Updates in AML technology and what’s coming

"At the recent AML Summit Cloudcheck GBG sponsored, I was fortunate to be invited to participate in the tech panel on ‘Updates in AML Technology and What's Coming’. The focus of the discussion was on AI and generative AI."

Director of Data Innovation - GBG, Michael Harmer

Here are some of the insights Michael shared at the event:

Navigating AML with AI Assistance

Anti-Money Laundering (AML) processes are notoriously complex, involving extensive legal and procedural intricacies. Generative AI can play a pivotal role here by guiding team members through these labyrinthine processes. For instance, when dealing with potentially suspicious activities, an AI chatbot could assist in evaluating the necessity of filing a suspicious matter report and provide step-by-step instructions on how to complete it. This guidance ensures that the right approaches and frameworks are consistently used, reducing the margin for error, and enhancing compliance.

Mitigating Risks in Remote Onboarding

With the rise of deep fakes, the reliability of facial comparison engines used in remote onboarding has come under scrutiny. Deep fakes can potentially deceive these systems, posing significant security risks. Nevertheless, there are solutions to mitigate these risks. By analysing additional risk signals during remote interactions, we can help determine when supplementary verification steps, such as follow-up calls or in-person visits, are necessary. This balanced, risk-based approach ensures that remote, automated face comparison remains a valuable step in remote onboarding workflows.

Enhancing Transaction Monitoring with AI

A pertinent question during the panel was whether AI can assist in transaction monitoring. The simple answer is "yes." There are already successful products in the market that utilise machine learning—a subset of AI—to detect fraudulent transaction patterns within vast amounts of transaction data. These AI-driven solutions have been effective for years, demonstrating the capability of AI to enhance the accuracy and efficiency of transaction monitoring.

The insights from the recent panel discussion highlight the transformative potential of generative AI in various domains. From freeing up time for knowledge workers to enhancing AML processes, improving security in remote onboarding, and bolstering transaction monitoring, generative AI is set to become an indispensable tool in our professional arsenal. As we continue to embrace this technology, ensuring data privacy and security will be essential to fully realise its benefits.

We look forward to seeing how generative AI will further evolve and continue to impact our work and lives positively.