Connecting the Dots: How AI & Data Analytics Help Combat Financial Crime Compliance’s Toughest Challenges
Regulatory expectations on financial crime compliance continue to increase – along with the cost of compliance. In response, forward-thinking financial institutions are starting to integrate artificial intelligence (AI) and data analytics within their programmes to help combat their most complex financial crime challenges in a more effective, efficient and sustainable way.
So how do you break through the hype and leverage these new technologies to increase effectiveness and efficiency on the frontline? And how do regulators view these innovations?
Exiger is delighted to have hosted an insightful panel discussion on 11 July where industry practitioners discussed how AI and data analytics can help solve some of the toughest and most common financial crime compliance challenges in practice. The event was hosted in conjunction with ACAMS at London's iconic City Hall.
Definitions & Common Challenges
- What are AI and data analytics? What are common adoption challenges?
Challenges AI & Data Analytics Solve in Practice
- KYC – automating due diligence to find potential bad guys quicker, not bad hits
- Sanctions screening – drawing better defined lines around the ‘sanctions nexus’
- Transaction monitoring – auto-adjudicating low risk alerts
- Investigations – deploying data analytics to join the dots in intelligence-led investigations
- Proving the negative – in a ‘clean’ book of low risk customers or products
- How will the role of AI and data analytics evolve in uncovering financial crime? How are regulators reacting to tech-enabled approaches?
- Samar Pratt – Managing Director, Exiger and ACAMS UK Board Member
- Brandon Daniels – President, Global Technology Markets, Exiger
- Paul Horlick, Director - Head of Financial Intelligence Unit, Barclays
- Jurriaan van der Stijl – Program Director, Group Compliance Digital & Data Analytics, BNP Paribas SA
- David Ng-Fat – Vice President, Anti-Financial Crime Data Mining and Analytics, Deutsche Bank
- Chris Brannigan – CEO & Founder, Caspian