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Money laundering is on the rise and has accounted for 2-5% of the global GDP. Money laundering involves criminal activities such as smuggling, involvement in selling arms and drugs, human trafficking, embezzlement, bribery etc. The introduction of AI in AML security is a way forward and offers a solution to the limitations left behind by manual AML screening. Firms have to continuously keep a record of their customers and check their inclusion in the sanction lists in order to prevent financial losses and heavy penalties in case of error.