We cross to Hong Kong and speak with Doug Wolfson, director of financial crime compliance at LexisNexis Risk Solutions about the use of AI and Machine Learning to combat Animal Trafficking.
The illegal trade in wildlife (both flora and fauna) is the fourth largest criminal industry worldwide. Its annual value is between US$69 billion to US$199 billion and it often acts as a feeder crime for criminal rings and corrupt government officials.
This activity is helped because it’s perceived to be low-risk but high-reward. A lot of the transactions related to wildlife trafficking are hard to detect because the payments involved are hidden within legitimate businesses and much of the trade is done in cash.
However, there are ways to use advanced technologies to flag activity that might be illegal. Businesses can deploy Artificial Intelligence and Machine Learning solutions to get far better at identifying trafficking chains. This is particularly important in the Asia-Pacific region which is home to several large airlines that transport high volumes of air cargo each year.
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