Brave New Worlds - is Artificial Intelligence the ultimate weapon against Financial Crime ?

March 24, 2021 8:00 AM

The financial crime compliance world has had high hopes for ‘Artificial Intelligence’ (AI) – the specific role that supervised machine learning might play in improving the performance of legacy controls in screening and monitoring. There has been much discussion – not least amongst vendors – about how much better machine learning systems are at identifying known patterns of suspicious activity, improving the effectiveness of identifying real rather than false risks, providing better leads for law enforcement, and reducing costs for Financial Institutions themselves Advocates have also talked about the potential for unsupervised machine learning models to be ‘let loose’ on data to find the patterns that humans never could, though regulators have expressed concerns about the difficulties of regulating systems that operate as ‘black boxes.’

The panel will clarify what we mean when we talk about ‘artificial intelligence’ and ‘machine learning’, and where the techniques are being applied in the financial crime compliance world to best effect. The panel will also investigate the challenges that come with this new approach – data-related, technological, and regulatory – and how best to tackle them to harness the technology’s potential.

  • Patrick Craig, EMEIA Financial Crime Technology Lead, EY