Every year, about 2%-5% of the world’s GDP is involved in money laundering activities.
This is equivalent to almost 2.5 trillion dollars per year destined to fraudulent actions.
Anti-Money Laundering (AML) identifies the existence, nature, source, ownership, location, and disposition of property derived from fraudulent transactions.
When the system identifies a fraudulent transaction, it flags it for expert analysis.
AML uses Fuzzy Match Levenshtein distance, a string metric to detect the difference between two sequences.
Current systems are limited to time-bound checks against 10,000-entry lists published by governments or specialized firms.
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