How

trustworthy AI can help with accountability in AML

The abundance of data provides an incredible opportunity and a significant risk for banks . Efficient and effective use of data is critical to combat fraud and financial crimes , manage credit as well as regulatory risk , enhance customer experience , generate sufficient capital and address other issues banks face . With the increased need for tools to help process data for anti-financial crime ( AFC ) purposes , decision-making by artificial intelligence ( AI ) is having a major impact in the anti-money laundering ( AML ) world . Graphic 1 demonstrates a visualization of the three effects that AI is having on the AFC industry and beyond .

Graphic 1 : The rise of AI in decision-making

Acceleration

Vast data , storage and computing capabilities enable us to make real-time , automated decisions .

Amplification

AI makes decisions so quickly that the impact of bad decisions gets much bigger .

Accountability

If something goes wrong , who is to blame ?

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