FCA mulls use of AI to tackle money laundering
Crime unit head says financial regulator views machine learning as complement to human judgement, not replacement
Firms could achieve more efficient anti-money laundering processes by making use of artificial intelligence, such as machine learning, but it is not without its challenges, said Rob Gruppetta on December 6.
The head of the UK Financial Conduct Authority’s financial crime unit said machine learning can be used for better transaction monitoring, as it is good at spotting suspicious activity amid large volumes of data.
But a question for regulators is how to assess banks’ use of machine learning
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