PRACTICAL SOLUTIONS
Compliance and cost
Adapting ChatGPT to AML techniques also comes with difficulties , one being regulatory compliance . FIs are heavily regulated , and the use of AI in AML techniques adds an additional layer of complexity to these requirements . Banks must ensure that their use of ChatGPT complies with the Bank Secrecy Act and other relevant current and future protocols .
Integrating ChatGPT into current AML software could pose significant cost barriers for FIs . Global AML compliance and operational expenditures continue to rise and are estimated to reach
$ 58 billion in 2023 , according to a 2022 Celent survey . 8 The development and implementation of AI technology require significant investment in hardware , software and skilled personnel .
There are expenses associated with the management and maintenance of the AI models , as well as the infrastructure necessary for processing substantial amounts of data . In addition , there may be a lack of regulatory incentives to pursue innovation . FIs must decide whether the benefits outweigh the costs of implementing ChatGPT into their AML programs .
46 acamstoday . org