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New software detects money laundering faster than ever before

September 22, 2023

Computer scientists have developed a new tool that enables quicker and more accurate detection of money laundering, with the ability to scan 50 million transactions in less than a second.

Researchers from the Department of Informatics have designed an entirely novel approach to detecting money laundering, based on algorithms which rapidly identify when criminals are dividing a large sum of money into multiple smaller transactions between many bank accounts—a technique known as “smurfing.”

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