Artificial Intelligence: the new 4th line of defence in the fight against financial crime

Even with good datasets, no bank should be looking for a simple plug-and-play solution to their various financial crime challenges. As one panellist said, “Don’t underestimate the time that it will take for you as an organisation to validate and calibrate that model or that off-the-shelf system that you’ve bought.” There are areas where the technology can be used more quickly, such as adverse media screening or AI-driven assistants, but when it comes to entity resolution, network analysis and sophisticated behavioural analytics, ML/AI model implementation is a multi-step journey and choosing the right partners is critical.

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