In an era where monetary transactions can be executed instantaneously, the potential for financial exploitation continues to escalate every year. Technological advancements have made it easier to manage banking activities remotely, whether from home, via smartphones, or abroad. Concurrently, there has been a significant rise in financial crimes, often linked to terrorism financing, drug trafficking, illicit migration, corruption, and tax evasion. For financial institutions, it has become increasingly challenging to process the vast amounts of data they receive daily. This is where Artificial Intelligence (AI) and advanced algorithms can play a crucial role in curbing such illicit activities. However, the focus should not be solely on AI; Know Your Customer (KYC) procedures remain equally vital to maintaining high banking standards and efficiently detecting suspicious transactions. This study provides a literature analysis intended to serve as a guideline for further research into the use of AI in preventing financial crimes.