The use of artificial intelligence to combat money laundering in South Africa

Abstract

Money laundering remains one of the most pervasive financial crimes globally, posing major challenges to the security of financial systems, the integrity of markets, and the enforcement of the rule of law. 1 Despite the existence of robust international frameworks and domestic regulatory regimes, incidents of money laundering continue to increase worldwide. This persistent rise has prompted intensified global efforts to develop more effective strategies to prevent, detect, and combat such activities.2 Among the most significant technological advancements influencing contemporary society is the development and integration of artificial intelligence (AI). 3 AI technologies are increasingly transforming various sectors by automating processes, enhancing decision-making, and improving efficiency. In academia, AI facilitates advanced research and knowledge production; in workplaces, it improves productivity; in the financial sector, it streamlines compliance, risk management, and fraud detection.