Host by Oracle Corporation Date November 10, 2021 12:00 am Location Virtual

Responsible Artificial Intelligence for Anti-Money Laundering

A survey conducted last year by the World Economic Forum found that 85% of financial institutions (FIs) had implemented AI somehow, and 77% of all respondents anticipated AI to possess high or very high overall importance to their businesses within two years.

Compliance departments at FIs are poised to benefit from integrating AI into their anti-money laundering (AML) programs, as legacy rules-based AML systems lack the sophistication needed to recognize nuances of rapidly evolving criminal patterns and keep up with new products and consumer behavior. But, how can chief compliance officers at FIs apply AI responsibly?

In this webinar, we’ll delve into the many elements of Responsible AI such as interpretability, privacy, transparency, inclusiveness, accountability, and security. In particular, we will focus on fairness and what CCOs can do to reduce biased A.I. in their anti-money laundering programs. Ensuring that AI is used for AML responsibly not only helps prevent customer mistrust, lost business opportunities, and reputational damage – but it’s also the right thing to do.