Effects of Artificial Intelligence on Money Laundering in Southern Africa

Dzingirai, Mufaro

doi:10.1007/978-3-031-46177-4_26

Springer Proceedings in Business and Economics

2024

DOI: 10.1007/978-3-031-46177-4_26

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Effects of Artificial Intelligence on Money Laundering in Southern Africa

Mufaro Dzingirai

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2024

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Benefits and Challenges of Artificial Intelligence in FinTech

Dzingirai,

Ozili

2024

Advances in Logistics, Operations, and Management Science

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The proliferation of digital transactions in the financial sector when it comes to the 4th Industrial Revolution (41R) has allowed companies to use artificial intelligence. Worryingly, it appears that scant is known about artificial intelligence in the FinTech discourse especially when it comes to African economies. As such, this chapter aims to fill this gap by focusing on the role of artificial intelligence in FinTech. With the utilization of a comprehensive literature review methodology, it was observed that artificial intelligence is of utmost importance as it can augment accuracy, efficiency, fraud detection, effectiveness, human capabilities, and customer experiences; mitigate economic crimes; and accelerate regulatory compliance. Despite these benefits of artificial intelligence in FinTech, it brought to the fore some insurmountable challenges in the financial sector like ethical concerns, human rights issues, social engineering, and fraudulent data generation. The results of the current study are associated with theoretical and practical implications.

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Benefits and Challenges of Artificial Intelligence in FinTech

Dzingirai,

Ozili

2024

Advances in Logistics, Operations, and Management Science

View full text Add to dashboard Cite

show abstract

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Effects of Artificial Intelligence on Money Laundering in Southern Africa

Cited by 1 publication

References 29 publications

Benefits and Challenges of Artificial Intelligence in FinTech

Benefits and Challenges of Artificial Intelligence in FinTech

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