know-how, to AML operations," adding, "We will continue to promote innovation in AML and the bank's overall compliance operations by strengthening RegTech and other measures."

This content was produced with the assistance of AI translation services.