Today in AI: An AI tool that could treat cancer, an AI-led crackdown on money laundering and more

AI tool shows potential for revolutionizing brain cancer treatment, according to a recent study. The tool, known as CHARM (Cryosection Histopathology Assessment and Review Machine), utilizes image analysis to rapidly identify the genetic profile of glioma tumors. Glioma encompasses various types, including the highly aggressive glioblastoma, which, if left untreated, can result in death within six months. Statistics from the American Association of Neurological Surgeons reveal that only 17 percent of glioblastoma patients survive beyond their second year post-diagnosis. While CHARM is not as precise as existing genetic tests, it can swiftly predict a tumor’s profile, providing valuable insights for treatment decisions.

Furthermore, the banking industry is increasingly embracing AI solutions to combat money laundering. Banks are leveraging AI to monitor transactions, detect high-risk customers, conduct customer due diligence, report suspicious activities, streamline manual screening, and perform predictive analysis. In response to the Reserve Bank of India’s imposition of fines on banks for non-compliance with account opening/operation instructions and inadequate fund monitoring, financial institutions worldwide have intensified their efforts to enhance compliance measures. AI’s ability to analyze vast volumes of real-time transaction data enables the rapid identification of suspicious activities, facilitating prompt investigation and further scrutiny.