Gravitating towards Artificial Intelligence on Anti-Money Laundering A PRISMA Based Systematic Review

Abstract

In Bangladesh, like many other countries, the implementation of Anti-Money Laundering (AML) measures plays a crucial role in the fight against financial offences and the maintenance of the financial system's integrity. The integration of Artificial Intelligence (AI) is one of the technologies for AML that has emerged as a promising approach to enhance the detection and prevention of financial crimes. The researcher aims to investigate the current state of AML, the impact of AI, the roles involved, and the legislation to achieve economic stability for the transformation of Bangladesh into a smart nation by 2041. In this systematic review study, the PRISMA framework is utilized to provide a comprehensive analysis of existing literature on the application of AI in AML, with a focus on risks, laws, and implications, particularly within the context of Bangladesh. The review synthesizes findings from diverse sources (Web of Sciences, Scopus, PubMed, and DOAJ indexing articles and reports) including academic research, industry reports, and regulatory documents, to assess the effectiveness, challenges, and ethical considerations associated with AI-driven AML solutions. Through a structured search strategy and rigorous selection criteria, the researchers discovered a total of 299 research papers, consisting of 181 latest studies and 117 previous relevant studies identified and analyzed to elucidate key trends, methodologies, and gaps in the current landscape of AI-enabled AML practices. The review also offers insights and recommendations for policymakers, practitioners, and researchers interested in leveraging AI technologies to combat money laundering effectively while navigating regulatory frameworks and safeguarding privacy rights. By critically examining the intersection of AI, AML, and legal frameworks, this study contributes to the ongoing discourse on the role of technology in addressing financial crime challenges in Bangladesh and beyond.