ING plans to cut about 1,250 jobs worldwide this year under a cost-saving program that will rely more heavily on artificial intelligence, with many of the reductions expected in anti-money-laundering operations, Dutch News reported on Wednesday.

The Dutch bank said in a presentation to institutional investors in London that part of the reduction would come from its anti-money-laundering unit, which employs about 6,000 people, according to Dutch News. ING said new technology, including AI, should allow it to automate more customer-transaction screening work, which banks are legally required to carry out under fixed procedures. 

The lender said the job reductions are part of a broader savings plan aimed at cutting costs by €350 million this year while allowing output to grow without a similar increase in spending, Dutch News said.

ING is not alone in seeking reductions in compliance staffing, according to the news outlet, which noted that ABN Amro has said it wants to replace 35 percent of staff in its anti-money-laundering division with AI, while ASN Bank plans to cut about 900 jobs and Triodos more than 250.

Read more at Dutch News