In the business world, change is constant
Anti-Money Laundering (AML) legislation has proved challenging for many financial institutions who are struggling to comply in a cost effective and efficient manner. With expenditure on AML activities for banks increasing significantly, can technology provide a solution?
In 2018, the Norwegian Ministry of Finance published a tender asking for ideas on how to estimate the market value of holiday homes for tax purposes. Responders were encouraged to consider “advanced solution algorithms”, such as ML techniques. BearingPoint delivered a concept description, proposing an approach utilizing ML-models to inspire simpler and more transparent statistical models, and was elected the winner.