Deploying artificial intelligence for anti-money laundering and asset recovery: the dawn of a new era

Purpose This paper aims to critically examine the digital transformation of anti-money laundering (AML) and countering financing terrorism (CFT) in light Financial Action Task Force (FATF) San Jose principles, Organisation for Economic Co-operation Development (OECD) principles artificial intelligence (AI) proposed European Union (EU) Artificial Intelligence Act. The authors argue that AI tools can revolutionize AML/CFT asset recovery, but there is a need strike balance between optimizing AML efficiency safeguarding fundamental rights. Design/methodology/approach draws on reports, legislation, legal scholarships other open-source data AML/CFT, particularly deployment this context. Findings A new regulatory framework with robust safeguards necessary mitigate risks associated use technologies Originality/value study one first context FATF OECD EU